Dubai Free Zones Council mulls facilitating business bank accounts for SMEs

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Dubai Free Zones are on track to boost their contribution to Dubai’s Gross Domestic Product to AED250 billion by 2030.
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  • These bank accounts will be facilitated in collaboration with the UAE Banks Federation.
  • Council members also highlighted their readiness to support the Emirati Human Resources Development Council in Dubai, which DFZ Council joins as a member.

A meeting of the Dubai Free Zones Council (DFZ Council) on Sunday discussed how to facilitate opening business bank accounts for small and medium-sized enterprises (SMEs), opportunities to attract Emirati talent to free zones and other issues concerning the business sectors within Dubai’s free zones.

The meeting chaired by the chairman of the council, Sheikh Ahmed bin Saeed Al Maktoum, said these bank accounts will be facilitated in collaboration with the UAE Banks Federation.

These facilities align with Dubai’s strategy to boost ease of doing business and strengthen its status as a global destination for investors and entrepreneurs, the meeting said.

A team from the Dubai International Financial Centre (DIFC) briefed DFZ Council members about DIFC’s Employee Workplace Savings Programme for Expats.

The DIFC team detailed the expected revenue from implementing such a program in free zones and called on council members to benefit from its advantages, noting that such programs play an active role in supporting the economy.

The council members also discussed circulating the International Standard Industrial Classification of All Economic Activities (ISIC) revision 4, an international reference classification system of economic activities. Its main purpose is to provide a set of activity categories for collecting and reporting statistics accurately and transparently across Dubai.

The implementation of ISIC Rev. 4 will raise the UAE’s rank in the Ease of Doing Business Index, as well as unify data for all relevant authorities, which ensures compliance with local classification and requirements of international bodies such as the Financial Action Task Force (FATF).

Representatives from DP World and Jebel Ali Free Zone presented the TUMOOHI (My Ambition) program, which encourages and empowers Emirati talent to gain real experience across sectors and industries.
During the meeting, DFZ Council members agreed to support the program, enhance Emiratis’ contribution to the private sector, and train them in large companies based in free zones.

Council members also highlighted their readiness to support the Emirati Human Resources Development Council in Dubai, which DFZ Council joins as a member.

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