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Dubai Free Trade Zone Essay

720 words - 3 pages

I. Free Trade Zones in UAE
1.1 Introduction
Free trade zone - is an area within which goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities.
Free trade zones exist all over the world. Most of them are located in developing countries: Brazil, Colombia, India, Indonesia, El Salvador, China, the Philippines, Malaysia, Bangladesh, Pakistan, Mexico, Costa Rica, Honduras, Guatemala, Kenya, Sri Lanka, Mauritius, Madagascar and the UAE.
1.2 Free Trade Zones in UAE
In the UAE there are 50 free trade zones. This number is high because of the following reasons:
1. United Arab Emirates are a highly stable ...view middle of the document...

• Dubai is well serviced by international and local financing and banking institutions.
• Dubai is a leading commercial centre with a state-of-the-art infrastructure and outstanding business environment.
• It is a large market that is a gateway to $150 billion annual import market
• Imports have doubled since 1989 whilst regional economic growth and liberalisation is set to boost demand.
• It is a diversified market with wide import market requirements and opportunities for suppliers.
• The fast growing of the real estate market and tourism industry give an access to the huge customer base.

The first Free Trade zone in Dubai – Jebel Ali Free Zone - was set up in the year – 1985 and now it is the biggest one in the UAE. And it is the first FTZ that won the ISO certification in 1996.

Top 5 biggest Free Trade zones of Dubai:
1. Jebel Ali Free Zone - 6000 companies
2. DubaiAirport - 1300 companies
3. DubaiMediaCity - 1200 companies
4. Dubai Internet City -1000 companies
5. Dubai Knowledge Village – 1000 companies
All of them are working according to the same principals and mechanisms.

Their vision is determined to remain a powerful symbol that helps drive...

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