Sheikh Mohammed issues law to create Dubai Integrated Economic Zones Authority

dubai, diez, economic, authority, sheikh,
UAE
  • Date: 21-Sep-2021
  • Source: Gulf Business
  • Sector: Economy
  • Country: UAE
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Sheikh Mohammed issues law to create Dubai Integrated Economic Zones Authority

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a Law No. (16) of 2021 to create Dubai Integrated Economic Zones (DIEZ) Authority, an independent legal entity with financial and administrative autonomy. Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City will now operate under the supervision of the newly created DIEZ. Sheikh Ahmed bin Saeed Al Maktoum has been appointed as chairman of the DIEZ and Dr. Mohammed Ahmed Al Zarouni has been appointed as its executive chairman, effective January 1, 2022. Over 5,000 international firms, covering 20 key economic sectors and employing 30,000 employees will now operate under DIEZ. Economic activity therefore regulated by this authority generates 5 per cent of Dubai’s GDP. Companies and individuals licensed in the zones under its jurisdiction are exempted from all taxes, including income tax, for 50 years, effective from the date of the new law. This exemption period can be renewed for a similar period by a decision issued by the Dubai Ruler. All subsidiaries of DIEZ and companies or individuals licensed by the authority are exempted from restrictions on repatriation of capital, profits and salaries in any currency

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