Subscribe Free
in Airports

DAFZA and KSA's Economic Cities Authority forge strategic partnership

Posted 16 October 2017 · Add Comment

The Dubai Airport Freezone Authority (DAFZA) has revealed the signing of a strategic Memorandum of Understanding (MoU) with the Kingdom of Saudi Arabia's (KSA) Economic Cities Authority (ECA) that is aimed towards developing proposals and suggestions that can help drive in more potential foreign investments to the Gulf region.

According to DAFZA, the MoU is aimed towards creating and reinforcing key understanding between DAFZA and ECA - facilitating a smooth exchange of expertise and experience while also collaborating on joint high value projects and investment opportunities.

H.H. Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, DAFZA, expressed full trust and confidence in this signed agreement. He emphasized on the importance of the strong ties between the UAE and the KSA, which is made even stronger because of their common economic visions and rich historical and geographical similarities. He also praised the strong support given by the countries’ leaders, H.H. Sheikh Khalifa bin Zayed Al Nahyan, President of UAE and H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, and Ruler of Dubai, and Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. His Highness pointed out that through close coordination, consultation and cooperation in various fields and at all levels, DAFZA is working on consolidating relations and maintaining full economic harmony in the interests of the region and economic development.

The DAFZA Chairman noted the agreement would  focus on significant value-adding initiatives to support FDI flows in the region from UAE and KSA, which goes in line with UAE Vision 2021 and Dubai Plan 2021 to lead the global competitiveness indicators and raise the attracvtivess of the national economy to the investors.

H.H. Sheikh Ahmed further noted that integrative and economic harmonization between the two countries could result in strengthened joint efforts to achieve the economic potentials of the region and support the KSA's vision 2030 of promoting the competitiveness of its economy. 

Dr. Mohammed Al Zarooni, said, "Economic collaboration is a key factor to success, taking note that the strength of UAE-Saudi relations is a key priority of the leaders of the two countries. Our mission is to achieve the real potential of Dubai freezones and the important role they play in driving more economic development, both locally and regionally. We are satisfied with the joint workshops between DAFZA and the ECA which took place in KSA, as we share a common economic vision that aims to take the region to a new leap based on high-level cooperation to attact and support the FDI flows in the region in DAFZA and ECA." 

Dr. Al Zarooni added: "Our cooperation with Economic Cities Authority is part of DAFZA's strategic efforts to create a stimulating environment and an attractive destination for FDI, well supported by its successful experience over the last two decades in freezones industry. Through its expertise and practices, DAFZA will provide the necessary expertise and practices, in cooperation with the Economic Cities Authority to achieve and develop these objectives, leveraging the strong ties between the UAE and KSA. The two economies have significant capabilities as they are both recognized as two powerful economies in the GCC-equipped with clear visionary insights, the UAE Vision 2021, Dubai Plan 2021 and KSA Vision 2030."

The ECA Secretary General said: “This MoU serves to strengthen our relationship with the UAE and is aimed at consolidating our ties with DAFZA, in particular, across all possible fields to contribute to the achievement of our mutual objectives. This visit is an opportunity to exchange views on the working mechanisms and challenges and strengthen the level of coordination between ECA and DAFZA.”

Under the terms of the MoU, the agreement calls for the exchange of knowledge and best practices through workshops, meetings and programs focusing on company registration laws, the provision of ‘one-stop-shop’ government services, municipal services, planning, investment development, the attraction of foreign investors, and collaboration on the development of mutually beneficial propositions as well as investment opportunities for existing and potential investors at ECA and DAFZA.

The MoU also seeks to create clear and smooth facilitation of the transactions of investors within their geographical scope who wish to expand their business. The agreement complements the successful outcomes of the visit of an ECA delegation to DAFZA in last June. The ECA chose DAFZA as a role model in the fields of investment, economic development, and smart services benefitting the building of a strong economy, due to its leading role in the economic development process and as a major driving force for business growth in the UAE and the region.

 

 

The MoU was signed by H.E Dr. Mohammed Al Zarooni, Director General of DAFZA, and Muhanud Hilal, Secretary-General, ECA, in a formal signing ceremony held at King Abdullah Economic City.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Jazeera Airways announces Q1 2018 earnings

Jazeera Airways has announced its financial results for the first quarter of 2018.

Flydubai to operate flights to Sulaimaniyah

Fydubai has announced that flights to Sulaimaniyah, Iraq, will resume from 10 May 2018.

Ras Al Khaimah snapshot flight returns with Seawings

Seawings’ Ras Al Khaimah new season snapshot tour has returned to target the growing tourist market to the Emirate.

Rwanda launches ‘Bucket List Rwanda’ Travel Packages exclusively for Middle Eastern residents

The Rwanda Development Board, Rwanda’s governmental organisation responsible for promoting Rwanda’s tourism initiatives abroad, has launched luxury and weekend getaway packages, which have been exclusively tailored for

Etihad launches loungewear collection at the Louvre Abu Dhabi

Etihad Airways leveraged its sponsorships of global fashion weeks and its Platinum Partner status of Louvre Abu Dhabi to launch a new Emirati designed loungewear collection at an exclusive reception held last night at the iconic

FedEx Express named a UAE Great Place to Work

FedEx Express, a subsidiary of FedEx, has for the eighth consecutive year been ranked amongst the ‘Best Workplaces in the UAE’ for 2017-2018, by Great Place to Work.

TAA SK0902311218
See us at
GATM BT1004061118Global Aerospace BT2018EBACE 2018SOFEX BT2018AirportShow BT1502090518Cargo BT1004091018ArabianTravelMkBT250418Istanbul Airshow BT22018MEBAA BT1004121218BIAS BT271017161118ASDubai BT1004091018