DAFZA to let duel license companies operate across Dubai
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The Dubai Airport Freezone Authority (DAFZA) has signed an MoU with the Department of Economic Development in Dubai to allow DAFZA hosted companies to obtain dual licenses to operate across Dubai.
The agreement aims to strengthen cooperation on initiatives targeting all aspects related to providing economic support for DAFZA’s main services. It will also facilitate collaboration on areas of common interest that help achieve the strategic objectives of both parties.
Mohammed Al Zarooni, director general of DAFZA, and Sami Dhaen Al Qamzi, director general of DED, were the official signatories.
The MoU aims to enhance coordination through the licensing and activities of companies operating in DAFZA. Applicants must obtain the approval of the freezone first, in accordance with the stipulated conditions.
Under the terms of the agreement, the DED may modify or add any activity related to the licenses of companies subject to the approval of DAFZA. Both parties will work closely to improve the levels of governance, compliance and transparency for businesses working within DAFZA.
They will also monitor and inspect licensed companies to ensure their compliance with the applicable laws on various commercial activities, particularly the Law on the Suppression of Fraud and Deception in Commercial Transactions, the Consumer Protection Law, the Commercial Transactions Law and Commercial Agencies Law.
“We are confident that this new licensing agreement will add significant value to the economy of Dubai and the UAE in general, as it will help attract international investors and offer a unique business experience serving the best interests of companies operating within the freezone,” said Dr. Al Zarooni, director general of DAFZA.