World Free Zones Organisation launched in Dubai
Under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of UAE and ruler of Dubai, the global launch and unveiling of World Free Zones Organisation took place yesterday at Jumeirah Emirates Towers Hotel, Dubai.
World Free Zones Organization (World FZO) is a new non-profit entity operating as an association for all free zones around the world, which is set to transform the way in which many economies around the world operate.
Established in Geneva, Switzerland and headquartered in the Dubai Airport Freezone in United Arab Emirates, World FZO will provide global leadership in terms of knowledge of free zones, enhance public and general knowledge and the perception of free zones, provide a range of services for its members and the community, as well as help to increase awareness of the advantages of free zones in terms of economic and social development, foreign and direct investment.
World FZO, which is open to all member nations of the United Nations, comprises representatives of established free zones as well as local, regional and international free zone associations from across the world.
The official office holders on the board of directors, which were announced during the press conference, include Dr. Mohammed Alzarooni (UAE) as chairperson, Mr. Luis Pellerano (Dominican Republic) as vice chairperson, Mr. P.C. Nambiar (India) as secretary and Ms. Rose Hynes (Ireland) as treasurer.
During the launch, Alzarooni said: “The World Free Zones Organisation will promote a spirit of collaboration, dialogue and guidance. It will provide help to nations that can benefit from the free zone model; whose economies require foreign direct investment in order to build strong, robust and diverse economies for the future.
“The creation of such an organisation would not be possible without the inspired leadership and vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. It is his vision that led us to establish the first ever multilateral organization grown out of Dubai.
“The UAE has been a shining example of the dynamic role free zones play in economic and social development, and its diversity and vibrancy as a business hub has put the country on the world map. World FZO will further enhance the development of free zones in other parts of the world. With its headquarters here, Dubai and the UAE is positioning itself as a major player in the world economy in the run up to Expo 2020.”
According to a recent report from World Bank, the UAE is the leading Arab country when it comes to ease of doing business. The country has achieved this ranking through improving regulations and a range of other business-critical parameters. The UAE tops the region in the categories of starting a business, registering property, and trading across borders.
The UAE has a long history of establishing free zones to attract business and foreign investment, which has helped position the country as a business hub connecting East and West. New businesses regularly set up in one of the UAE’s free zones to take advantage of laws which enable full ownership and repatriation of profits.