Dubai to allow companies to be digitally established in DAFZA
Dubai Airport Freezone Authority (DAFZA) has announced the development of Dubai Blink, the world’s first B2B smart commerce platform, which will enable business to be legally registered in the freezone without needing to be physically located in Dubai.
Dubai Blink will use artificial intelligence (AI), blockchain technology and virtual business licences, allowing companies from around the world to connect and trade via Dubai.
Dubai Blink was presented to Dubai Free Zones Council, chaired by Sheikh Ahmed Bin Saeed Al Maktoum, as one of Dubai 10X initiative (the 10X initiative aims to put Dubai ten years ahead of its time).
“The Dubai Blink project will be one of the most innovative models for the future of global supply chains and e-commerce across the free zones. It will help boost trade for companies operating in Dubai's free zones,” he said.
"The work that is being done between the free zones and government agencies will help create a new model for smart commerce in the international industry as well an attractive future for foreign investments within the free zones of Dubai,” Sheikh Ahmed added.
Global companies and small and medium-sized enterprises (SMEs) will be able set up digital businesses in Dubai free zones without the need to be physically there.
The virtual business licence will be known as a Cloud trading licence.
This will enable them to explore the commercial opportunities offered by Dubai without the need for an actual presence on the ground, allowing companies to sample and test the regional market and explore the opportunities provided in Dubai.
Dubai Blink is expected to benefit tenants in the DAFZA freezone in several other key ways.
It is expected to speed up trade in free zones by providing comprehensive solutions for companies to search for services and products, negotiate, and make purchases online via a unified platform using blockchain smart contracts and machine learning.
Currently, there are lengthy supplier identification and validation processes. AI algorithms will provide researchers tailored results in a fractional time.
Transactions will also be made easier and faster. International trade barriers, regulations and transaction fees add unnecessary layers of complication to B2B commerce. The convergence of free zone setups, AI, and blockchain, will radically cut cross-border transaction costs and time.
DAFZA director general, Dr Mohammed Al Zarooni said: “Dubai Blink will be a gateway to leverage free zone assets, network, and connect with trusted providers of product or services to evolve your business. It will be an integrated platform that will allow businesses to manage supply chains and transactions, underwritten by the speed, truth, and reliability of blockchain smart contracts.”
The project will be implemented within the next two years.