Dubai Investing $200m for E-Commerce Free Trade Zone
In its bid to become the Middle East's e-commerce hub, Dubai is investing $200 million to establish an e-commerce and technology free trade zone on the outskirts of the emirate.
In issuing the decree for this zone, Shaikh Maktoum bin Rashid Al Maktoum, vice president and prime minister of the UAE and Ruler of Dubai, also called for establishing the Free Zone Authority that will promote and develop the emirate's e-commerce, technology and information capabilities, according to the UAE news agency Wam (as reported by Khaleej Times daily). The new authority will be headed by General Shaikh Mohammed bin Rashid Al Maiktoum, crown prince of Dubai and the UAE's defense minister.
The new law, which consists of 30 articles, states that the ruler-appointed chairman is responsible for the zone, including the power to make rules and regulations.
© 2000 Al Bawaba (www.albawaba.com)
- There's definitely no Qatari involvement here: Dubai Ports to invest in Suez Canal Project
- DIC Offering Expertise to Syria, Jordan
- Tejari and Jafza to Create Virtual Free Zone to advance e-Commerce for Trading Partners
- Kuwaiti Minister of Commerce promotes Emirate as investment hub for Iraq
- DMCC terminates S&P rating