With Dubai’s increasing fame as an e-commerce hub in the region coupled with strong client spending throughout the Middle East, the emirate’s immediate response to these trends has led to the adoption of the Dubai E-commerce Strategy. In line with its efforts to support and in addition to promote awareness about the strategy, the Dubai Free Zone Council (DFZC) declared that it be taking part as Strategic Partner of Seamless Middle East 2020, the region’s multi-brand exhibition including payments, fintech, e-commerce, retail, insurtech, and identity.
Seamless Middle East, now on its 20th year, is one of the biggest and longest running international fintech and e-commerce industry events, anticipating more than 12,000 participants from across the world. It is set to bring over 500 exhibitors and speakers to exhibit and discuss the modern innovation in these industries and associated fields. The event will take place at the Dubai Trade Centre, Dubai on March 25-26, 2020.
With Dubai rising as a leading hub for many online and e-commerce startups which have effectively won the support of international investors, DFZC seeks to in addition to reinforce the emirate’s role as a regional driver of sustainable monetary growth, as well as a pioneer for forecasting the future in a number of fields via innovation and technology. It led the training of the Dubai E-commerce Strategy, which was launched by His Highness Sheikh Hamdan Bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council in September 2019.
Dr. Mohammed Al Zarooni, Secretary General of DFZC, said: “Dubai Free Zone Council has constantly positioned its support to the increase of e-commerce from the policy level and in other initiatives that promote its growth. Seamless Middle East 2020 provides a vital platform for regional and international companies to know more about Dubai’s strategic benefits as an international logistics hub for e-commerce. The opportunities are huge as we have witnessed in the successes of homegrown e-commerce brands that have now international presence.”
Dr. Al Zarooni emphasized the significance of supporting the Dubai E-commerce Strategy, as it is part of its function to represent and promote the various offerings of free zone members, which are incredibly supportive of the ever-growing e-commerce sector. He mentioned that with Dubai’s magnificent connectivity and world-class infrastructure, the emirate continues to play a key role as hub and gateway for multinational companies, SMEs and startups, facilitating trade actions between the east and the west.
The Dubai E-commerce Strategy aims to make Dubai’s solid foundation as an international logistics hub work for e-commerce and provide the great possibilities for the sector to further flourish in the emirate and the region. E-commerce is projected to make contributions AED 12 billion to the local GDP by 2023 and is poised to attract more overseas direct investments into the sector.
The strategy eyes to increase the market share of Dubai companies in terms of local and regional distribution up to AED 24 billion by 2022. This will be completed via policies that cut the value of engaging in e-commerce business by 20 per cent. Some of these costs encompass cost of storage, customs fees, VAT and transport, among others. In addition, it targets to limit the methods required for customs clearance and reduces the costs imposed on goods passing via the free zone.
“Fintech and eCommerce are two of the hottest subjects globally as they challenge and disrupt conventional methods of doing business.
Driven by a new tech-savvy client and interesting business opportunity are being created day by day and the Middle East and Africa are moving at a remarkable pace. It was tremendous to hear the recent bulletins of the Executive Council which is being driven by many government stakeholders inclusive of the Dubai Free Zone Council, and with the synergies that and vision that we both share made this partnership an apparent match. With hundreds of new exhibitors and over 400+ start-ups, many of whom it will be their first time in Dubai, we are dedicated to offering a platform to find out the latest services and innovations needed to stay ahead in the industry and to subsequently support the regional economy,” stated Joseph Ridley, General Manager of Seamless Middle East at Terrapinn.
Since its inception in 2015, DFZC has been working towards setting up supportive regulations and ecosystems with local, regional and international bodies and regulators. It additionally allows council members to share leading excellent practices in free zone management to improve their role as a leading international destination for investment and key contributor to Dubai’s overall growth.
The Council continues to leverage leading experiences in enforcing important initiatives that make a contribution to the emirate’s adoption of new economic trends such as green economy and sharing economy, among others. It plays a key role in exploring new opportunities for the emirate by studying new operational frameworks that align with Dubai’s aim of attaining a sustainable economy.