DAFZA Signs MoU With Torino Chamber of Commerce to Attract Direct Foreign Investments in Dubai
Dubai Airport Freezone Authority (DAFZA) is bolstering its efforts to attract direct foreign investments in Dubai and support foreign companies in establishing a business in the Emirate by signing a Memorandum of Understanding (MoU) with the Torino Chamber of Commerce. The agreement will help attract Italian companies to launch operations in the free zone.
The signing came during an official delegation from the Torino Chamber of Commerce to the Dubai Airport Freezone. The agreement was signed by Yousuf Ali Behzad, Assistant Director-General, People Growth & Corporate Strategy, and Dario Gallina, President of Torino Chamber of Commerce. This MoU establishes a new stage of partnership between the two sides by establishing a cooperation framework that seeks to support the business and investment sectors and companies, investors and entrepreneurs.
The MoU stipulates for the Dubai Airport Freezone to promote Dubai and its leading global position as a vital centre for business among Italian companies through initiatives, seminars, and official visits. This will emphasize the strategic benefits of setting up companies in Dubai Airport Freezone and providing particular incentives for Italian companies under the umbrella of the Torino Chamber of Commerce. The incentives include competitive rates for setting up businesses and all related requirements and support for communicating with other local sides in the Emirate.
The MoU also provides specific support for SMEs, with DAFZA providing services and incentives via its Scality Program, which seeks to facilitate establishing and operating enterprises of this type. In return, the Torino Chamber of Commerce will encourage Italian SMEs to benefit from the program and to join the business establishment system in Dubai Airport Freezone and set up branches there to enter the UAE and regional markets.
The Torino Chamber of Commerce will promote DAFZA among Italian companies by encouraging them to participate actively in the initiatives, seminars, and official visits, which the free zone will organize. DAFZA represents a stimulating business environment that will enable Italian companies to expand and reach a broader consumer base.
Yousuf Ali Behzad, Assistant Director-General, People Growth & Corporate Strategy, said: "Dubai is currently leading the stage of full recovery from the economic impact of the COVID-19 pandemic on the global business and investment sectors, having achieved exceptional results during the past phase. This strengthened its position as one of the most important economic destinations to which companies seek to relocate to benefit from its flexible, vibrant, and advanced economic environment and the incentives it offers. Our cooperation with the Italian Torino Chamber of Commerce reflects DAFZA's efforts to strengthen its global network of relations and support foreign companies and investments in the Emirate of Dubai.