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.
"The MoU allows more than 220,000 companies under the umbrella of the Torino Chamber of Commerce to benefit from the business system provided by the Dubai Airport Freezone. We have focused our efforts on providing solutions, services, and incentives, based on years of experience. The MoU also opens the door for the companies to benefit from the integrated system enhanced by high investment incentives offered by DAFZA. They will benefit from the exceptional experience offered to customers that will support the growth and prosperity of their businesses, which DAFZA has succeeded in providing for more than two decades," Behzad added.
"The signature of this strategic MOU with DAFZA represents an important step for the international development of the Torino economic area. By strengthening this cooperation, we will promote and facilitate commercial exchange in the whole MENA region. Our SME's will be able to benefit from a wide range of professional services, such as customized assistance on import-export issues, business support facilities and profitable hosting opportunities in one of the main business-friendly free-zone of the Middle-East area", Dario Gallina said.
As per the MoU, the two sides will be exchanging information and data to support their strategic goals and share this information with the companies seeking to set up business in Dubai and vice versa. They will also provide specialized support in various sectors, including logistic services, air transport, aviation, energy, technology, heavy machinery, electronic equipment, precious stones and metals, food, beverages, consumer products, pharmaceuticals, and medical equipment.
European companies, in general, make up the second-largest group that uses DAFZA as a headquarters and base of operations. European companies come second after Middle Eastern companies and makeup 21.5% of the companies in the free zone as per the financial and operational results of DAFZA for 2020, followed by Asian companies. This is the second MoU to be signed with the Torino Chamber of Commerce. The first agreement was signed in 2020 for establishing the Halal Trade and Marketing Centre (HTMC), the integrated services centre for the Halal sector at DAFZA.
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