Dubai World Trade Centre becomes a free zone

03 Sep 2015

Dubai World Trade Centre (DWTC) was established as a free zone on Monday as part of a new law and series of decrees issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai.

Law No (9) of 2015 establishes DWTC “as a free zone subject to supervision” of the Dubai World Trade Centre Authority (DWTC), which was also established under the law, according to emailed statement from the government of Dubai. Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has been appointed as Chairman of the Authority under Decree No (11) of 2015.

The new law was established to boost regional and international exhibition’s and conferences in the emirate and to attract local and international investments and “hosting commercial and trade establishments,” according to the statement. DWTC includes the Dubai International Convention and Exhibition Centre, which already hosts a number of regional exhibitions.

The DWTC zones “include free zones and districts managed and supervised by” DWTCA, which include the DWTC, underdeveloping facilities and the Dubai World Trade Centre at Jebel Ali, according to the statement.

DWTCA will be an affiliate of Investment Corporation of Dubai as an incorporated public body with financial, administrative and legal independency, according to the statement. Investment Corporation of Dubai is the emirate’s sole sovereign wealth fund.

The DWTCA will be responsible for “establishing, developing and managing infrastructures and administrative services inside Dubai World Trade Centre.” It will also define business activities, approve the “general plan for DWTC’s zones, licensing, organising and overseeing construction works in Dubai World Trade Centre, registering and licensing companies in DWTC’s free zone and defining and collecting registration and licensing fees in addition to other authorities and capacities.”

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