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Dubai Airport Freezone Launches Islamic Business Incubator

by Lorys Charalambous, Lowtax.net, Cyprus
28 February, 2018

The Dubai Airport Freezone, the low-tax Middle East free trade zone, has welcomed Islamic startup incubator "Goodforce Labs" to the zone.

Goodforce Labs is focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories, including in the food, finance, education, and lifestyle sectors.

Its mission is to work with startups to help them overcome obstacles, allowing them to grow and expand in international markets, transforming Islamic ethical economy sectors into global sectors that reach ethical and Islamic markets and are governed by justice, transparency, and credibility of products and services.

The Dubai Airport Freezone was established in 1996. Business incentives offered include exemption from corporate tax, personal income tax, and import and export duties. Companies established in the zone may also be 100 percent foreign owned.

Goodforce Labs will start by selecting a group of startups and small and medium enterprises and help them grow to USD50m in annual revenues and measurable social impact.

Welcoming Goodforce Labs, Nasser Al Madani, Assistant Director General of the Dubai Airport Freezone, said: "Hosting Goodforce Labs confirms our pivotal role as an essential and active partner in bolstering Dubai's position as a capital of Islamic economy and enhancing its position as a global hub and a reference point for best criteria and innovations in all its sectors. This incubator will be pivotal in supporting Islamic industries, developing the Halal sector, and spreading the Islamic lifestyle, which encompasses culture, arts, and family tourism around the world."

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