Dubai To Set Up Free Zone For Wholesalers
by Lorys Charalambous, Lowtax.net, Cyprus
10 March, 2016
Dubai is planning to launch a new free trade zone called Dubai Wholesale City, according to a statement from the Vice President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai, Mohammed bin Rashid Al Maktoum.
The zone is intended to help the UAE diversify its economy away from oil by increasing its share of the global wholesale trade sector, which is valued at USD4.3 trillion and is expected to grow to USD4.9 trillion in the next five years, the statement said.
The zone will cover 550m square feet and will comprise specialized integrated trading parks that is intended to meet all the requirements of wholesale traders under one roof, as well as an international trade exhibition facility. It will be located close to Al Maktoum International Airport and the Jebel Ali Port.
Dubai is home to a number of free zones, including the DIFC, the Dubai Multi Commodities Centre (DMCC), and the Dubai Airport Free Zone (DAFZA). The business incentives offered by these free zones include exemptions from corporate tax and import and export duties.
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