Dr. Mohammed Al Zarooni, Director General of DAFZA.
This article is based on a novel initiative which is part of Dubai 10X to make Dubai the nucleus of innovation. Dubai Airport Free Zone Authority (DAFZA) will set Dubai apart from other leading cities in the world by starting Dubai Blink and FZExchange.
Once instigated Blink will be the world’ s first B2B commerce platform and FZExchange will further elevate Dubai’s business value by being worlds first stock exchange for trading shares of free zone business.
The Dubai Blink and FZExhange are 2 key projects from the 26 Dubai 10X initiatives from 24 government entities in Dubai and sanctioned by Sheikh Hamdan Bin Mohammed. Dr Mohammed Al Zarooni, Director General of DAFZA stated that these initiatives will contribute to the overall development of Dubai, promote investment, reshape the whole strategy of investment in Free Zone along with offering an innovative structure for Free Zone trade.
Investors and firm will flourish on the both domestic and international level. A foreign investor in Dubai will not be required to go back to their own country for to tap the capital in the region instead do their business via FZExchange.
The project where being able to develop trade and investment flow through digital trading will entice an abundance of investors and international companies both on an international and local level to set their headquarters in Dubai.
The director also stated: “The global B2B business market is estimated at $7.7 trillion, which is larger than the B2C market, while the growth rate of digital commerce in 2020 is expected to reach 40 per cent in the Middle East and North Africa region.
Through these innovative projects, we seek to capture a significant share of this growth, positively impacting Dubai’s economic standing and enhancing the GDP of the emirate.”FZExchange is going to put an investor on a speed pedal allowing effortless access to financial and capital markets through an uncomplicated regulatory environment which caters to the investor needs in a low cost.
The director added that Dubai Blink will be worlds first block chain and AI delegated digital free zone which will allow any company or numerous firm from all over the world to connect with each other for the trading purpose. DAFZA is in touch with IBM and some prominent government and international entities to develop Dubai blink and to make it the best.
The project will be implemented in for phases, the first phase will start by the end of 2018. The Dafza companies will be able to sign in for business and after which the company from several other free zones will be able to achieve projects services then the Free Zone companies in UAE will have access to the project’s services and eventually Dubai will be available worldwide.