Free zones, also known as Duty-Free zones, have become one of our time's clearest signs of economic globalization. Our world is seeing a growing number of shopping spots and in some cases whole cities with no fees imposed on imports or foreign-manufactured products, making it a great option to boost business collaboration across borders.
In 1985, the UAE opened its first Duty-Free zone in Jebel Ali Free Zone in Dubai, which later became the region's leading business hub that is popular all over the world. The opening of this project at that time aimed to accelerate international business ties between the UAE and the rest of the world, as the country was starting to feel the positive impact of the booming oil industry with only a small population of around 1.3 million people.
Crypto adoption is on the rise in the U.A.E. as financial regulators reach an agreement to officially allow and support cryptocurrency trading in an economic free zone in Dubai. https://t.co/V7Gi9Cf5P5
— Cointelegraph (@Cointelegraph) September 23, 2021
Over the years, more and more emirates started to welcome free economic zones in ports and airports. By the early 2000s, there was at least one duty-free zone in each emirate.
Now, the country has 45 different free zones, spread around each and every busy spot in the country, with each offering a variety of benefits and services.
This week, the Dubai World Trade Centre Authority (DWTCA) announced that the UAE’s Securities and Commodities Authority has agreed to regulate and allow the trading of cryptocurrencies and assets within the zone, showing UAE determination to keep duty free zones up-to-date with all the new trends in the world of finance.
Free zones guarantee foreign brands 100% ownership in these zones, in addition to full repatriation of capital and profits. It also exempts all imports and exports of any taxes not to mention a 100% exemption from income and corporate taxes.
UAE's 45 Free Trade Zones
Abu Dhabi
- Abu Dhabi Airport Free Zone (ADAFZ)
- Abu Dhabi Global Markets (ADGM)
- ADPC - Khalifa Port and Industrial Zone (KPIZ)
- Industrial City of Abu Dhabi
- Higher Corporation for Specialized Economic Zones / ZonesCorp
- Masdar City Free Zone
- Two Four 54
Dubai
- Dubai Airport Free Zone
- Dubai Auto Zone
- Dubai Biotechnology & Research Park (DuBiotech)
- Dubai Car and Automotive City Free Zone (DUCAMZ)
- Dubai Design District
- Dubai Flower Center
- Dubai Gold and Diamond Park
- Dubai Healthcare City
- Dubai Industrial City (DIC)
- Dubai International Academic City
- Dubai International Financial Centre
- Dubai Internet City (DIC)
- Dubai Knowledge Village
- Dubai Logistics City
- Dubai Media City
- Dubai Multi Commodities Centre
- Dubai Outsource Zone
- Dubai Silicon Oasis
- Dubai Science Park
- Dubai Studio City
- Dubai Techno Park
- Dubai Textile Village
- Dubai Technology and Media Free Zone
- International Media Production Zone
- International Humanitarian City
- Jebel Ali Free Zone
- Jumeirah Lakes Towers Free Zone
- Dubai South or DWC
- Dubai Production City
Sharjah
- Hamriyah Free Zone
- Sharjah Airport International Free Zone
- U.S.A. Regional Trade Center (USARTC) Free Zone
- Sharjah Publishing City Free Zone
- Sharjah Media City Free Zone (Shams)
- Sharjah Publishing City Free Zone (SPC Free Zone)
Ras Al Khaimah
- Ras Al Khaimah Economic Zone (RAKEZ)
- RAK Maritime City Free Zone Authority (RMCFZA)
- Ras Al Khaimah Investment Authority
- Ras Al Khaimah Free Trade Zone
- Ras Al Khaimah Media Free Zone
Fujairah
- Fujairah Free Zone
- Fujairah Creative City
- International Free Zone Authority (IFZA)
Ajman
- Ajman Free Zone
- Ajman Media City Free Zone
Umm Al Quwain
- Umm Al Quwain Free Trade Zone (UAQFTZ)