New free zone to boost commercial sector

Dubai World Trade Centre’s conversion into a free zone eyed to attract more investorsImage Credit: Supplied

The Dubai World Trade Centre (DWTC) was recently transformed into a free zone. A new body to ramp up its commercial potential and the upcoming World Trade Centre in Jebel Ali has been formed. Called the Dubai World Trade Centre Authority (DWTCA), it will be overseeing the developments in these exhibition clusters.

DWTC is the venue for most global exhibitions and its number of visitors has been growing every year. Between 2013 and 2014, its visitors grew by 10 per cent to reach around 2.4 million. In the last quarter of 2015, over 62 exhibitions and live events are expected to be staged here.

Along with exhibitions, the new authority will look at renting out office space at this premier location and offering licence to set up new companies. The area situated in Dubai’s central business district, close to the Dubai International Finance Centre (DIFC) and Downtown Dubai, is one of the most sought-after commercial locations.

DWTCA will offer dual licences to companies operating from here. This would mean companies can be registered as either onshore or offshore entities. A major advantage for the tenants of this business zone is that all the office space will be owned by a single owner and the problems associated with buildings having multiple owners will not be faced by them.

The area around DWTC is undergoing restructuring, with the first phase expected to be completed later this year. Under this plan, an eight-storey office building and a hotel comprising 588 rooms will come up.

DWTC, spread over 438 hectares, will be the focal point of the Expo 2020. It also includes separate hospitality, logistics and residential zones. Around 300,000 visitors are expected to flock at the venue during the event.

Handy Hints:

* DWTCA formed to oversee the operations/activities at DWTC

* Companies can register either as an onshore or offshore entity

* The area around DWTC is currently undergoing a restructuring

Source: S. Dhar, Special to Properties

The writer is a freelancer


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