Abu Dhabi forms new council to regulate free zones

Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, will also assume the chairmanship of the council

Abu Dhabi's Mubadala Investment Company on Sunday announced an investment in Europe's biggest pet care provider IVC Evidensia. Chris Whiteoak / The National

Abu Dhabi issued a resolution to form a free zone council, which will oversee regulations that govern the respective areas in the emirate.

The Free Zone Council will begin with proposing general policies for free zones and will submit them to the Executive Council, the Abu Dhabi Government Media Office said in a statement on Tuesday.

Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (Added), will also assume the chairmanship of the council.

The council will conduct research related to free zones’ operational affairs, propose suitable solutions to develop and support them, and co-ordinate with entities within free zones to exchange knowledge, experience, expertise and practices.

"The council will start by establishing a system to conduct its meetings and vote on decisions," the media office said.

The entity will also create an integrated database for the affairs of free zones.

The Free Zone Council will have the authority to approve free zones’ non-financial key performance indicators along with Added.

Operational entities within the free zones are to co-operate with the council and provide it with all required information to help it establish the overall policy for the emirate's free zones.

The launch of the Free Zones Council follows studies and free zones’ benchmarking and aims to keep pace with the rapid growth of free zones and their role in supporting economic growth.