News and articles monitoring the activities and developments in the free zones around the world.
Dubai, Dallas ink free zone deal
Apr 20, 2012
Dubai Airport Freezone Authority (DAFZ) said it has signed a MoU with the Dallas/Fort Worth (DFW) International Airport, operator of the DFW Airport Foreign Trade Zone thus creating a framework for a collaborative alliance between the two organizations. The memorandum formalized the establishment of a free trade zone alliance between the two free zones and outlined the exchange of expertise to benefit business and develop new opportunities in the global markets, said DAFZ in a statement.
The agreement was signed by Jeffrey P. Fegan, CEO of DFW Airport and Mohamed Ahmed Al Zarooni, president and director general of the DAFZ in the presence of free zone chairman Sheikh Ahmed bin Saeed Al Maktoum, Dallas Mayor Mike Rawlings and other senior officials. 'As we celebrate this historic occasion, we look forward to working together to connect two of the world's most successful free trade zones in Dallas/Fort Worth and Dubai,' said Fegan. 'Both free trade zones are strategically located with excellent operations providing outstanding service, facilitating trade and commerce and providing easy access to hundreds of destinations through many different airlines,' he stated.
Commenting on the deal, Dr Zarooni said, 'American businesses are amongst the 10 most active companies in the freezone and through increased bilateral relations with DFW, we hope to take advantage of the business opportunities available in the DFW region.' Dr Zarooni also anticipated a boost in trade between the two countries, with the recent launch of flight service on Emirates from DFW to Dubai. 'Alliances like this create opportunities for businesses to build relationships,' said Dallas Mayor Mike Rawlings.
'And new relationships have a positive impact on economic development in both our regions with mutually beneficial results, such as increased trade and tourism between both regions,' he added. DFW Airport received federal authority to operate an on-site, 2,400-acre Foreign Trade Zone in 1979, and to serve the business community of the Dallas/Fort Worth region. DFW's primary foreign trade zone is located on-site, comprised of 2,400 acres. The Foreign Trade Zone (FTZ) encourages capital investment in the US through a relief in paying Customs duties and tariffs, ultimately reducing the costs of engaging in international trade. The DFW Airport Foreign Trade Zone also manages trade zone sub-sites in six counties around the Dallas/Fort Worth area, including Dallas, Tarrant, Kaufman, Denton, Collin and Grayson.