Dubai Airport Free Zone Authority (DAFZA) and Wasl Asset Management Group jointly decided to launch a new free zone in the field of E-commerce. This is located in Umm Ramool area which is very near to Dubai International Airport with an area of around 2.1 million square feet and the expected project cost is AED 2.7 billion. In the MENA region Commerce city becomes the first free zone in the field of E-Commerce. It gives a direct access for the e-commerce stake holders in the MENA and South Asia regions.
Commerce City Free zone project expect a business of around $ 20 billion by 2020 in GCC countries. It aims mainly to attract foreign direct investment in the field of E-commerce.
Emirates Chartered Accountants Group (ECAG) mention that last two years the major chunk of enquiry for its company incorporation division is mainly for E-commerce, Internet trading and related activities. Almost all start-ups are involved in e-commerce, IT and internet based services and the main portion covers the UAE region. The statistical report says in the coming 5 years E-commerce sector expects a tremendous growth and which will grab at least 10 per cent of Dubai’s retail sales and expected to reach AED 200 billion.
The Joint venture project is decided to implement in two stages. Fifty per cent will be completed by each phase. This project supports the e-commerce sector and meets the current and future needs of logistics, electronic payments, IT solutions, customer services, and other related businesses. The main regional and international manufacturers can showcase their goods, products and spare parts in the fully-equipped, technology-enabled warehouses, to be shipped later to the local markets in record time via e-commerce.
Source: Khaleej times