Thursday, January 22, 2015
The customs framework for a soon-to-be-launched free zone, Dubai Design District (d3), has been agreed in a new memorandum of understanding (MoU) between Dubai Customs and the Dubai Media Free Zone Authority.
Unlike any other free zone in Dubai, d3 has a significant retail element and has therefore been designed to attract consumers to purchase goods from the zone. Dubai Customs said it has a significant part to play in helping d3 achieve its growth ambitions through the effective management of imported and exported goods to ensure the efficiency of customs processes.
According to Dubai Customs, the MoU serves to solidify synergies between both Dubai Customs and d3 to ensure the most effective use of customs technologies at the site. For example, the MoU will lead to Dubai Customs having an initially permanent presence at d3 to service all immediate inquiries, making the process of setting up and operating at d3 more simple and efficient.
The MoU will also facilitate the development of a wide range of training programs to enable employees of both d3 and Dubai Customs to expedite customs procedures and promote free trade from within the zone.
Construction of d3 was launched in June 2013. The district will be located next to Dubai's Business Bay area, which is also home to the city's main landmark, the Burj Khalifa, the tallest building in the world. The benefits of setting up a business in the district include a 50-year exemption from taxes.