Dated May 19, 2014, saw the global launch and unveiling of the World Free Zones Organization, headquarter in Dubai. The non-profit, multi-national body will operate as an association that will keep a tab on all the free zones around the world.
The multi-national body will work towards transforming the way in which global economies would operate. Moreover, the event will result into a stronger economy and a ripple-creating employment market.
Before, going into the details about the organization, let us go through the current fiscal scenario of the UAE.
United Arab Emirates: The Growth Score Card
United Arab Emirates (UAE) is ranked 28th in a list of world’s powerful economies and this fact is enough to set the country apart from its counterpart. The country has shown drastic improvements in aspects like labor, business and monetary freedom. The most surprising element here is that the UAE is the only country in the Arab region, which is freeing from corruption and ‘red tapism’ at a good pace.
Here’s is the growth graph of the country, tracked over a period of 4 years. The score earned by the UAE is 71.4. Here’s a hard fact that will reflect the country’s growth over a period of 4 years:
The economic freedom score that has been recorded this year is 71.4. Moreover, UAE has been placed at the 2nd out of 15 countries in the Middle East/North Africa region. Let us get into details and see the impact and visualize benefits that UAE can reap from the major happening:
World Free Zones Organization: The Mission & Vision
The Switzerland based non-profit entity; World Free Zones Organization is now officially headquartered in Dubai. The operating body has a sole aim of enhancing the perception of free zones in terms of economic development and foreign as well as direct investments. The mission, if achieved, can bring in a lot of positivity into the employment market and can also help the growing foreign businesses breed and survive.
The organization was incepted with a vision to propagate a spirit of collaboration, dialogue and guidance. The dream that has been woven by laying the foundation of the organization in Dubai is to bring in foreign partners, growth opportunities and a positive job arena.
A Working Protocol for Assured Success
Dubai is regarded as the first emirate to have adopted the free zone model. The operating model has been offering foreign businesses attractive concessions and right to have 100 percent ownership of a subsidiary that too without any applied taxation. Here is an excerpt from the working protocol:
- The organization will keep a tab on all the free zones, stationed globally and will see check for any changes in the policies or working style.
- The operating body will make-out plans to provide support to comparatively weaker nations to build up their economies through foreign direct investment.
- The organization will also help the economies to prosper and turn into job creating machine sort of
- The free zones organization will have support from other government initiated administrative bodies
Impact on Job Market & Economy
By now, the purpose and vision of the organization is clear. But is there any way, it can serve the economy and the employment market? World Free Zones Organization is a big operating body whose impact can be deep enough to create ripples in any dormant fiscal and job arena. However, UAE is a flourishing one and stationing of such organization can be a good boost to it.
- The Economy
As the working protocol discusses the impact; this clears that the operating body can give a good thrust to the fiscal situation. The free zones in the UAE will now support more foreign investment. As per a report by HSBC Holdings, nearly 60% of the world’s largest companies operate in Dubai and stationing such an organization can help the firms to partner with other companies and lead them to open up their branches here.
- The Job Market
There are certain sectors that are favorable at this point of time in the country. An expat or a national can reap benefits from a number of jobs in Dubai, in the upcoming quarters of 2014. Sectors like service industry, trade and Finance are booming and it is predicted that there will never be dearth of jobs in these sectors. The organization will allow more foreign investment and healthier economy; thus it will rain jobs in here.
The Brighter Picture
Owing to Dubai’s economic stature and flourishing employment market, authorities all over the world have given their nod for making the city the headquarter(HQ) of the World Free Zones Organization. The countries that are part of the United Nations will also contribute to the mission of the new Dubai HQ. The weaker economies will recuperate and the developing ones will have broader paths to flourish now.
VineetaTiwari is a professional writer and blogger who keenly follows global economy and employment market. She has written a range of informative articles on job markets and leadership roles that defines the structure and functioning of an organization in any part of the world.
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