In continuation to the news released in October 2018 on dual licenses between free zones and mainland in UAE, where it was stated that Abu Dhabi free zones can have dual licenses to operate onshore in Abu Dhabi, Al Ain and Al Dhafra and also where a few Dubai free zones had entered into Memorandum of Understanding (MoU) with the Department of Economic Development, Dubai (DED), another Dubai free zone recently entered into a MoU with DED.
Dubai’s free zone – Dubai Multi Commodities Centre (DMCC) recently signed a MoU with DED. The aim of this MoU is to facilitate trade and boost economic activity in Dubai. The MoU introduces a dual licensing scheme.
This scheme shall allow DMCC companies to establish operations in mainland Dubai by obtaining a DED license apart from DMCC license. Furthermore, the scheme also allows for certain activities under the service category. However, such companies must first obtain a No Objection Letter from DMCC. This scheme shall also enable smooth exchange of information between DMCC and DED.
