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Thu. Feb. 10, 2000
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Health & Science > News > Technology
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Dubai Sets Up Free Zone For E-Commerce, Technology, Media
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DUBAI (AFP) - The Gulf trading hub of Dubai has issued a law to set up a free-trade zone for e-commerce, technology and the media, the official news agency WAM announced on Sunday (Feb. 6).
A decree issued by Dubai's ruling emir, Sheikh Maktoum bin Rashid al-Maktoum, established a free zone authority chaired by the crown prince, Sheikh Mohammad bin Rashid al-Maktoum. The chairman will have the power to issue rules and regulations for the free zone, which is similar to media projects announced in Jordan and Egypt, WAM said. However, it did not give a timeframe for the project.
In October, Dubai already announced its plan to set up Dubai Internet City near the free-trade zone of Jebel Ali with an initial investment of $200 million. According to the plan, foreign companies will be allowed 100 percent ownership and goods will be exempt from customs duties and companies from taxes.
The emirate in the southern Gulf has also turned into the region's main tourism destination as part of efforts to diversify sources of revenue and lessen reliance on oil.
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