Dubai is pushing for a $545m (Dh2bn) e-commerce free trade zone that will offer foreign firms full ownership, according to state-developer Dubai South
Foreigners operating outside of free trade zones in Dubai and the wider United Arab Emirates are usually restricted to a maximum 49% stake, with UAE nationals holding the rest.
The new 920,000 square metre trade zone, known as EZDubai, aims to attract e-commerce, logistics and other related industries, the developer said, adding that construction was expected to start this year, Reuters reports.
With the massive growth of e-commerce in the GCC and Egypt expected to grow from $7bn to $24bn by 2022, EZDubai promoters are seeking to add a strong value to the sector by providing an efficient supply chain.
The new e-commerce hub will have six dedicated areas providing a total in excess of 550,000 sqm of a leasable area for e-commerce and similar businesses intended as last mile centres, e-fulfillment centers, repair & return centres, supply centres, business blocks (shared buildings), and business blocks for regional headquarters.
Dubai is already the headquarters of the region's largest e-commerce company, Souq.com, which was bought by Amazon in 2017. It is also home to noon.com, an online shopping site set up by Dubai billionaire Mohammed Alabbar
Dubai South is envisioned to become a smart and sustainable city, preferred as the place to live, work and invest for at least one million people. As an economic platform, is the home of leading world events such as Expo 2020 and the Dubai Airshow, expected to provide at least 500,000 jobs and become an important hub for global trade and commerce.
EZDubai will be located in the south of the emirate near industrial and residential developments and Dubai's second airport, Al Maktoum International.