Dubai Launches ISEZA, a Dedicated Free Zone for the Sports Industry
The UAE is known for its numerous free zones, especially the ones for designated industries. On March 11, the Dubai World Trade Centre Free Zone announced the launch of a new sports business free zone called the International Sports and Entertainment Zone Authority (ISEZA).
The purpose of the free zone is to simplify the setup and licensing of the sports and entertainment businesses, allowing for the growth of the industry. Dubai’s sports industry is valued at $2.5 billion, accounting for 2.3% of the emirate’s GDP and contributing 3.8% to the total employment of Dubai.
This move will contribute to the Dubai Economic Agenda (D33) with collaborations from the UAE Ministry of Sports, Dubai Sports Council, and UAE National Olympic Community to strengthen the establishment of ISEZA.
ISEZA’s CEO – Damir Valeev said “Our project is aligned with Dubai’s strategic vision of being a global destination for sports, entertainment, and tourism. This initiative will have a major social impact creating a unique environment for hosting sports exhibitions, museums, academic programs, and community projects in the Dubai World Trade Centre and Dubai Expo areas. Driven by the UAE’s vision of business development with higher social impact, we believe it will further contribute to the promotion of active sports and healthy lifestyle in the UAE overall.”
Situated in One Central, near the Museum of the Future, ISEZA is positioned to become a key tourist attraction as it benefits from its proximity to major landmarks. The UAE’s travel and tourism industry contributes $43.3 billion to its GDP, with Dubai hosting various types of tourism including medical, leisure, sports, business, and others.
The city continues to target every type of tourism to strengthen and sustain the growth of the industry.
Dubai Ranks Among Top Global Hubs for Greenfield FDI with Over $14.42B in Investments
Dubai secures a spot among the world’s top destinations for greenfield Foreign Direct Investment (FDI) projects, attracting 1117 projects worth over $14.42 billion in 2024 which is a 33.2% increase from 2023.
Last year, the city further revealed 1826 projects FDI projects which is an 11% year-on-year rise, consequent generation of economic activity creating 58,680 jobs which is an increase of 31% from the previous.
The deputy prime minister – Sheikh Hamdan bin Mohammed Al Maktoum stated “Even amid economic headwinds elsewhere, Dubai continues to rise as a global magnet for investment, enterprise and talent, offering stability, world-class infrastructure, and a dynamic business environment.”
With Dubai’s Economic Agenda (D33) underway, the authorities continue to harness the full potential of every avenue to double the size of Dubai’s economy to $8.7 trillion. So far, the economy is at a size of $339.4 billion after a 3.1% growth in the first nine months of 2024.
According to the FDI capital, the leading sectors are hotels and tourism, real estate, software and IT services, building materials, and financial services. Whereas, based on the FDI projects, the top sectors are business services, food and beverages, software and IT services, textiles, and consumer products.
The director general of the Dubai Department of Economy and Tourism – Helal Almarri said “Looking ahead, Dubai remains committed to setting new benchmarks in global competitiveness…Our focus on innovation, start-up incubation, and digital-first infrastructure ensures that Dubai will continue to be the destination of choice for those seeking growth, opportunity, and success in the global economy.”
This optimism is supported by positive figures, with India leading as the top source of FDI capital at 21.5%, followed by the US at 13.7%, France at 11%, the UK at 10%, and Switzerland at 6.9%.
Starting a business in a Dubai free zone offers tax benefits, 100% foreign ownership, and streamlined setup processes. To get more information, consult with business setup experts, explore free zone websites, or attend networking events. Each free zone caters to specific industries, so choosing the right one is crucial for success.
