The Dubai World Trade Centre Authority (DWTCA) has officially expanded its free zone jurisdiction to encompass the iconic One Za’abeel development. This expansion was solidified through Decree No. 18 of 2024, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai.
Benefits of Free Zone Inclusion
The inclusion of One Za’abeel in the DWTCA Free Zone grants its tenants a wide range of benefits, including 100% foreign ownership, exemption from customs duties, dual-licensing opportunities, zero percent corporate tax, and simplified procedures for visas and permits. These advantages are designed to attract and support businesses within the mixed-use development.
Development Details
Developed by Ithra Dubai, a subsidiary of the Investment Corporation of Dubai (ICD), One Za’abeel features two towers connected by one of the world’s largest cantilevers. The development is strategically located at the crossroads of Dubai’s busiest business and commercial hubs, making it a prime spot for enterprises.
Strategic Location and Infrastructure
Issam Galadari, Director of One Za’abeel Holdings, highlighted the project’s strategic location and state-of-the-art infrastructure. "One Za’abeel stands at the intersection of Dubai’s busiest business and commercial hubs. Its strategic location, established digital infrastructure, efficient user experiences, and commitment to intelligence and sustainability define the luxurious icon as a focal point for enterprise and prosperity," Galadari stated.
He further emphasized the benefits of integrating with the DWTCA Free Zone, saying, "Becoming a part of the Dubai World Trade Centre Authority’s Free Zone further benefits the tenants of One Za’abeel The Offices and its forthcoming retail Podium, offering them continued opportunity to grow and solidify their presence in this thriving business community."
One Za’abeel’s developer, ICD, reported record financial performance last year, with a net profit of AED 60.8 billion and revenues of AED 310.2 billion, driven by increased passenger traffic, asset growth, and higher interest rates in banking and financial services.
Strategic Importance of Expansion
Abdalla Al Banna, VP of Free Zone Regulatory Operations of DWTCA, noted the strategic importance of this expansion. "Expanding our jurisdiction to include One Za’abeel as part of the Free Zone reinforces our position as a hub for commerce and enterprise in the heart of Dubai’s Central Business District and directly benefits businesses and SMEs that are integral to accelerating the goals of Dubai's Economic Agenda D33," he said.
Office and Retail Space
One Za’abeel The Offices offers 26,000 square meters of office space across 17 levels, complete with retail, dining, hospitality, and other amenities. The retail Podium is set to open later this year, further enhancing the development’s appeal.
DWTCA's Commitment
With over 40 diverse sectors represented, DWTCA is committed to providing a seamless business setup experience and tailor-made services to meet the varied needs of its tenants, which include Fortune 500 companies and SMEs.