Economic Security Centre of Dubai, Dubai Free Zones Council, and Emirates NBD Sign MoU to Enhance Free Zones Competitiveness
DUBAI, UAE — February 26, 2026 — The Economic Security Centre of Dubai (ESCD), Dubai Free Zones Council (DFZC), and Emirates NBD announced a trilateral Memorandum of Understanding to streamline investor journeys and accelerate bank account openings in Dubai’s free zones. The partnership integrates digital solutions for efficiency and compliance, boosting the emirate’s global appeal and aligning with Dubai’s D33 economic agenda to double the economy by 2033.
Announcement Specifics
The MoU was signed by Dr. Abdullah Mohammed Al Ghafri (ESCD Deputy CEO), Abdullah Al Banna (DFZC Head of Licensing), and Clyde Miranda (Emirates NBD Group Head of Retail Banking Governance). The signing was witnessed by H.E. Faisal Bin Sulaitin (ESCD CEO), Dr. Juma Al Matrooshi (DFZC Assistant Secretary General), and Marwan Hadi (Emirates NBD Group Head of Retail Banking). Key initiatives include accelerating investor bank account openings, adopting advanced digital technologies, streamlining company incorporation and licensing, and enabling data exchange. Specific timelines and transaction volumes were undisclosed.
Stakeholder Perspectives
“this MoU represents a pivotal strategic step towards deepening institutional integration among the entities that enable Dubai’s business and investment ecosystem.”
— H.E. Faisal Bin Sulaitin, CEO at Economic Security Centre of Dubai
Why it matters: The emphasis on institutional integration signals Dubai’s commitment to reducing friction in investor onboarding, critical for maintaining competitiveness against emerging Saudi Arabian free zones.
“This MoU aligns with the strategic objectives of the Council to further enhance the contribution of free zones to Dubai’s GDP… in line with the Dubai Economic Agenda D33.”
— Dr. Juma Al Matrooshi, Assistant Secretary General at Dubai Free Zones Council
Why it matters: Dubai’s free zones are projected to contribute AED 329 billion to GDP by 2030, making operational efficiency improvements essential to achieving D33 targets.
Industry Context
Dubai’s free zones drive economic diversification, supporting non-oil growth exceeding 74% of GDP in 2024. The partnership addresses critical post-setup hurdles like banking access, positioning Dubai as a fintech-friendly hub amid MENA’s digital transformation. By fast-tracking account openings through technology integration, this trilateral deal reduces administrative friction and strengthens Dubai’s foreign direct investment appeal against regional competitors in Riyadh and Abu Dhabi.
The collaboration reflects broader GCC competition for investment capital, with Dubai leveraging digital infrastructure to maintain its lead as the region’s premier business destination for fintech and services companies.
Forward Outlook
Implementation promises smoother investor onboarding processes, spurring foreign direct investment and business growth across Dubai’s free zone ecosystem. Next steps involve rolling out integrated digital tools to solidify Dubai’s status as MENA’s premier investment destination.
Sources: Zawya, Dubai Media Office, WAM
