Dubai Airport Free Zone Authority, the economic zone covering the Dubai International Airport and surrounding areas, is developing the world’s first commercial digital platform for free zones that will allow companies from all over the world to connect and trade through Dubai.
Dubai Leverages Blockchain Technology
Dafza will develop the world’s first digital commercial platform for free zones. The project will allow companies from all over the world to connect and trade through Dubai. Dafza announced on Sunday the development of a business-to-business platform called Dubai Blink that will use artificial intelligence, blockchain technology and virtual business licenses.
The Business-to-Business platform called Dubai Blink will use artificial intelligence, blockchain technology and virtual business licenses, which will transform the mechanics of the global supply chain, Dafza said in a statement issued on Sunday by the official news agency of the United Arab Emirates. United, Wam.
The initiative will allow both global companies and small and medium-sized companies to establish digital businesses in free zones in Dubai without the need to maintain a physical presence there. Dubai is following its futuristic 10X agenda, an initiative designed to put the Emirate 10 years ahead of time by adopting disruptive innovations. The broader strategy aims to reduce bureaucracy and could save millions of man hours through the use of artificial intelligence and blockchain technologies in smart government operations.
Blink is part of the Government’s digitization plans. Dafza is working closely with the stakeholders and has formed a team to share their experience. Dafza, which houses companies such as Boeing and Airbus, GE Aviation, Rolls-Royce and Panasonic, among others, is working to boost FDI flows through the development of virtual platforms. The work that is being done between free zones and government agencies will help to create a new intelligent trade model in the international industry and an attractive future for foreign investment within the free zones of Dubai.
Improvements With Blockchain
Dafza accounted for 18% of the total trade in the Dubai Free Zones in 2016. It is at the forefront of efforts to increase FDI as part of broader measures to boost the contribution of the non-oil sector to the economy of the United Arab Emirates to 80% by 2021, from the current 70%, after the slow economic growth due to low oil prices. The United Arab Emirates registered 10.3 billion dollars of FDI inflows in 2017, 6.7% more than the 9,600 million dollars in 2016, according to the Federal Statistics and Competitiveness Authority.
With Blink, Dafza aims to accelerate trade in free zones by providing solutions for companies to search for services and products, negotiate and make purchases online through a unified platform using blockchain smart contracts and machine learning. It will also solve the problem of the long processes of identification and validation of suppliers.
Blink will radically reduce cross-border transaction costs and time. It will give global companies the opportunity to obtain a virtual business license, which will be known as a cloud commerce license, which will allow them to explore business opportunities and test and test the regional market and explore the opportunities offered in Dubai.