Source: The National
State-developer Dubai South said on Monday it aimed to spend Dh2 billion ($545 million) to build an e-commerce free trade zone offering foreign firms 100 per cent ownership.
Foreigners operating outside of free trade zones in Dubai and the wider UAE can usually only hold a maximum 49 per cent stake, with UAE nationals holding the rest.
The new 920,000 square metre trade zone, known as EZDubai, aimed to attract e-commerce, logistics and other related industries, the developer said, adding that construction was expected to start in 2019.
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