- THE MAGAZINE
Dallas/Fort Worth (DFW) International Airport, operator of the DFW Airport Foreign Trade Zone, and the Dubai Airport Freezone Authority (DAFZ) signed a memorandum of understanding today which creates a framework for a collaborative alliance between the two organizations. The agreement was signed by Jeffrey P. Fegan, CEO of DFW Airport and Mohamed Ahmed Al Zarooni, president and director general of the Dubai Freezone Authority. H.H. Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Airport Freezone, Dallas Mayor Mike Rawlings and other senior officials from DAFZ and DFW witnessed the signing.
"As we celebrate this historic occasion, we look forward to working together to connect two of the world's most successful free trade zones in Dallas/Fort Worth and Dubai," said Fegan. "Both free trade zones are strategically located with excellent operations providing outstanding service, facilitating trade and commerce and providing easy access to hundreds of destinations through many different airlines."
The Memorandum formalized the establishment of a Free Trade Zone Alliance between the two trade zones, and outlined the exchange of expertise to benefit business and develop new opportunities in the global markets.
"We are extremely privileged to sign this Free Trade Zone Memorandum with Dallas/Fort Worth International Airport," said Dr. Zarooni. "American businesses are amongst the 10 most active companies in the Freezone and through increased bilateral relations with DFW, and we hope to take advantage of the business opportunities available in the DFW region."
Dr. Zarooni also anticipates a boost in trade between the two countries, with the recent launch of flight service on Emirates from DFW to Dubai.
"Alliances like this create opportunities for businesses to build relationships," said Dallas Mayor Mike Rawlings. "And new relationships have a positive impact on economic development in both our regions with mutually beneficial results, such as increased trade and tourism between both regions."
DFW Airport received federal authority to operate an on-site, 2,400-acre Foreign Trade Zone in 1979, and to serve the business community of the Dallas/Fort Worth region. DFW's primary foreign trade zone is located on-site, comprised of 2,400 acres. The Foreign Trade Zone (FTZ) encourages capital investment in the U.S. through a relief in paying Customs duties and tariffs, ultimately reducing the costs of engaging in international trade.
The DFW Airport Foreign Trade Zone also manages trade zone sub-sites in six counties around the Dallas/Fort Worth area, including Dallas, Tarrant, Kaufman, Denton, Collin and Grayson.