The B2B platform, code named Dubai Blink, will use virtual business licenses and facilitate global supply chain transactions. The announcement was made by Emirates News Agency(WAM), the official news agency of the UAE.
The greatest advantage offered by this initiative is that companies, both small and medium, can run digital businesses, without physical presence, in Dubai free zones. The project is a part of Dubai’s 10X program, which envisions the use of disruptive innovations to replace traditional services and provide multiple times the value for end users and customers. On a broader scale, the strategy aims to minimize or even eliminate bureaucracy and save time and resources through the use of disruptive innovations such as blockchain technology and artificial intelligence in government operations.
Dafza has formed a team to realize the government’s digitization plans. Dafza, which hosts companies such as Airbus, Boeing, Rolls-Royce, GE Aviation, and Panasonic, among others, is aiming to further increase FDI flows with the launch of the virtual platform.
The UAE government believes that the initiatives taken in the free trade zones will result in the creation of a better trade model and attract more foreign investment in the future. In 2016, Dafza accounted for 18% of the total trade in the Dubai Free Trade Zones. The UAE government wants the non-oil sector to contribute to 80% of the economy by 2021, from the current level of 70%. The country recorded FDI inflows of $10.3 billion in 2017, up 6.7% from the previous year.
The launch of unified, blockchain based B2B platform Blink is expected to increase the volume of trade in free zones by offering critical products, raw materials, and solutions to companies in a quick and efficient manner. The platform is also expected to resolve the issue of supplier rating, while decreasing operational costs. The time saving platform, which would enable companies to explore opportunities in Dubai, can be accessed by acquiring a virtual license, dubbed as cloud commerce license.