AKW Consultants

  Introduction How crucial are Special Economic Zones (SEZs) to a nation’s economic growth? To understand their impact, look no further than Shenzhen, China. In the late 1970s, it was a quiet fishing village with barely 30,000 residents. Once designated as one of China’s first SEZs in 1980, Shenzhen’s transformation was nothing short of miraculous—its GDP per capita grew by more than 33,000% between 1979 and 2019. During the same period, China’s national GDP increased over 54 times, underlining how SEZs can be catalysts for economic development. From the first SEZ established at Shannon Airport in 1959 to nearly 7,000 such zones operating across 145 economies today, these zones have consistently promoted global trade and investment. Among the countries that have harnessed the power of SEZs most effectively is the United Arab Emirates (UAE) . According to fDi Intelligence , six of the world’s top ten free zones in 2023 were in the UAE. The Dubai Multi Commodities Centre (DMCC) has ...