Dubai Outsource Zone to Start Operations by July ’06

According to media reports, Dubai Outsource Zone (DOZ), a free zone for the outsourcing industry, is expected to be operational by July 2006. The zone is aiming to account for a 5 percent share in the global outsourcing industry and expects to have 200-300 companies in the first five years of its operation. The zone is targeted at the companies providing mid- to high-end IT and BPO services in sectors, including finance, accounting, IT, payroll processing, graphic design, engineering, biotech, R&D, and design. In a related development, the Arab bank has signed an agreement with DOZ to move its back-office operations to the DOZ. The new facility of the Arab bank, Arab Company for Shared Services, will conduct back-office work, including processing for fund transfers and retail and commercial loans.