State-developer Dubai South said on Monday it aimed to spend AED2bn (USD545mn) to build an e-commerce free trade zone offering foreign firms 100% ownership. Foreigners operating outside of free trade zones in Dubai and the wider UAE can usually only hold a maximum 49%  stake, with UAE nationals holding the rest. The new 920,000 square metre trade zone, known as EZDubai, aims to attract e-commerce, logistics and other related industries, the developer said, adding that construction was expected to start in 2019. The timeline for spending the AED2bn is expected to be over four years, although it would depend on demand, the logistics district head for Dubai South. Dubai South planned to raise the funding from banks and other institutions, and to spend it on infrastructure, offices and warehouses. EZDubai will be located in the south of the emirate near industrial and residential developments and Dubai's second airport, Al Maktoum International.