DIEZ records 42% increase in its operating profit in 2022

DIEZ records 42% increase in its operating profit in 2022

The Dubai Integrated Economic Zones Authority (DIEZ) recorded a 42% increase in its operating profit in 2022, while total revenue increased by 29%, compared to 2021.

The exceptional performance, which resulted in a 9% increase in rental revenue and a 69% increase in revenue from commercial licenses, government services and other services in 2022, signifies the effectiveness of DIEZ’s new integrated model and the Authority's growing contribution to the economic development of Dubai and the UAE.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), said:

“These exceptional results, which point to a promising future for DIEZ, highlight the success of the Authority’s unique approach to supporting businesses and investors. The results reinforce DIEZ’s status as a platform for attracting foreign direct investment as well as our strategic role in achieving the goals of the Dubai Economic Agenda D33 to double the size of the emirate’s economy and consolidate its position as one of the world’s top three cities over the next decade”
“The strong performance, which reflects our commitment to delivering an exceptional business model, gives a strong boost to DIEZ’s aspiration to be an even bigger player in enhancing Dubai and the UAE’s competitiveness and economic attractiveness. Over the next phase of growth, we will continue fostering a culture of innovation and excellence and enhancing our globally-benchmarked solutions, facilities, benefits, and services. DIEZ contributed five percent to Dubai's GDP and 11% to the emirate's non-oil foreign trade in 2021,”

His Highness added.

His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of Dubai Integrated Economic Zones Authority (DIEZ), said:

“Our exceptional results in 2022 were driven by the strategic integration of economic zones focused on enhancing growth and expansion opportunities and providing a supportive environment for the business and investment community. The unwavering support of our leadership has enabled us to realise our goals and transform DIEZ’s business ecosystem through ambitious strategic plans, innovative initiatives and fruitful local, regional, and global partnerships. Today, more than 22,000 companies and over 41,000 employees are based out of DIEZ.”
“These indicators encourage us to continue making major contributions to the expansion of trade and efforts to drive economic growth and diversification in Dubai and the UAE. By keeping pace with innovative trends and providing a flexible and supportive environment, we seek to further nurture the growth of businesses,"

he added.

Strategic partnerships

Strategic partnerships with several government and private entities in 2022 further contributed to DIEZ’s record results as they increased the flow of investments and the growth of research, development and innovation. This falls in line with the Authority’s vision to help strengthen Dubai and the UAE’s economic base, accelerate the growth of commercial activities and improve the attractiveness of the business environment.

Key agreements signed by DIEZ in 2022 include the one with wasl Asset Management Group to develop the Food Technology Valley project in Dubai, which aims to establish a modern integrated city to enhance food production and consolidate Dubai's position as a global leader in this field. DIEZ also continues to cooperate with du, a subsidiary of the Emirates Integrated Telecommunications Company, to provide the economic zones supervised by DIEZ with advanced technology and communication capabilities and competitive smart city solutions. The cooperation supports Dubai's vision to accelerate the adoption of advanced technologies and foster innovation-driven growth.

DIEZ also affirmed its continued support for young Emirati talent and its commitment to developing a new generation of leaders and specialists in the field of logistics through its cooperation with DP World within the framework of the ‘Tumoohi’ initiative. The initiative offers national talent with professional and practical experience and the opportunity to learn about global best practices and standards.

Earlier this year, DIEZ signed a Memorandum of Understanding with the Dubai Health Authority (DHA) to offer exceptional investment opportunities in the healthcare sector and support the establishment and growth of startups.

Over the coming years, DIEZ will continue to advance its strategy focused on staying ahead of the latest global economic, business and investment developments and trends, implementing innovative international practices and forging productive partnerships with key stakeholders in vital sectors.

News Source: Dubai Media Office

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