Validating Dubai’s strategy to enhance its global competitiveness and underscoring its appeal as an investment destination, the Dubai Integrated Economic Zones Authority (DIEZ) announced a significant 42% growth in revenues for the first six months of 2022 compared to the same period last year.
The H1 2022 performance saw the Authority’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increase by 17% compared to the results of the same period last year, in addition to its net market assets reaching AED17.9 billion.
The exceptional results confirm that the DIEZ benefited from integrating returns on investment and merging the financial performance of the free zones affiliated with it. The results underscore the success of DIEZ’s integration model in contributing to Dubai’s economic growth and furthering its attractiveness as a global hub for foreign direct investment (FDI).
The income of the free zones affiliated with DIEZ grew by 16.6%, while rental income increased by 11%. The increase in commercial licences and government services amounted to 49% compared to the results of the same period last year. The results underpin the confidence and trust reposed by multinationals, small and medium-sized companies, investors, and entrepreneurs in the DIEZ’s integrated system.
The results are also a vindication of the efficiency of Dubai free zones’ world-class infrastructure, the quality of the portfolio of services offered, and the flexibility of legislation and regulations put in force to support business.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said:
“The DIEZ’s exceptional results reflect Dubai’s strategic importance for international business and reinforce its position as a global hub for FDI. The directives and persistent follow-up of Dubai’s leadership contributed to strengthening the ambitious strategic plans that culminated in the launch of DIEZ about a year ago. The efforts began to show results with the introduction of new frameworks that improved the quality and efficiency of services provided to businesses and investors, enhancing the contribution of free zones to Dubai’s and the UAE’s economy.”
His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said:
“The exceptional H1 2022 results showcase the level of strategic integration that the free zones were able to achieve under one umbrella, enhancing Dubai’s global competitiveness and highlighting the attractiveness of its economic environment for businesses and investors. We will continue to find flexible and efficient innovative solutions to achieve Dubai’s ambition of being the first choice for investors and a global trade hub and elevate the emirate’s position as a regional and global investment destination.”
The increase in revenues and an unprecedented growth rate resulted from the operational integration of the DIEZ economic zones, which include the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity (a joint venture between DIEZ and Wasl Properties), in addition to its subsidiaries. Presented under the umbrella of DIEZ, the economic zones offer a practical model that flexibly and efficiently meets the requirements of investors. DIEZ’s integrated model contributes handsomely to the economy and helps establish a culture of innovation while supporting creativity and successfully pursuing a strategy to attract FDI.
News Source: Dubai Media Office