DWTCA Free Zone Sees Surge in Tenant Growth and Job Creation in H1 2024

The Dubai World Trade Centre Authority (DWTCA) Free Zone has reported a substantial increase in the number of companies and jobs within its jurisdiction in the first half of 2024.

The number of tenants grew by 21% year-on-year, reaching 2,735 by the end of June, up from 2,259 in the same period in 2023. Registered companies also saw a 19% increase, with 2,818 companies now operating in the Free Zone, compared to 2,366 at mid-2023.

The Free Zone has also seen a rise in direct employment, with jobs increasing by 5% to 8,223, up from 7,837 last year.

Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, highlighted the alignment of these results with the ambitious goals of the D33 Agenda, emphasizing the Free Zone’s commitment to a dynamic and business-friendly environment.

A key development in H1 2024 was the expansion of DWTCA's jurisdiction to include One Za'abeel, a sustainable project by the Investment Corporation of Dubai. This expansion increased rental space and provided businesses with benefits such as 100% foreign ownership and 0% Corporate Tax.

Additionally, DWTCA partnered with Emaratech to digitize government services, streamlining processes for companies in the Free Zone. A collaboration with Dubai's Department of Economy and Tourism (DET) was also launched, focusing on enhancing opportunities for national talent.

DWTCA Free Zone remains committed to simplifying business setup with its efficient five-step process, catering to over 40 diverse sectors.

News Source: Emirates News Agency