The Dubai Integrated Economic Zones Authority (DIEZ) has achieved record profits and growth in 2023, WAM reported.
Operating profit for DIEZ surged 64.6 percent from the previous year, while earnings before interest, taxes, depreciation and amortization grew 49.2 percent. Total revenues increased 8.1 percent.
The economic zones overseen by DIEZ, including Dubai Airport Freezone and Dubai Silicon Oasis, saw company registrations climb 15.3 percent. Personnel working in DIEZ zones increased sharply by 30.5 percent to reach 70,000 people.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said: “Since its launch by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, DIEZ has implemented ambitious strategies to encourage investment, enhance gross domestic product, and bolster non-oil foreign trade in Dubai. These strategies reflect the authority’s commitment to fostering sustainable growth for Dubai and contributing to the Dubai Economic Agenda D33 by anticipating future trends, and proactively preparing for them. DIEZ remains dedicated to solidifying Dubai’s position as a leading global investment destination across various sectors as the positive results in 2023 demonstrate.”
He added: “The record-breaking results achieved within two years since the inception of DIEZ mirror Dubai’s rapid economic growth. They exemplify DIEZ’s steadfast focus on supporting Dubai’s overall economy by creating an economic ecosystem that caters to vital strategic sectors, while enhancing the quality of services provided to the business community. DIEZ’s achievements are aligned with the leadership’s vision to establish Dubai as a centre for economic and investment excellence, offering promising opportunities for local and foreign companies alike, in addition to strengthening the contribution of the private sector, a key partner in Dubai’s ambitious journey, in line with DIEZ’s recently launched strategy.”
These strategies support Dubai’s Economic Agenda D33 to double the size of Dubai’s economy over the next decade. DIEZ contributed directly to 5.1 percent of Dubai’s GDP according to 2021 data.
Key sectors across DIEZ zones grew substantially, with the wholesale and retail sector up 24.4 percent and professional services increasing 89.6 percent. Information and communications grew 18.1 percent, while finance and insurance surged 106.9 percent.
Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said, “The positive results achieved in 2023 showcase DIEZ’s commitment to advancing Dubai’s economy and strengthening its competitive position globally. These efforts support Dubai’s aspirations to build one of the world’s best economies in line with the strategy outlined in the UAE Centennial 2071 and the ‘We the UAE 2031’ vision.”
“Integrated economic zones in Dubai continue to grow in significance, offering promising opportunities across various sectors and fostering the emergence of new industries based on knowledge, creativity and innovation. This dynamic environment has allowed economic zones to achieve these exceptional results and lay a strong foundation for future contributions to Dubai’s growth. DIEZ’s achievements are aligned with the strategic vision of our wise leadership, and the goals of the Dubai Economic Agenda D33 to double the size of Dubai’s economy over the next ten years and establish it as one of the world’s top three urban economies,” he added.
“Our commitment to providing an ideal environment for small and medium-sized enterprises and new sectors was clearly demonstrated through the launch of a venture capital (VC) fund worth AED500 million. This move represents a significant step forward in our efforts to support entrepreneurs, investors and emerging companies, which will play a major role in the growth of Dubai’s economy in the next decade,” Al Zarooni noted.
The authority achieved sustainability targets as well, increasing energy efficient buildings and solar energy generation. DIEZ implemented green initiatives to cut energy use and carbon emissions by 12 percent.
Going forward, DIEZ will focus on artificial intelligence, green projects and knowledge sharing to solidify Dubai as a global investments and innovations hub.
The authority remains dedicated to realising Dubai’s ambition of ranking among the world’s top economies.
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