Dubai Airport Freezone Authority (DAFZA) has announced that its 2019 budget has increased significantly to AED1 billion ($272 million).
DAFZA said its investment in new expansion projects is estimated to be around AED780 million representing 78 percent which comes in support to its commitment to increasing its contribution to Dubai trade.
DAFZA's foreign trade in 2018 grew AED55.8 billion to reach AED146 billion representing an increase of 62 percent versus 2017.
Its contribution to Dubai's foreign trade in 2018 reached 11 percent versus 7 percent in 2017, a statement said.
DAFZA also said its net profits grew by 5 percent with an 8 percent increase in total revenue, as well as an increase of 3 percent in total assets last year compared to the previous year.
Following the free zone's decision in mid-2018 to reduce its set up costs by 65 percent, DAFZA witnessed a 22 percent increase in registered companies.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai Airport Freezone Authority, said that trade is one of the key sectors driving Dubai’s growth.
He added that the results confirm DAFZA continues to play a vital role in achieving the strategic goals of strengthening Dubai's economy, with foreign direct investment through attracting global capital and major multinational organisations.
Dr Mohammed Al Zarooni, director general of DAFZA, said DAFZA’s foreign trade growth in 2018 was a "clear indication that we are adopting the right strategies".
He also highlighted the importance of strategic targeted marketing campaigns implemented during the past year, which has proven DAFZA’s ability to attract businesses, retain them and act as a catalyst for their growth.
DAFZA’s foreign trade volume climbed 62 percent in 2018 to reach AED146 billion with a significant surplus of AED21 billion.
DAFZA’s data revealed that non-Arab Asian countries accounted for 46 percent of Dubai’s trade in 2018 amounting to AED66.5 billion.
Arab countries ranked second at 27 percent with a value of AED39.5 billion, while European countries came in third place with 22 percent of trade valued at AED32 billion.
India ranked first with a value of AED24.1 billion, followed by China with a value of AED24 billion and Switzerland with AED23 billion.
DAFZA in 2018 increased by 6 percent the number of international companies that form 35 percent of total registered companies in the free zone.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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