Dubai free zones hub DIEZ reports 42% rise in 2022 operating profit

The Dubai Integrated Economic Zones Authority, which includes the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity, reported a 42 per cent annual increase in its operating profit and a 29 per cent rise in total revenue last year.

The entity, which has more than 22,000 companies across its free zones, also recorded a 9 per cent increase in rental revenue, the Dubai Media Office said on Sunday.

It also reported a 69 per cent increase in revenue from commercial licences, government services and other services in 2022. “DIEZ contributed 5 per cent to Dubai’s gross domestic product and 11 per cent to the emirate’s non-oil foreign trade in 2022,” Sheikh Ahmed bin Saeed, chairman of the DIEZ, said. “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.”

In 2021, Sheikh Ahmed approved the organisation’s new structure that was aimed at enhancing free zone integration in the emirate and providing comprehensive solutions to investors and companies.

Integrating the three free zones aims to strengthen Dubai’s economy and enable the emirate to provide an “exceptional investment and business experience and high-quality solutions and services to businesses”, DIEZ said at the time.

More than 41,000 employees are currently based out of DIEZ, the media office said. The authority's strong results 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”, Mohammed Al Zarooni, executive chairman of DIEZ, said.

Strategic partnerships with government and private entities in 2022 also increased the flow of investments, the media office said.

These include an agreement with wasl Asset Management Group to develop the Food Technology Valley project in Dubai, which aims to establish an integrated city to enhance food production.

Earlier this year, DIEZ also signed a preliminary agreement with the Dubai Health Authority to offer investment opportunities and support start-ups.

“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,” the media office said.