Dubai Integrated Economic Zones Authority's first-half revenue climbs 42%

Dubai Integrated Economic Zones Authority (DIEZ) reported a 42 per cent annual jump in revenue in the first half of 2022, Dubai Media Office said in a statement on Monday.

The authority’s adjusted earnings before interest, taxes, depreciation and amortisation during the period rose 17 per cent compared to the same period last year, with net market assets reaching Dh17.9 billion ($4.9 billion).

The media office did not disclose the exact value of earnings. It said the income of the free zones affiliated with the authority increased 16.6 per cent, while rental income rose 11 per cent. The increase in commercial licences and government services amounted to 49 per cent compared to the results in 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 statement said.

“The DIEZ’s exceptional results reflect Dubai’s strategic importance for international business and reinforce its position as a global hub for FDI [foreign direct investment],” said Sheikh Ahmed bin Saeed, chairman of DIEZ.

“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.”

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

The increase in revenue 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.

The results show 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”, DIEZ’s executive chairman Mohammed Al Zarooni said.

“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,” he said.

Dubai's economy, which made a strong rebound last year following the coronavirus-induced slowdown, has carried the growth momentum into this year.

The emirate's economy grew by 6.2 per cent in 2021, preliminary data from the Dubai Statistics Centre showed. In the first three months of this year, Dubai's gross domestic product expanded 5.9 per cent, government data showed.