The Dubai Integrated Economic Zones Authority, encompassing Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, registered a 5% rise in its overall revenue during the initial half of 2023.
Dubai Media Office conveyed that the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) observed a substantial 34% growth from January to June.
However, the exact earnings value was not disclosed by the media office, according to The National News.
“DIEZ’s strong financial results further contribute to raising Dubai’s status as a city at the forefront of global trade and supply chain recovery and a leading international economic and logistical hub,” Sheikh Ahmed bin Saeed Al Maktoum, chairman of the DIEZ, said.
“Our robust momentum of growth encourages us to continue strengthening our strategic plans to enhance the contribution of free zones to Dubai’s GDP [gross domestic product] to AED 250B by 2030.”
DIEZ recorded a 10% increase in revenue from leasing activities, a 36% surge in revenue from government services, and a 39% expansion in licensing revenue in the initial half of the year.
Across its three economic zones – Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity – there was a collective 17% year-on-year revenue growth and a 20% increase in EBITDA during this timeframe.
Dubai’s Economic Growth Resilience
In 2021, Sheikh Ahmed endorsed the organization’s fresh structure, aiming to enhance the integration of free zones within the emirate and offer comprehensive solutions to both 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.
DIEZ emphasized its alignment with the goals of Dubai’s Economic Agenda D33, which targets doubling the emirate’s economy and positioning it among the world’s top three urban economies by 2033.
Following a resilient recovery from the pandemic-induced slowdown, Dubai’s economy has sustained its growth momentum into the current year.
During the first quarter of the year, Dubai’s economy expanded by 2.8% annually to reach AED 111.3B ($30.3B), extending the strong growth trend achieved in 2022 when the economy grew by 4.4%.
Dubai’s growth surpasses the seasonally adjusted output growth of 1.6% for Organisation for Economic Cooperation and Development (OECD) countries. In comparison, the European Union experienced a growth of 1.1% in the first quarter, while the US economy grew by 1.8%.
“This growth complements our efforts to strategically and sustainably contribute to Dubai’s non-oil economy and develop a business environment that supports the growth of companies in different sectors,” Dr Mohammed Al Zarooni, executive chairman of DIEZ, said.
