Dubai Integrated Economic Zones Authority Records 5% Increase in First-Half Revenue

24 Aug, 2023

Dubai Integrated Economic Zones Authority Records 5% Increase in First-Half Revenue

The Dubai Integrated Economic Zones Authority, encompassing the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, has reported a 5% rise in its total revenue during the first half of 2023. In the January-June period, the company's EBITDA surged by 34%, as confirmed by the Dubai Media Office. However, specific earnings values were not disclosed by the media office.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, highlighted, "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."

The momentum of growth has encouraged the organization to enhance its strategic plans, aiming to elevate the contribution of free zones to Dubai's GDP to Dh250 billion by 2030.

DIEZ reported notable growth figures in various aspects: a 10% rise in revenue from leasing operations, a 36% increase in revenue from government services, and a significant 39% growth in licensing revenue throughout the first half of the year. The three economic zones under DIEZ, namely the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, collectively experienced a 17% year-on-year revenue growth and a 20% EBITDA growth during the stated period.

The year 2021 witnessed Sheikh Ahmed's approval of the organization's revamped structure, focused on enhancing free zone integration within the emirate and delivering comprehensive solutions to investors and companies. The integration of these three free zones is geared towards fortifying Dubai's economy, creating an exceptional investment and business environment, and providing high-quality solutions and services to businesses.

DIEZ's endeavors align with the objectives of the Dubai Economic Agenda D33, which aims to double Dubai's economy and position it as one of the world's top three urban economies by 2033.

Dubai's economy, which rebounded impressively following the slowdown caused by the pandemic, has maintained its growth momentum this year. The emirate's economy expanded by 2.8% annually in the first quarter, reaching Dh111.3 billion ($30.3 billion). This reflects the robust growth pattern achieved in 2022 when the economy grew by 4.4%.

Dubai's growth outpaces the seasonally adjusted growth output of 1.6% for countries within the Organisation for Economic Cooperation and Development (OECD). While the European Union registered a growth rate of 1.1% in the first quarter, the US economy grew by 1.8%.

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, commented, "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."