Dubai’s Economic Zones Authority Marks Historic Profit and Growth Milestones in 2023
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The Dubai Integrated Economic Zones Authority (DIEZ) recorded exceptional achievements in profit and economic impact during 2023. This includes areas such as the Dubai Airport Freezone and Dubai Silicon Oasis, which experienced a 15.3% increase in company registrations.
DIEZ saw a significant rise in its operating profit by 64.6% compared to the previous year, with its EBITDA growing by 49.2%, and an 8.1% increase in overall revenue. The workforce within DIEZ’s zones also expanded by 30.5%, reaching a total of 70,000 employees.
Sheikh Ahmed bin Saeed Al Maktoum, the Chairman of DIEZ, underscored the organization’s efforts to promote investment, boost the GDP, and enhance Dubai’s non-oil foreign trade since its establishment by His Highness Sheikh Mohammed bin Rashid Al Maktoum. He emphasised on DIEZ’s dedication to sustainable development and its important role in fulfilling the Dubai Economic Agenda D33’s goal of doubling the city’s economy over the coming decade. Sheikh Ahmed highlighted DIEZ’s commitment to reinforcing Dubai’s status as a premier destination for global investment in a variety of sectors, in line with the leadership’s vision of economic and investment excellence.
DIEZ’s direct contribution to Dubai’s GDP was 5.1% as per 2021 figures, with notable growth in key sectors within its zones. The growth rates were impressive: 24.4% in wholesale and retail, 89.6% in professional services, 18.1% in information and communications, and an astounding 106.9% in finance and insurance.
Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, affirmed the authority’s critical role in enhancing Dubai’s economic rank globally and its competitive edge. He highlighted the strategic importance of Dubai’s integrated economic zones as catalysts for the development of new, knowledge-based, creative, and innovative industries.
These zones have been instrumental in the outstanding results of 2023 and are essential for Dubai’s ongoing economic development. Dr. Al Zarooni also pointed to the establishment of a venture capital fund valued at AED500 million as a significant move to support small and medium-sized enterprises and new industries, thereby driving Dubai’s economic progress.
Additionally, DIEZ has met its sustainability goals by increasing the number of energy-efficient buildings and boosting solar power generation, alongside launching initiatives to decrease energy usage and carbon emissions by 12%.
Moving forward, DIEZ aims to concentrate on artificial intelligence, eco-friendly projects, and the dissemination of knowledge to further solidify Dubai’s position as a global center for investment and innovation. The authority is firmly committed to aiding Dubai in achieving its ambition to be ranked among the leading economies worldwide.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
