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.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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
