Dubai Integrated Economic Zones Authority Reports Strong Growth In H1 2024

Dubai Integrated Economic Zones Authority (DIEZ) announced that the first half of 2024 recorded an 18% increase in net profit, a 12% rise in total revenue and 7% in operating profit in Dubai's commercial landscape and non-oil economy, compared to last year.

In the first half of 2024, SANDBOX, a program for growing tech startups and part of Oraseya Capital (DIEZ's venture capital arm), completed its fourth round. Seven tech startups received investments of AED 570,000 each from Oraseya Capital after succeeding in the program, which saw over 1,500 applications.

Moreover, DIEZ, in partnership with Aramex, began testing the company's autonomous delivery robots in Dubai Silicon Oasis. This is part of an effort to introduce sustainable delivery methods into Dubai's urban environment.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the DIEZ, on Tuesday attributed the growth to high occupancy rates and strong performance across all business areas as it strengthens the Authority's position and its economic zones, including Dubai Airport Freezone, Dubai Silicon Oasis and Dubai CommerCity.

The figures also match the increase in the number of companies registered in the DIEZ economic zones, which include local, regional, and global businesses. The total number of these companies grew by 4% compared to the end of 2023. These companies now employ over 78,000 specialized workers, a 12% increase from the previous year.

"The results of the Dubai Integrated Economic Zones Authority's operational performance for the first half of this year clearly demonstrate its commitment to the ongoing development of its economic zones," Al Maktoum was quoted as saying by WAM.

He credited the improvement to the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE and Chairman of the Executive Council of Dubai.

"These positive indicators reaffirm DIEZ's commitment to enhancing Dubai's esteemed and expanding role as a central hub in global trade and an attractive investment destination," he added.

The economic model used by DIEZ is very flexible and offers great incentives, helping companies start, grow, and maintain their businesses.

This supports DIEZ's goal to boost its economic zones' role in reaching Dubai's Foreign Direct Investment Development Program goals and the Dubai Economic Agenda D33. This agenda aims to make Dubai one of the top three urban economies in the world, as per Al Maktoum.

Mohammed Al Zarooni, Executive Chairman of DIEZ, also praised the impressive results of DIEZ and credited the ambitious economic policies of Dubai for the same, along with the vision and guidance of the prime minister of the UAE and Crown Prince of Dubai.

Last year, DIEZ launched the VC fund that will help fintech ventures in the initial period of the business and support the Dubai Economic Agenda to grow small and medium-sized enterprises.