Dubai: The Dubai Airport Free Zone on Sunday said that it had recorded a remarkable growth rate in revenue of 30 per cent in 2009 compared to the previous year.
Part of the revenue growth can be attributed to the considerable expansion in office space by major European and American companies in the free zone.
In press statement, Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Airport Free Zone, said: "The free zone's contribution to [Dubai's] GDP... has exceeded 2.2 per cent in 2007, assuring the importance of free zones to [attracting] foreign investment and [boosting] the local economy."
Shaikh Ahmad also said that the free zone figures for 2009 gave a positive indication about the emirate's ability to achieve good results in the coming periods. He added that they indicated the increasing willingness of foreign firms to use Dubai as their operating base.
Opportunities
"It is no doubt that the global financial crisis has affected the world's economic activities but free zones around the world, and in particular Dubai Airport Free Zone, [have] benefited [a] great deal from these exceptional circumstances and turned them into positive opportunities, opening its doors to foreign companies seeking to expand their markets to distribute their products in the Middle East and beyond," he said.
He added that the free zone offers many advantages and incentives that meet the needs of foreign companies.
Shaikh Ahmad said that the free zone was expanding its capacity due to increasing demand.
"[The] expansion plan in 2010, which is to provide extra office space, is on track. The project, West Wing No 7, is near completion, and it will be ready for tenants to move in by the first quarter of next year."
He said that the Dubai Airport Free Zone has been able to achieve its objectives as it has attracted many global companies in 2009.
These global companies represent more than 20 per cent of the total registered companies.
They include Hubbell Incorporated from the United States, Symriyse from Germany, Saqem Communication from France and Idemitsu Lube from Japan. The new entrants brought the number of registered companies in the free zone to 1,490 companies.
"The Dubai Airport Free Zone plays a vital and strategic role in attracting international companies that support our drive for knowledge-based economy," Shaikh Ahmad said.
"Dubai Airport Free Zone focuses on attracting qualitative investments that add value to the economy of Dubai as a whole."
