Dubai Integrated Economic Zones Authority strengthens Dubai's standing as global economic and investment hub
Initiative seeks to consolidate success of free zones in catalysing growth
The economic free zones have significantly contributed to economic growth and entrepreneurship by creating a favour¬able business environment. To strengthen Dubai’s position as a global economic hub and attract more investments, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, created the Dubai Integrated Economic Zones Authority (DIEZ) in 2021, consolidating and integrating the products and services of Dubai Airport Free Zone (DAFZ), Dubai Silicon Oasis (DSO), and Dubai CommerCity.
The creation of the Dubai Integrated Economic Zones Authority is part of the emirate’s efforts to introduce new frameworks for further improving services provided to businesses and investors, which in turn will help accelerate economic growth.
Dr Mohammed Al Zarooni, Executive Chairman of DIEZ, said: “The creation of the Dubai Integrated Economic Zones Authority is part of the emirate’s efforts to introduce new frameworks for further improving services provided to businesses and investors, which in turn will help accelerate economic growth. The initiative seeks to consolidate the success of free zones in catalysing growth and adding value to the national economy”.
Dr Al Zarooni, emphasised that the three economic free zones play a crucial role in diversifying the economy, fostering innovation, and boosting growth, which aligns with the D33 initiative.
“DIEZ plays a strategic role in the realisation of the D33, which aims to double the size of Dubai’s economy over the next decade. DIEZ’s three integrated economic zones are key contributors toward this agenda and play a unique role in consolidating Dubai’s position among the top three economic cities in the world,” said Dr Al Zarooni.
DIEZ enhances Dubai’s global competitiveness through an innovative approach. Its strategic pillars “excel, grow, and enrich” are designed to create a delightful experience for customers and investors. DIEZ offers a range of incentives, including tax exemptions, 100 per cent foreign ownership, and streamlined business setup processes. All these factors make it easier for international businesses to establish a presence in Dubai. Additionally, its supportive regulatory environment, sustainable business practices, and state-of-the-art infrastructure attract foreign direct investment (FDI).
By fostering a business-friendly ecosystem and continuously improving our services, DIEZ ensures that Dubai remains an attractive destination for global investors, thereby boosting the emirate’s investment attractiveness.
In 2023, DIEZ achieved record-breaking results, with total trade across its economic zones reaching Dh282 billion — a remarkable 33 per cent growth compared to 2022. DIEZ’s economic zones significantly contributed to Dubai’s non-oil trade, accounting for 13.5 per cent in 2023, up from 11.4 per cent in 2022. Imports via DIEZ surged by 48 per cent to Dh157.6 billion, surpassing Dh51 billion for the second consecutive year. Exports also hit a historic milestone, exceeding Dh1 billion for the first time and reaching Dh7.8 billion — which is well over a seven-fold increase from 2022figure. Additionally, total re-exports amounted to Dh116.1 billion.
Dr Al Zarooni said: “The exceptional results achieved by the Authority in 2023, marked by comprehensive growth, distinguished milestones, and a historic rise in commercial transactions and exports, inspire us to strive for even greater success each year.”
To further enhance its offerings, DIEZ introduced the Single-Family Office (SFO) and Multi-Family Office (MFO) targeting high net-worth individuals and families. The Single-Family Office (SFO) is a private organization that manages the finances, investments and personal affairs of one wealthy family. It provides tailored services including estate planning and tax management. In contrast, the Multi-Family Office (MFO) serves multiple wealthy families. It offers similar services to an SFO, but with shared resources and costs allowing families to benefit from expert advice. By introducing these initiatives, DAFZ aims to attract high net-worth individuals and families, providing them with a strong framework to manage their wealth and investment efficiently.
During the first half of 2024, DIEZ registered strong growth, highlighting its key contribution to Dubai’s non-oil economy. Driven by high occupancy rates and solid performance across all business sectors, the results reflected remarkable growth in key strategic indicators, strengthening the position of the Authority and its economic zones — the Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity — at the heart of Dubai’s commercial landscape and non-oil economy.
The results showed that DIEZ achieved a growth of 18 per cent in net profit, 12 per cent in total revenue, and 7 per cent in operating profit in the first half of 2024, as compared to the results announced at the end of 2023. These results illustrated DIEZ’s steady and sustainable growth outlook.
These figures also coincided with the growth in the number of registered companies, encompassing local, regional, and global markets, operating within the DIEZ economic zones. The total number of such companies marked a 4 per cent increase compared to the end of 2023. Additionally, these companies now employ over 78,000 specialised employees, reflecting a 12 per cent growth from the previous year.
DIEZ collaborates with global and local businesses to co-create solutions that address critical challenges. Initiatives such as the MIT DesignX Dubai Accelerator, MIT’s first accelerator in the MENA region aimed at facilitating the establishment of innovative businesses, and the AI Smart Pedestrian Crossing System across DSO with Derq. These partnerships and initiatives play an important role in driving the city’s transformation into a model smart city and a global hub of technological excellence, while encouraging a vibrant startup ecosystem. DIEZ recognises that partnerships play a key role in economic diversification and development, which is also reflected in its recent partnership with Aramex and Talabat.
DIEZ is committed to integrating sustainable practices and smart city solutions into its operations and future developments. It adopts responsible environmental, social, and governance (ESG) practices to ensure sustainability. DIEZ’s smart city initiatives include AI-driven energy management systems, smart transportation, and advanced public services.
These efforts not only enhance operational efficiency but also contribute to a sustainable future for Dubai. These efforts align with the city’s vision of becoming the world’s most future-ready city.