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Dafza reports 16% rise in profits in 2016

Authority sees 2% increase in revenues

Gulf News

Dubai: The Dubai Airport Freezone Authority (Dafza) reported on Sunday a 16 per cent increase in net profit for 2016 and a two per cent jump in total revenues, without divulging the actual numbers. The Authority’s total assets grew by 28 per cent during the year.

In a statement, Dafza said the total leasable area of multinational companies occupying the Freezone rose by 44 per cent, while total leased office space increased by 13 per cent.

Shaikh Ahmad Bin Saeed Al Maktoum, chairman of Dafza, said that the Authority’s growth highlights its ability to maximise opportunities for supporting the UAE’s efforts in boosting a post-oil economy.

“The freezone played an economic and strategic role in promoting attractiveness of the local investment environment, which has further strengthened Dubai’s position as the top of global investment destinations. We are confident of even more promising prospects as we prepare to launch our Strategic Plan for 2017-2021, which will implement ambitious initiatives in line with the strategies and directives of the wise leadership of the UAE,” he said in a statement.

The 2017-2021 strategy outlines objectives to contribute to Dubai’s gross domestic product, meet future demand, and support the economic diversification policies of the country.

Sectors

In 2016, Dafza grew the number of its hosted multinational companies, which currently account for 32 per cent of all companies operating within the freezone. The information technology, electronics and telecommunications sectors accounted for the largest share at 27 per cent of the total number of companies that operated within the Freezone last year.

The consumer products sector came second at 10 per cent, followed by the engineering and building materials, aerospace and aviation, and related services sectors which shared third place at 9 per cent.

Dafza also said 2016 saw growth in foreign direct investments from major global markets that include the UK, the US, Germany, India, France, Japan, Switzerland, Italy and Singapore.

In 2015, Dafza accounted for nearly Dh110 billion of Dubai’s non-oil foreign trade, representing 9 per cent of the emirate’s total trade.

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