Sheikh Ahmed bin Saeed Al Maktoum
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ. Image Credit: Supplied

The Dubai Integrated Economic Zones Authority (DIEZ) posted a 42 per cent growth in revenues for the first six months of 2022 compared to the same period last year.

The H1 2022 performance saw the authority’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increase by 17 per cent compared to the same period last year, in addition to its net market assets reaching Dh17.9 billion.

The results underscore the success of DIEZ’s integration model in contributing to Dubai’s economic growth and furthering its attractiveness as a global hub for foreign direct investment (FDI).

The income of the free zones affiliated with DIEZ grew by 16.6 per cent, while rental income increased by 11 per cent. The increase in commercial licences and government services amounted to 49 per cent compared to the results of the same period last year.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said: “The DIEZ’s exceptional results reflect Dubai’s strategic importance for international business and reinforce its position as a global hub for FDI. The directives and persistent follow-up of Dubai’s leadership contributed to strengthening the ambitious strategic plans that culminated in the launch of DIEZ about a year ago. The efforts began to show results with the introduction of new frameworks that improved the quality and efficiency of services provided to businesses and investors, enhancing the contribution of free zones to Dubai’s and the UAE’s economy.”

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said: “The exceptional H1 2022 results showcase the level of strategic integration that the free zones were able to achieve under one umbrella, enhancing Dubai’s global competitiveness and highlighting the attractiveness of its economic environment for businesses and investors. We will continue to find flexible and efficient innovative solutions to achieve Dubai’s ambition of being the first choice for investors and a global trade hub and elevate the emirate’s position as a regional and global investment destination,” he added.

The increase in revenues and growth rate resulted from the operational integration of the DIEZ economic zones, which include the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity (a joint venture between DIEZ and Wasl Properties), in addition to its subsidiaries.