The Dubai Built-in Financial Zones Authority (DIEZ) achieved file ends in 2023 when it comes to its whole commerce throughout its financial zones, together with the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, reaching AED 282 billion. This marks a exceptional progress of 33% in comparison with 2022.
DIEZ’s financial zones performed a significant function in Dubai’s non-oil commerce, contributing 13.5% in 2023 in comparison with 11.4% in 2022. Imports by way of DIEZ recorded a exceptional surge of 48% to achieve AED 157.6 billion, with the rise surpassing AED 51 billion for the second consecutive yr.
Moreover, DIEZ witnessed a historic milestone in 2023 with exports exceeding AED 1 billion for the primary time, reaching a powerful AED 7.8 billion, which is properly over a seven-fold improve from 2022. As well as, the whole re-exports reached AED 116.1 billion.
A historic leap
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, mentioned: “DIEZ is progressing with deliberate and strategic steps to strengthen its distinctive contribution to Dubai’s commerce, elevate efficiency, and solidify its important function in attaining the objectives of the Dubai Financial Agenda D33. This aligns with the imaginative and prescient of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double Dubai’s financial system by 2033 and elevate its main place as one of many prime three city economies globally throughout the subsequent decade.”
His Highness highlighted that the exceptional and unprecedented outcomes achieved by DIEZ on a number of ranges mirror Dubai’s prestigious and rising standing because the vacation spot of alternative for firms and traders worldwide.
Emphasising the Emirate’s pivotal function within the international commerce system, Sheikh Ahmed bin Saeed mentioned that Dubai serves as a complicated industrial, industrial, service, {and professional} hub at each the regional and worldwide ranges. Moreover, he famous that DIEZ’s built-in method continues to show efficient in supporting the nationwide and native financial system, positively impacting all strategic sectors, and enhancing Dubai’s attractiveness and competitiveness.
Regular progress
Commenting on DIEZ’s excellent outcomes, His Excellency Dr. Mohammed Al Zarooni, Government Chairman of DIEZ, mentioned: “The distinctive outcomes recorded by the Authority throughout 2023, together with its complete progress, distinguished achievements, and the historic improve within the worth of its industrial transactions and exports, encourage us to attain much more yr after yr. We stay steadfast in our dedication to progress, complete improvement, and innovation throughout all DIEZ’s financial zones. This drives us to launch extra aggressive initiatives and initiatives, strengthen cooperation with numerous events, and provide the most effective advantages, incentives and providers to grasp Dubai’s formidable aspirations over the subsequent few years, because of the steerage and assist of our clever management and the efforts of our workers.
“DIEZ is dedicated to persevering with these distinctive outcomes, particularly in mild of its new technique and bold objectives to strengthen Dubai’s place as a number one regional and international funding vacation spot. We purpose to contribute to the Emirate’s strategic priorities relating to built-in financial zones by constantly bettering the standard of providers offered to enterprise sectors, traders, and firms of all sizes. Our objective is to achieve larger ranges of high quality and effectivity, thereby constructing a sustainable financial system based mostly on information and innovation. This may consolidate Dubai’s place as a number one international companion and a pivotal, engaging, and influential worldwide commerce hub,” Dr. Al Zarooni added.
Strategic partnerships
The listing of essentially the most outstanding strategic companions of DIEZ in 2023 included China, which tops the listing with whole commerce amounting to AED 89.9 billion, a progress charge of 32.8% in comparison with 2022. India follows with a complete of AED 15.9 billion and a progress charge of 51.7%, and Iraq with AED 15.5 billion, a progress charge of seven.7%.
Different notable DIEZ companions embrace Vietnam, with a transaction quantity of AED 15.4 billion and a progress charge of 172%, the US of America with AED 12.3 billion and a progress charge of 110%, and Turkey at AED 10.5 billion and a progress charge of 83.6%.
Important function
In 2023, DIEZ noticed a exceptional 15.3% improve within the variety of firms registered below its umbrella, with the whole variety of staff exceeding 70,000. Beforehand, DIEZ introduced an distinctive leap in efficiency for 2023, with a 64.6% improve in working earnings and an 8.1% improve in whole revenues in comparison with 2022. The expansion charge in DIEZ’s internet earnings reached 5.1% throughout 2023, whereas earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) reached 49.2%.
DIEZ goals to additional improve its contribution to Dubai’s financial system by a brand new technique targeted on empowering companies, enriching financial life, and constructing a sustainable financial system. This technique targets limitless financial alternatives in a quickly evolving international market.
DIEZ affords a complicated and built-in system that facilitates entry to regional and worldwide markets by its three financial zones, DAFZ, DSO and DCC, supported by a world community with high-level logistical, administrative, and technical capabilities. DIEZ exemplifies the excellent expertise of residing, working, and leisure, enhancing Dubai’s attractiveness as a significant funding hub within the area. It supplies world-class infrastructure, supportive legislative and regulatory frameworks, and fashionable residing choices, providers, and superior services mandatory for contemporary life.
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