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FinancialNews
11-04-23
Dubai Integrated Zones Authority Reports Strong Growth in Income, Profit in 2022
(MENAFN) The Dubai Integrated Zones Authority (DIEZ) has reported a significant increase in operational profit and overall income in 2022, thanks to its new integration model of economic zones. There was a 42 percent increase in operational profit and a 29 percent increase in overall income over 2021. This led to a 9 percent rise in rental revenue and a 69 percent increase in revenue from commercial licenses, government services, and other services in 2022. These results demonstrate the success of DIEZ's integrated model and its contribution to the economic growth of Dubai and the UAE.
Sheikh Ahmed bin Saeed Al-Maktoum, chairman of DIEZ, expressed his satisfaction with the strong performance, which reflects the authority's commitment to delivering an exceptional business model. He added that this success gives a strong boost to DIEZ's aspiration to be an even bigger player in enhancing Dubai and the UAE’s competitiveness and economic attractiveness. Sheikh Ahmed explained that DIEZ contributed 5 percent to Dubai's gross domestic product and 11 percent to the emirate's non-oil foreign trade in 2021.
According to Mohammed Al-Zarooni, executive chairman of DIEZ, the exceptional results in 2022 were driven by the strategic integration of economic zones focused on enhancing growth and expansion opportunities and providing a supportive environment for the business and investment community. He added that DIEZ seeks to further nurture the growth of businesses by keeping pace with innovative trends and providing a flexible and supportive environment.
The findings confirm DIEZ's standing as a platform for attracting foreign direct investment, as well as its critical role in achieving the Dubai Economic Agenda D33 goals of doubling the emirate's economy and consolidating its place as one of the world’s top three cities over the next decade, according to Sheikh Ahmed. He added that DIEZ will foster a culture of innovation and excellence and enhance its globally-benchmarked solutions, facilities, benefits, and services to continue contributing to Dubai's economic growth.
In February, DIEZ and the Dubai Health Authority signed a memorandum of understanding to foster cooperation and coordination between the two parties to increase investment opportunities in Dubai's healthcare sector, in line with Dubai Economic Agenda D33. The strong growth in income and profit reported by DIEZ in 2022 is a positive sign for the UAE's economy and reflects the country's efforts to attract foreign investment and enhance its competitiveness on a global scale.
MENAFN11042023000045014228ID1105978187
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