The Dubai Integrated Economic Zones Authority (DIEZ) has recorded a 15.3% increase in the number of company registrations for the economic zones overseen by the organisation, including Dubai Airport Freezone and Dubai Silicon Oasis.
DIEZ has published the data as part of its financial results for the year 2023. During this period, the company’s operating profit surged 64.6% compared to 2022, while earnings before interest, taxes, depreciation and amortisation grew 49.2%.
DIEZ’s total revenues for 2023 increased 8.1% year-on-year.
“Since its launch by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, DIEZ has implemented ambitious strategies to encourage investment, enhance gross domestic product, and bolster non-oil foreign trade in Dubai,” said H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ.
The economic zones affiliated to DIEZ have experienced substantial growth across six key sectors in 2023, which collectively represent 95% of total companies hosted, the organisation said.
Looking at the specific sectors of the registered companies, the wholesale and retail trade sectors showed a 24.4% growth, while the professional services, scientific solutions and services sectors recorded a growth of 89.6%. The information and communications technology sector saw an 18.1% increase, and the financial and insurance sector soared by an astounding 106.9%.
Additionally, the administrative and support services sector surged by 93%, and the transportation and storage sector registered a 48.3% increase.
“The positive results achieved in 2023 showcase DIEZ’s commitment to advancing Dubai’s economy and strengthening its competitive position globally,” said Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ.”These efforts support Dubai’s aspirations to build one of the world’s best economies in line with the strategy outlined in the UAE Centennial 2071 and the ‘We the UAE 2031’ vision.”
DIEZ has signalled its commitment to providing an ideal environment for small and medium-sized enterprises and new sectors through the launch of a venture capital (VC) fund worth Dh500 million, launched under the name of Oraseya Capital.
The fund will play a pivotal role in supporting startups, starting from the pre-seed stage, and extending all the way to the Series B investment stage.
