The Dubai Integrated Economic Zones Authority Reports Significant Growth in Operating Profit in 2022

The Dubai Integrated Economic Zones Authority (DIEZ) recently released its financial results for the year 2022, and the report indicates a noteworthy increase in operating profit by 42%, coupled with a 29% surge in total revenue. This announcement is a clear testament to the authority’s dedication to strengthening Dubai’s economy and providing an exceptional investment and business experience to the emirate’s local and foreign investors.

DIEZ’s Contribution to Dubai’s GDP and Non-Oil Foreign Trade in 2022

In 2022, DIEZ contributed 5% to Dubai’s Gross Domestic Product (GDP) and 11% to the emirate’s non-oil foreign trade, indicating the authority’s significant impact on the region’s economic growth and development. This contribution to the GDP and non-oil foreign trade is due to the strong increase in rental revenue by 9% and a 69% increase in revenue from commercial licenses, government services, and other services.

Enhanced Free Zone Integration in Dubai

The organisation’s new structure approved in 2021 aimed at enhancing free zone integration in Dubai, a move that contributed to the strong financial results. The Dubai Integrated Economic Zones Authority comprises the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity. The integration aimed to offer high-quality solutions and services to businesses and investors.

Strategic Partnerships Drive Investments

Strategic partnerships with government and private entities also played a crucial role in driving investments to the region. In 2022, DIEZ signed a preliminary agreement with the Dubai Health Authority to offer investment opportunities and support start-ups. Additionally, an agreement was reached with wasl Asset Management Group to develop the Food Technology Valley project, which seeks to establish an integrated city to enhance food production.

DIEZ’s Future Plans: Staying Ahead of Global Economic Developments

According to the media office, DIEZ is committed to advancing its strategy focused on staying ahead of the latest global economic, business and investment developments and trends, implementing innovative international practices, and forging productive partnerships with key stakeholders in vital sectors. Currently, more than 41,000 employees are based out of DIEZ.

In conclusion, DIEZ’s strong financial results in 2022 reinforce the authority’s status as a platform for attracting foreign direct investment and achieving the goals of the Dubai Economic Agenda D33. With the enhanced free zone integration in Dubai and the authority’s dedication to implementing innovative practices and productive partnerships, the region is poised for continued growth and development.