DIEZ Reports Significant Financial Growth In 2024, Strengthening Dubai's Economy

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), announced notable financial and operational growth for DIEZ in 2024. This progress aligns with the goals of the Dubai Economic Agenda D33. The Authority achieved a 35.5% increase in net profit compared to 2023, highlighting its success in meeting strategic objectives.

DIEZ's revenue grew by 18.4%, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 7.8% in 2024 compared to the previous year. These figures underscore DIEZ's expanding influence through its economic zones like Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity, which are vital to Dubai’s non-oil economy.

The number of registered companies within DIEZ's zones increased by 9% from 2023, serving as hubs for local and international operations. Additionally, the workforce within these companies grew by 21%, bringing the total number of employees to over 84,000 in 2024.

H.H. Sheikh Ahmed bin Saeed Al Maktoum stated: "These exceptional results reflect the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai among the world’s top three urban economies by 2033."

In 2024, DIEZ successfully implemented strategic initiatives that reinforced Dubai as a global investment hub in line with D33 objectives. Tradeling Holding, a subsidiary of DIEZ, acquired Axiom Telecom's distribution business in MENA and increased its order volume fourfold since 2023.

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, remarked: "DIEZ’s growth and achievements across diverse sectors highlight its strength and the successful implementation of its strategy, which is built on sustainability, innovation, and knowledge."

Investment Successes

Oraseya Capital emerged as a leading investor in UAE for 2024 according to MAGNiTT data. It ranked first by number of deals and second for Series-A deals across MENA. Oraseya made 24 investments; 16 through its Sandbox programme supporting early-stage tech startups.

The wholesale and retail sector accounted for 30.38% of DIEZ’s companies with a growth rate of 24%. The professional services sector saw a significant increase of 33%, while information and communication grew by another 24%.

Diverse Sector Growth

The financial sector experienced a remarkable growth of 35%, while administrative support services expanded by 28%. Transportation recorded a growth rate of 33%, with other sectors collectively increasing by an impressive 126%.

DIEZ's commitment to fostering a supportive business environment has been crucial for sustainability across these sectors. Its contribution to Dubai’s GDP was recorded at 5.1% according to recent statistics from 2021.

DIEZ continues to play a pivotal role in strengthening Dubai’s economy as it solidifies its position as a global business hub.

With inputs from WAM