DIEZ Achieves Stellar 64.6% Growth In Operating Profit, Boosting Dubai's Economy

The Dubai Integrated Economic Zones Authority (DIEZ) has recently disclosed a notable upsurge in its operating profit and total revenues, underscoring its pivotal role in bolstering the Dubai economy. Managing economic zones such as the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, DIEZ has reported a 15.3% rise in registered companies alongside a 30.5% increase in personnel. This growth is particularly pronounced in sectors like wholesale and retail trade, professional services, scientific solutions and services, information and communications technology, financial and insurance services, administrative and support services, and transportation and storage.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, highlighted the authority's dedication to promoting sustainable growth in Dubai and reinforcing its status as a premier global investment destination. Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, echoed this sentiment, stating that these positive outcomes reflect the authority's commitment to propelling Dubai's economic development forward. This aligns with the strategic goals set forth in the UAE Centennial 2071 and the 'We the UAE 2031' vision.

In a move to support startups and address corporate finance gaps, DIEZ has initiated a venture capital fund valued at AED 500 million through Oraseya Capital, its venture capital arm. This fund is designed to assist startups from their inception through to the Series B investment stage, mirroring Dubai's ambition to match leading global economies in startup investments.

Looking ahead, DIEZ has outlined a new strategic direction for 2024-2026 focusing on excellence, growth, and enrichment. The authority aims to boost contributions to Dubai's non-oil economy, enhance its global presence in the economic zones sector, and advocate for sustainability through responsible environmental practices. Achievements in sustainability include LEED-certified buildings, reduced energy consumption, increased solar energy production, adaptive air conditioning control systems, and LED lighting.

Furthermore, DIEZ is keen on embracing emerging economic trends such as artificial intelligence (AI), digital innovation, green initiatives, and circular economies to fortify Dubai's standing as a center for investment, entrepreneurship, and innovation. Initiatives have been launched in AI integration, sustainability practices, knowledge enrichment, and partnerships have been forged with prestigious institutions like the Massachusetts Institute of Technology to expedite innovative projects focused on sustainability and future urban development.

The overarching aim of DIEZ is to cement Dubai's position as a leading regional and global investment hub across various sectors. By fostering an economic environment characterized by diversity and ease of doing business, DIEZ is poised to make significant contributions to Dubai's non-oil economy and its global presence in the economic zones sector.

With inputs from WAM