Ajman Free Zone Achieves 18% Net Profit Growth In H1 2024 Amid Economic Diversification Efforts

The Free Zones Authority of Ajman has achieved an 18 percent year-on-year increase in net profit for the first half of 2024. This growth aligns with the emirate's economic diversification strategy and efforts to stimulate investment and trade.

Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Board of Directors of Ajman Free Zone, attributed these results to effective strategies that enhance service levels and meet company needs. "These results underscore the Authority’s capability to achieve sustainable growth, aligning with the Ajman Government’s plans and strategies aimed at attracting investments and driving economic growth in the emirate," Sheikh Ahmed remarked.

He further added, "Driven by the vision and directives of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council, the emirate continues to make major strides across various sectors, especially in the economic sector. Ajman is seeing substantial growth in investments and a rise in the number of companies, thanks to its conducive investment climate."

The diversity within Ajman Free Zone spans multiple sectors including agriculture, automotive, chemicals, technology, construction, education, entertainment, food and beverages, healthcare, insurance, jewellery, legal services, maritime, oil and gas, paper and packaging, real estate, shipping, textiles among others. This variety supports a robust business environment.

Ismail Al Naqi, Director-General of Free Zones Authority of Ajman highlighted ongoing efforts to improve service quality through innovative plans. He stated that the Authority keeps pace with global trends in free zone services to offer an ideal environment for business expansion. The proximity to Ajman Port and major road networks enhances this environment.

Occupancy Rates and Client Confidence

Sheikh Abdulaziz bin Humaid Al Nuaimi noted that high occupancy rates for land, warehouses, and offices were recorded over the past six months. This was driven by increasing demand for world-class services and high levels of confidence among clients and partners.

The Authority reported a 70 percent growth in the number of companies operating in the emirate with an overall occupancy rate of 96 percent over six months. These figures reflect successful efforts to attract businesses.

The Free Zones Authority's achievements highlight its ability to diversify income sources while meeting financial targets. The strategic location near key infrastructure supports this success.

Ajman's conducive investment climate continues to attract significant investments leading to substantial growth across various sectors. The emirate's strategic initiatives are proving effective in driving economic progress.

With inputs from WAM