Dafza foreign trade value soars to Dh164 billion

Dubai - In 2019, Dafza witnessed an impressive growth in operations.



by

Issac John

Published: Sun 15 Mar 2020, 9:42 PM

Last updated: Sun 15 Mar 2020, 11:47 PM

Dubai Airport Freezone Authority's contribution to Dubai's foreign trade jumped to Dh164 billion in 2019, recording a surge of 12.6 per cent.
The free zone said in statement that it played a key role in boosting Dubai's economic growth with a 12 per cent contribution to the emirate's foreign trade in 2019, compared to 11.2 per cent in 2018, out of a total trade value of Dh1.37 trillion recorded in 2019.
"This came as a direct result of the incentives and business facilitation services provided by Dafza that have enhanced the attractiveness of the free zone to foreign investors," the free zone authority said.
The jump in Dafza's foreign trade was driven by more than 15.8 per cent growth in imports worth Dh72.4 billion as exports stood at Dh91.8 billion while re-exports registering a 10.2 per cent growth, helping Dafza achieve an Dh19.4 billion trade surplus in 2019.
India was the airport free zone's biggest trade partner accounting for 18.3 per cent of the trade valued at Dh30 billion, followed by China with a share of 17.3 per cent at Dh28.4 billion. Switzerland came third with 16.3 per cent at Dh26.8 billion.
In terms of imports, India ranked first to account for 40.7 per cent at Dh29.4 billion, followed by China contributing 39.2 per cent at Dh28.4 billion. Switzerland ranked first in exports and re-exports and accounted for 27.4 per cent at Dh25.1 billion, followed by Iraq with 12.3 per cent valued at Dh11.3 billion.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dafza, the better performance was the result of Dafza's leading position as a hub for international companies and investors, connecting key commercial hubs worldwide. The results show its vital role in accelerating access to global and regional markets, including Dubai's market.
Sheikh Ahmed said Dafza's integrated system is one of the main reasons for the great achievements accomplished so far. It has enhanced Dubai's reputation as an attractive destination for global investors. "Dafza will continue working in line with these frameworks in order to build a flourishing future that is based on technology and innovation, concentrating on achieving its goals which include attracting more international investment."
Dr Mohammed Al Zarooni, director-general of Dafza, said the airport free zone would continue with its approach to ensure its leading global position worldwide and set an example in leading operations, innovation, services, incentives and facilities.
"We utilise our national competencies to ensure DAFZA's role in supporting Dubai's economy through attracting foreign direct investments," he added.
In 2019, Dafza witnessed an impressive growth in operations of its hosted multinational companies, cementing its position as an attractive destination for companies, looking to benefit from the free zone's portfolio of exceptional services, incentives and business facilities. In 2019, total revenues of multinational companies increased by 36.6 per cent compared to the same period in 2018. The total space occupied by multinational companies increased by more than 135 per cent.
In 2019, as part of its expansion plans to provide additional leasing space and facilities to the increasing number of companies, Dafza developed a new building compound which is due to open in the first half of the year. The new buildings have a leasing space of 21,580 square meters, of which Dafza leased almost half of before the expected opening. Dafza is currently working on developing a new multi-story car park, which is expected to open next year. - issacjohn@khaleejtimes.com


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