Dafza posts 16% profit growth in 2016

Dafza played an economic and strategic role in promoting the attractiveness of the local investment environment, which has strengthened Dubai's position as the top of global investment destinations.

The Dubai Airport Freezone Authority recorded a16 per cent net profit surge on the back of two per cent rise in its total revenue and a 28 per cent increase in total assets.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dafza, said on Sunday the airport freezone continued to move forward in terms of leadership and excellence, driven by its strong operational performance and positive financial results which have proven once again that it is one of the world's top free zones.
"The uninterrupted success of the Freezone affirms its exceptional ability to address challenges and maximise opportunities for supporting nationwide efforts to usher in a post-oil economy and turning Dubai into a major pillar of the global economy. We are inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who taught us not be afraid of difficulties as we strive to become a world leader," said Sheikh Ahmed.
He said the freezone has proved its instrumental role in enhancing the overall performance of Dubai's free zones last year. "It demonstrated the highest levels of competitiveness, excellence and efficiency in overcoming a challenging global economic climate. Supported by an integrated portfolio of effective economic and investment solutions, Dafza drew in significant foreign direct foreign investments from vital sectors."
Sheikh Ahmed said Dafza played an economic and strategic role in promoting the attractiveness of the local investment environment, which has further strengthened Dubai's position as the top of global investment destinations. "We are confident of even more promising prospects as we prepare to launch our Strategic Plan for 2017-2021 which will implement ambitious initiatives in line with the strategies and directives of the wise leadership of the UAE."
Mohammed Al Zarooni, Director General, Dubai Airport Freezone Authority, said Dafza is among the ranks of the most innovative and competitive free zones in the world. "Our series of successes affirms our outstanding competitiveness and our ability to overcome emerging challenges within the regional and international markets. We have further strengthened the UAE economy and helped increase Dubai's GDP by capitalising on investment prospects to build a strong, competitive and diversified economy which can achieve more prosperity in the future." Dr Al Zarooni said the freezone is committed to providing an ideal business environment for attracting international companies and foreign capital as well as supporting economic diversification and promoting trade openness with the global markets. "We shall achieve this by focusing on providing world-class infrastructure, unique investment incentives and innovative solutions in line with our vision of a 'Freezone that goes beyond' that supports the national and global economic systems."
Dafza said total leasable area of multinational companies occupying the freezone rose by 44 per cent, while total leased office space increased by 13 per cent. The leased light industrial units grew as well by 25 per cent, due mainly to growing confidence among international companies in Dafza's capabilities as well as the numerous business and investment opportunities available in Dubai. Dafza accounted for Dh109.82 billion of Dubai's non-oil foreign trade for 2015, representing nine per cent of the emirate's total trade and 20 per cent of total free zones trade for the same period.
The freezone has witnessed remarkable growth in foreign direct investments from major global markets, especially those from the UK, USA, Germany, India, France, Japan, Switzerland, Italy and Singapore.. The growth is also attributed to Dafza's commitment towards utilising an innovative approach in the provision of smart solutions that can attract international investors looking to establish a strong presence in the markets of the Middle East, North Africa and South Asian regions.
Dafza's percentage of companies from the Gulf region and the Middle East was the highest in 2016, with 40 per cent. The share of American and European companies was pegged at 35 per cent, followed by Asian companies at 18 per cent, while the share of companies coming from other countries in the world were posted at seven per cent.
- issacjohn@khaleejtimes.com