Dafza records 48% surge in net profit for 2014

The authority, whose total assets also climbed by 3.42 per cent, contributed Dh109 billion to Dubai’s non-oil foreign trade last year.

By Isaac John (associate Business Editor)

Published: Wed 25 Feb 2015, 11:26 PM

Last updated: Thu 25 Jun 2015, 11:58 PM

Dubai — The Dubai Airport Freezone Authority, or Dafza, announced on Tuesday a 48 per cent surge in net profit with total revenues rising by 13 per cent.

The authority, whose total assets also climbed by 3.42 per cent, contributed Dh109 billion to Dubai’s non-oil foreign trade last year.

As a result of Dubai’s dynamic business activity, the demand for high-quality office spaces rose, meeting the needs of investors from around the world. Consequently, the Dafza witnessed an 11.25 per cent increase in office space acquisition and related revenue growth of 18 per cent in 2014.Dafza

Shaikh Ahmed bin Saeed Al Maktoum, Chairman of the Dafza, said the freezone’s strong performance in 2014 reflected its commitment to effectively contribute to Dubai’s economic development and solidify the leadership of Dubai as a global hub for business and investment.

“The positive financial results for 2014 reflect Dafza’s vital role in attracting international investors and increasing more foreign capital inflows, which add value to the national economy,” said Shaikh Ahmed, who is also President of the Dubai Civil Aviation Authority, Chairman of Emirates airline and Chief Executive of the Emirates Group.

Shaikh Ahmed said the successive achievements prompt the freezone to intensify its efforts to consolidate its leadership as one of the best free zones in the world.

“We seek to continue the hard work to ensure the success of our expansion plans and strategies and keep up with current and future changes in the regional and international markets. This is in line with the vision and directions of the UAE government and its goal to provide creative solutions for the global business sector,” he said.

“The Dafza continues to lead the march of leadership and excellence year after year, backed by an ambitious strategy and competitive and world-class elements, including advanced infrastructure, new projects and services, smart applications and facilities, and investment incentives,” said Dr Mohammed Al Zarooni, director-general of the Dafza.

“We are proud of our strong performance in 2014, which saw our remarkable progress in the implementation of projects and initiatives that will enhance Dafza’s status and reinforce its position as one of the most sophisticated free zones in the world,” said Dr Al Zarooni.

“We look forward with optimism this 2015 as we work to maintain a leading role in achieving the Dubai government’s strategy through the freezone’s expansion and its thrust towards diversifying its business portfolio and investments to emphasize its role as a major contributor to the emirate’s gross domestic product.”

The Dafza has partnered with Al Wasl Real Estate for a new economic project aimed at addressing the requirements of global logistics companies. New industrial units will be opened by 2016 to meet the needs of multinational companies.

— issacjohn@khaleejtimes.com

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