His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), recently announced that the authority achieved significant financial and operational growth in 2024, further strengthening its role in Dubai’s economy and aligning with the goals of the Dubai Economic Agenda D33.
DIEZ recorded a 35.5 percent increase in net profit compared to 2023, underscoring its success in achieving its strategic objectives. The authority also reported an impressive 18.4 percent growth in revenue and a 7.8 percent increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2024.
These results underscore the growing impact of DIEZ and its affiliated economic zones, including Dubai Airport Freezone, Dubai Silicon Oasis and Dubai CommerCity, in driving the non-oil economy and strengthening Dubai’s commercial ecosystem.
DIEZ workforce grows to over 84,000 employees
DIEZ also announced a 9 percent annual growth in the number of registered companies operating within its economic zones, serving as hubs for their local, regional and global operations. Furthermore, the number of employees in companies registered within DIEZ grew by 21 percent in 2024, bringing the total workforce to over 84,000 employees.
“These exceptional results reflect the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai among the world’s top three urban economies by 2033. We believe in the importance of stimulating economic growth through our continued focus on innovation and digital transformation, and these results have proven our success,” stated Sheikh Ahmed.
Strategic initiatives mark significant milestones in 2024
In 2024, DIEZ successfully achieved its strategic initiatives, marking a series of significant milestones that have contributed to reinforcing Dubai’s position as a global investment hub, in line with the objectives of D33.
Tradeling Holding, the online B2B marketplace and a subsidiary of DIEZ, made a notable acquisition of the distribution business of Axiom Telecom in the Middle East and North Africa (MENA) region. The company also experienced remarkable growth, increasing its order volume fourfold since 2023. Tradeling now serves over 50,000 clients and has shipped approximately 3.5 million units in 2024.
Meanwhile, Oraseya Capital, DIEZ’s investment arm specializing in funding startups from the pre-seed to Series B investment stage, has established itself as a leading force in the investment sector.
According to a report by the venture capital data platform MAGNiTT, Oraseya ranked first as the most active investor by number of deals in the UAE for 2024, and the second most active investor by Series-A deals across the MENA region.
The company’s impressive achievements also include 24 high-quality investments, with 16 of these made through its Sandbox program, which is dedicated to funding and supporting early-stage technology startups, while eight were direct investments in high-potential companies.
“We are also proud to celebrate the remarkable achievements of our companies, such as Tradeling Holding, which has quadrupled its order volume since 2023, and Oraseya Capital, which was named the most active investor in the UAE for 2024. We are keen to continue providing more innovative solutions to strengthen Dubai’s economy and raise the level of services provided across all sectors,” stated Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ.
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Wholesale and retail sector grows 24 percent
DIEZ continues to foster a thriving environment across various sectors, demonstrating strong growth across its portfolio of companies. The wholesale and retail sector, which accounts for 30.38 percent of DIEZ’s total companies, saw a growth of 24 percent.
The professional, scientific, and technical services sector, representing 23.61 percent of the total companies, experienced a 33 percent growth. Meanwhile, the information and communication sector, which makes up 18.82 percent of the companies, also grew by 24 percent.
The financial and insurance sector, representing 10.96 percent, saw an impressive 35 percent growth, while the administrative and support services sector, accounting for 5.6 percent of the total companies, grew by 28 percent.
Additionally, the transportation and storage sector, comprising 2.32 percent of the total companies, recorded a 33 percent growth, and other sectors, which together represent 8.3 percent of the total companies, saw a 126 percent increase.
“DIEZ’s growth and achievements across diverse sectors highlight its strength and the successful implementation of its strategy, which is built on sustainability, innovation and knowledge. These results are not only a product of our continuous efforts, but also a testament to the thriving economic environment in Dubai, which has enabled DIEZ to continue expanding its contributions to the city’s economic prosperity in line with the vision of our leadership,” added Al Zarooni.
DIEZ’s ongoing commitment to providing a supportive and flexible business environment has played a crucial role in driving sustainability and fostering growth across these sectors. The authority’s efforts are also evident in its contribution to Dubai’s GDP, which stood at 5.1 percent according to the latest 2021 statistics, further underscoring DIEZ’s pivotal role in strengthening the local economy and solidifying Dubai’s position as a global business and investment hub.
