H.H. Sheikh Ahmed bin Saeed Al Maktoum, the Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), has announced significant financial achievements for DIEZ, showcasing its crucial impact on the Dubai economy. The operating profit of DIEZ surged by 64.6 percent compared to the previous year, highlighting its pivotal role in the economic landscape.
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DIEZ has demonstrated remarkable growth in key financial indicators. With net assets valued at over AED20.8 billion, the organization has reinforced its earnings before interest, taxes, depreciation, and amortization by 49.2 percent, accompanied by an 8.1 percent increase in total revenues. These figures underscore DIEZ’s substantial contribution to Dubai’s economy.
The economic zones overseen by DIEZ, including the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, have witnessed a notable rise of 15.3 percent in the number of registered companies. Additionally, the total number of employees working within DIEZ economic zones has increased by 30.5 percent, reaching a total of 70,000.
Significant growth across major sectors
These accomplishments highlight DIEZ’s direct impact on Dubai’s GDP, which stood at 5.1 percent according to the latest statistics from 2021. Moreover, the economic zones affiliated with DIEZ have experienced significant growth across six major sectors, collectively representing 95 percent of the hosted companies. Notably, the wholesale and retail trade sectors have grown by 24.4 percent, while the professional services, scientific solutions, and services sectors have achieved impressive growth of 89.6 percent. The information and communications technology sector has seen an 18.1 percent increase, and the financial and insurance sector has soared by an astounding 106.9 percent. Furthermore, the administrative and support services sector has surged by 93 percent, and the transportation and storage sector has registered a 48.3 percent increase.
Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said, “The record-breaking results achieved within two years since the inception of DIEZ mirror Dubai’s rapid economic growth. They exemplify DIEZ’s steadfast focus on supporting Dubai’s overall economy by creating an economic ecosystem that caters to vital strategic sectors, while enhancing the quality of services provided to the business community.”
For his part, Dr. Mohammed Al Zarooni, executive Chairman of DIEZ, highlighted the organization’s dedication to providing an ideal environment for small and medium-sized enterprises and emerging sectors. This commitment was exemplified by the launch of a venture capital (VC) fund worth AED500 million, operated by Oraseya Capital, the venture capital arm of DIEZ. The fund aims to support startups from the pre-seed stage to the Series B investment stage, addressing existing gaps in corporate finance and playing a significant role in Dubai’s economic growth in the coming decade.
This initiative demonstrates Dubai’s commitment to keeping pace with the world’s leading economies in terms of startup investment, recognizing the potential contributions of entrepreneurial ventures to the national economy’s growth, advancement, and prosperity, Al Zarooni added.
Remarkable sustainability achievements
DIEZ has achieved remarkable sustainability results in 2023 by adhering to responsible energy practices and actively reducing carbon emissions. Since its inception, DIEZ and its economic zones have prioritized sustainability and have met international standards for energy efficiency and environmental design, aligning with the nation’s Net Zero by 2050 goal. Noteworthy achievements include having 30 LEED-certified buildings with a platinum rating, as well as a building with LEED Earth rating. Additionally, DIEZ has recently obtained the LEED Zero Energy and LEED Zero Carbon international certifications from the US Green Building Council for its headquarters at Dubai Airport Freezone, making it the first entity in the Middle East to achieve these significant certifications.
Energy consumption reduction and solar energy increase
DIEZ has also made progress in reducing energy consumption by 12 percent and increasing solar energy generation by 30 percent, contributing to an annual production of approximately 5,000 MWh. Furthermore, the Authority has implemented adaptive air conditioning control systems to decrease electricity consumption by 30 percent and transitioned to LED lighting, resulting in more than 50 percent savings in total consumption. These initiatives have culminated in a 12 percent reduction in carbon emissions, equivalent to 5,280 metric tonnes compared to 2022. Additionally, DIEZ has achieved a waste recycling rate exceeding 45 percent, solidifying Dubai and the UAE’s prominent position in global climate action.
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