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Dafza net profit surges 16pc in 2016

DUBAI, March 5, 2017

The Dubai Airport Freezone Authority (Dafza) performed strongly in 2016, achieving a 16 per cent growth in its net profit over the previous year and posting a two per cent growth in its total revenues.

Announcing the results, Dafza said it has witnessed a 28 per cent increase in its total assets and a three per cent rise in EBID (earnings before interest and depreciation).

According to official reports, the 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 to growing confidence among international companies in Dafza’s capabilities as well as the numerous business and investment opportunities available in Dubai.

On the performance, Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Dafza, said it continues 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.

Dafza registered an impressive growth in the number of its hosted multinational companies, which currently account for 32 per cent of all companies operating within the Freezone.

The IT, Electronics and Electrical and Telecommunications sectors accounted for the largest share at 27 per cent of the total number of companies that operated within the Freezone last year.

The Consumer Products sector placed second at 10 per cent, followed by the Engineering  and Building Materials and Aerospace, Aviation and Related Services sectors which shared third place at 9 per cent, and then the Food and Beverage and Logistics and Freight sectors which shared fourth place at 8 per cent.

"The uninterrupted success of the freezone affirms its exceptional ability to address challenges and maximize opportunities for supporting nationwide efforts to usher in a post-oil economy and turning Dubai into a major pillar of the global economy" stated Sheikh Ahmed.

"We are inspired by the vision of HH 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," he added.
 
Dafza accounted for Dh109.82 billion ($29.9 billion) of Dubai’s non-oil foreign trade in 2015, representing nine per cent of the emirate’s total trade and 20 per cent of total free zones trade for the same period‫.

Sheikh Ahmed said Dafza 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," he noted.

"The Freezone 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," he added.
 
Dr Mohammed Al Zarooni, the director general, said: "Dafza’s strong performance in 2016 was not surprising and adds to already numerous achievements that have propelled Dafza 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 capitalizing on investment prospects to build a strong, competitive and diversified economy which can achieve more prosperity in the future, he added.-TradeArabia News Service




Tags: Dubai | free zone | Revenue |

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