DIEZ boosts contributions to national economy as net profit surges 35.5 percent in 2024

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 solidifying its role in Dubai's economy and aligning with the goals of the Dubai Economic Agenda D33. This achievement highlights DIEZ's crucial role in promoting Dubai's economic diversification and sustainable development, ensuring a prosperous future.

DIEZ's net profit increased by 35.5% compared to 2023, underscoring its success in achieving strategic objectives. The Authority also reported an 18.4% increase in revenue and a 7.8% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2024. These figures indicate the growing influence of DIEZ and its affiliated economic zones, including Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, in driving non-oil economic development and strengthening Dubai's business ecosystem, enhancing its global competitiveness.

DIEZ also announced a 9% year-on-year increase in the number of registered companies operating within its economic zones, which have become hubs for these companies to conduct local, regional, and global business. Furthermore, the number of employees within DIEZ-registered companies grew by 21% in 2024, bringing the total number of employees to over 84,000. These growth figures reflect DIEZ's positive role in attracting and supporting business development, fostering a dynamic business environment.

Sheikh Ahmed stated: "These outstanding 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 as one of the top three urban economies in the world by 2033. We firmly believe in the importance of stimulating economic growth through a continuous focus on innovation and digital transformation, and these results have proven our success." This statement emphasizes the close connection between DIEZ's achievements and Dubai's overall development strategy, reinforcing its commitment to progress.

In 2024, DIEZ successfully implemented its strategic initiatives, achieving a series of significant milestones that contributed to consolidating Dubai's position as a global investment center, in line with the D33 objectives. Tradeling Holding, DIEZ's online B2B marketplace, completed the acquisition of Axiom Telecom's distribution business in the Middle East and North Africa (MENA) region. The company also experienced significant growth, with a fourfold increase in order volumes since 2023. Tradeling currently serves over 50,000 customers and shipped approximately 3.5 million items in 2024.

Meanwhile, DIEZ's investment arm, Oraseya Capital, which focuses on providing funding to startups from pre-seed to Series A investment stages, has become a significant force in the investment landscape. According to the venture capital data platform MAGNiTT, Oraseya was ranked as the most active investor by deal count in the UAE and the second most active investor by Series A deal count in the MENA region in 2024. The company's impressive achievements also include 24 high-quality investments, 16 of which were made through its Sandbox program, which is dedicated to funding and supporting early-stage technology startups, while 8 were direct investments in high-potential companies.

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said: "We are also proud to celebrate the outstanding achievements of our companies, such as Tradeling Holding, which has seen a fourfold increase in order volumes since 2023, and Oraseya Capital, which was ranked as the most active investor in the UAE in 2024. We are eager to continue providing more innovative solutions to strengthen Dubai's economy and enhance the level of services offered in all sectors." This further underscores DIEZ's commitment to innovation and supporting business development, driving economic growth and prosperity.

DIEZ continues to foster a thriving environment across various sectors, with its portfolio of companies demonstrating robust growth. The wholesale and retail trade sector accounts for 30.38% of the total number of DIEZ companies, with a growth rate of 24%. The professional, scientific, and technical services sector accounts for 23.61% of the total number of companies, with a growth rate of 33%. Meanwhile, the information and communication sector accounts for 18.82% of the total number of companies, also with a growth rate of 24%. The financial and insurance sector accounts for 10.96%, achieving a significant growth rate of 35%, while the administrative and support services sector accounts for 5.6%, with a growth rate of 28%. Additionally, the transportation and storage sector accounts for 2.32% of the total number of companies, with a growth rate of 33%, and other sectors collectively account for 8.3% of the total number of companies, with a growth rate of 126%.

Dr. Al Zarooni added: "DIEZ's growth and achievements across various sectors highlight its strengths and the successful implementation of its strategy, which is built on sustainability, innovation, and knowledge. These results are not only the outcome of our continuous efforts but also a testament to Dubai's thriving economic environment, which enables DIEZ to continue to expand its contribution to the city's economic prosperity, in line with the vision of our leadership." This summarizes the key elements of DIEZ's success and emphasizes its contribution to Dubai's economy, ensuring continued prosperity.

DIEZ has been committed to providing a supportive and flexible business environment, which has played a crucial role in driving sustainability and promoting growth in these sectors. The Authority's efforts are also reflected in its contribution to Dubai's GDP, which, according to the latest 2021 statistics, stands at 5.1%, further highlighting DIEZ's crucial role in strengthening the local economy and consolidating Dubai's position as a global hub for business and investment. DIEZ will continue to focus on innovation and sustainable development, contributing even more to Dubai's economic prosperity, securing a brighter future.