Dubai Integrated Economic Zones Authority Achieves Record Trade Milestone
In a significant development for Dubai’s business landscape, the Dubai Integrated Economic Zones Authority (DIEZ) has reported a remarkable achievement for the year 2024. Total trade conducted across its economic zones surpassed an impressive AED 336 billion, reflecting a robust growth rate of 19 percent compared to the previous year. This surge not only underscores the exceptional performance of DIEZ but also enhances its contribution to Dubai’s non-oil trade, which now stands at 13.7 percent.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Deputy Prime Minister, publicly acknowledged this achievement. He emphasized that this growth reinforces DIEZ’s pivotal role as a critical engine of economic expansion for the emirate. The announcement was made as part of the broader commitment to the D33 Agenda, which aims to solidify Dubai’s status as a premier global business hub.
DIEZ incorporates notable economic zones, including the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity. These zones not only facilitate the influx of foreign investment but also significantly enhance the emirate’s competitive edge in international trade.
Sheikh Hamdan expressed unwavering confidence in the leadership of His Highness Sheikh Ahmed bin Saeed Al Maktoum, who heads DIEZ. He remarked that the ongoing success of DIEZ is a reflection of the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s Prime Minister and Ruler of Dubai. The confidence expressed by Sheikh Hamdan highlights an aspirational trajectory for Dubai, with expectations for continued excellence in the business and trade sectors.
Indeed, the figures provided shed light on the dynamism of the local economy. The total trade volume conducted within DIEZ increased by over 28 percent, with the volume reaching 444,300 tonnes in 2024, compared to 346,700 tonnes in 2023. This uptick not only indicates a healthy transactional climate but also suggests a burgeoning demand across various sectors.
Echoing these sentiments, Sheikh Ahmed commented on DIEZ’s remarkable performance over the past four years. He noted that this consistent growth reinforces Dubai’s burgeoniing reputation as a global economic and trade nexus, positioning the emirate as the preferred destination for international corporations and investors alike.
Examining the specifics of the trade landscape reveals encouraging trends in key sectors. The machinery and electrical sectors, along with electronics, accounted for approximately 72 percent of DIEZ’s total trade. This sector alone experienced a commendable growth of 17 percent. Additionally, the trade of precious stones, metals, jewelry, and ornaments recorded an impressive growth of 33 percent, signifying consumer confidence and robust market dynamics. Collectively, these two sectors contributed around 94 percent of DIEZ’s overall trade, elucidating the importance of these industries in shaping the economic narrative of Dubai.
Furthermore, the achievements of DIEZ signal the effectiveness of strategic partnerships with key global markets. These relationships have been crucial in reinforcing DIEZ’s central role in driving Dubai’s non-oil trade growth and enabling a seamless flow of goods and services.
The consistent performance of DIEZ can be attributed to well-established infrastructure, responsive regulatory frameworks, and a conducive business environment fostered by the leadership in Dubai. As it stands, the success of DIEZ captures the broader narrative of resilience and ambition characterizing Dubai’s economic landscape post-pandemic.
As we look toward the future, the trajectory of DIEZ is likely to attract further attention, not only within the region but also on the global stage. With strong fundamentals in place and strategic initiatives underway, DIEZ seems well-positioned to continue its upward trajectory in trade and investment, marking its footprint as a catalyst for economic diversification in Dubai.
In conclusion, the admirable achievements of DIEZ serve as a testament to Dubai’s enduring aspiration to be a global leader in business. As the emirate capitalizes on its strategic advantages and fosters innovation, the outlook for continued growth and diversification of its economy appears bright.
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