DIEZ boosts its contribution to Dubai’s economic growth with record trade results in 2023

The Dubai Integrated Economic Zones Authority (DIEZ) achieved record results in 2023 in terms of its total trade across its economic zones, including the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, reaching AED 282 billion. This marks a remarkable growth of 33% compared to 2022.

DIEZ’s economic zones played a major role in Dubai's non-oil trade, contributing 13.5% in 2023 compared to 11.4% in 2022. Imports via DIEZ recorded a remarkable surge of 48% to reach AED 157.6 billion, with the increase surpassing AED 51 billion for the second consecutive year.

Furthermore, DIEZ witnessed a historic milestone in 2023 with exports exceeding AED 1 billion for the first time, reaching an impressive AED 7.8 billion, which is well over a seven-fold increase from 2022. In addition, the total re-exports reached AED 116.1 billion.

A historic leap
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said: “DIEZ is progressing with deliberate and strategic steps to strengthen its exceptional contribution to Dubai's trade, elevate performance, and solidify its vital role in achieving the goals of the Dubai Economic Agenda D33. This aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double Dubai’s economy by 2033 and elevate its leading position as one of the top three urban economies globally within the next decade.”
His Highness highlighted that the remarkable and unprecedented results achieved by DIEZ on multiple levels reflect Dubai's prestigious and growing status as the destination of choice for companies and investors worldwide.

Emphasising the Emirate’s pivotal role in the global trade system, Sheikh Ahmed bin Saeed said that Dubai serves as an advanced commercial, industrial, service, and professional hub at both the regional and international levels. Furthermore, he noted that DIEZ's integrated approach continues to prove effective in supporting the national and local economy, positively impacting all strategic sectors, and enhancing Dubai's attractiveness and competitiveness.

Steady growth
Commenting on DIEZ’s outstanding results, His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, said: “The exceptional results recorded by the Authority during 2023, along with its comprehensive growth, distinguished achievements, and the historic increase in the value of its commercial transactions and exports, motivate us to achieve even more year after year. We remain steadfast in our commitment to progress, comprehensive development, and innovation across all DIEZ’s economic zones. This drives us to launch more competitive initiatives and projects, strengthen cooperation with various parties, and offer the best benefits, incentives and services to realise Dubai’s ambitious aspirations over the next few years, thanks to the guidance and support of our wise leadership and the efforts of our staff.

“DIEZ is committed to continuing these exceptional results, especially in light of its new strategy and ambitious goals to strengthen Dubai’s position as a leading regional and global investment destination. We aim to contribute to the Emirate’s strategic priorities regarding integrated economic zones by continuously improving the quality of services provided to business sectors, investors, and companies of all sizes. Our goal is to reach higher levels of quality and efficiency, thereby building a sustainable economy based on knowledge and innovation. This will consolidate Dubai’s position as a leading global partner and a pivotal, attractive, and influential international trade hub,” Dr. Al Zarooni added.

Strategic partnerships
The list of the most prominent strategic partners of DIEZ in 2023 included China, which tops the list with total trade amounting to AED 89.9 billion, a growth rate of 32.8% compared to 2022. India follows with a total of AED 15.9 billion and a growth rate of 51.7%, and Iraq with AED 15.5 billion, a growth rate of 7.7%.
Other notable DIEZ partners include Vietnam, with a transaction volume of AED 15.4 billion and a growth rate of 172%, the United States of America with AED 12.3 billion and a growth rate of 110%, and Turkey at AED 10.5 billion and a growth rate of 83.6%.

Vital role
In 2023, DIEZ saw a remarkable 15.3% increase in the number of companies registered under its umbrella, with the total number of employees exceeding 70,000. Previously, DIEZ announced an exceptional leap in performance for 2023, with a 64.6% increase in operating profits and an 8.1% increase in total revenues compared to 2022. The growth rate in DIEZ’s net profits reached 5.1% during 2023, while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 49.2%.

DIEZ aims to further increase its contribution to Dubai’s economy through a new strategy focused on empowering businesses, enriching economic life, and building a sustainable economy. This strategy targets limitless economic opportunities in a rapidly evolving global market.

DIEZ offers an advanced and integrated system that facilitates access to regional and international markets through its three economic zones, DAFZ, DSO and DCC, supported by a global network with high-level logistical, administrative, and technical capabilities. DIEZ exemplifies the comprehensive experience of living, working, and entertainment, enhancing Dubai's attractiveness as a major investment hub in the region. It provides world-class infrastructure, supportive legislative and regulatory frameworks, and modern living options, services, and advanced facilities necessary for modern life.

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