DIEZ Drives Dubai’s Growth with Record Trade Results in 2023

Post by : Elena Malik

Photo : Dubai Government Media Office

The Dubai Integrated Economic Zones Authority (DIEZ) achieved remarkable success in 2023, setting new records for trade across its economic zones, including the Dubai Airport Free Zone (DAFZ), Dubai Silicon Oasis (DSO), and Dubai CommerCity (DCC). The total trade volume reached an impressive AED 282 billion, marking a significant 33% increase from the previous year.

DIEZ's economic zones made a substantial contribution to Dubai's non-oil trade, accounting for 13.5% of the total in 2023, up from 11.4% in 2022. Imports through DIEZ surged by 48%, reaching AED 157.6 billion, with the increase exceeding AED 51 billion for the second year in a row. Furthermore, DIEZ achieved a historic milestone with exports surpassing AED 1 billion for the first time, totaling AED 7.8 billion, a more than seven-fold increase compared to 2022. Re-exports also saw significant growth, reaching AED 116.1 billion.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, praised the authority's strategic efforts in enhancing Dubai's trade performance and supporting the Dubai Economic Agenda D33. He emphasized that these results align with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision to double Dubai’s economy by 2033 and solidify its position as one of the top three global urban economies within the next decade. Sheikh Ahmed highlighted the role of DIEZ in reinforcing Dubai's status as a preferred destination for global companies and investors, noting its growing prominence in the global trade system.

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Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, expressed satisfaction with the exceptional results and the historic increase in trade and exports. He emphasized DIEZ’s commitment to innovation and development across its economic zones, aiming to further strengthen Dubai’s position as a leading regional and global investment hub. Dr. Al Zarooni highlighted DIEZ’s new strategy focused on enhancing service quality, supporting business sectors, and contributing to Dubai’s strategic priorities for sustainable economic growth.

DIEZ's strategic partnerships in 2023 were pivotal to its success. China emerged as the top partner, with trade totaling AED 89.9 billion, reflecting a 32.8% growth from 2022. India followed with AED 15.9 billion in trade, showing a 51.7% increase, and Iraq with AED 15.5 billion, marking a 7.7% growth. Other notable partners included Vietnam, with AED 15.4 billion in trade and a 172% growth rate; the United States, with AED 12.3 billion and a 110% increase; and Turkey, with AED 10.5 billion and an 83.6% growth.

In addition to trade growth, DIEZ experienced a 15.3% rise in the number of registered companies, with total employment surpassing 70,000. The authority reported a 64.6% increase in operating profits and an 8.1% rise in total revenues for 2023 compared to the previous year. The growth rate in net profits reached 5.1%, while earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 49.2%.

DIEZ’s new strategy aims to continue expanding its contribution to Dubai’s economy by fostering business growth, enhancing economic vitality, and building a sustainable, knowledge-based economy. The authority is committed to offering an integrated system that provides access to regional and international markets through its three economic zones, supported by a robust global network with advanced logistical, administrative, and technical capabilities. DIEZ exemplifies a comprehensive approach to modern living, working, and entertainment, further solidifying Dubai’s attractiveness as a premier investment hub in the region.

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