DWTCA Free Zone Reports Strong Growth in H1 Results

Post by : Elena Malik

Photo : Dubai Government Media Office

The Dubai World Trade Centre Authority (DWTCA) Free Zone has released its first-half 2024 performance report, showcasing remarkable growth and an increasing appeal as a prime business destination in Dubai. The results underscore a notable rise in both the number of tenants and the creation of direct jobs within the Free Zone.

At the end of H1 2024, the DWTCA Free Zone reported a 21% increase in the number of tenants, reaching 2,735 compared to 2,259 in H1 2023. The number of registered companies also surged by 19% year-on-year, growing to 2,818 from 2,366 in the previous year. Additionally, the Free Zone saw a 5% rise in direct jobs, with the total number reaching 8,223, up from 7,837 in H1 2023.

Abdalla Al Banna, Vice President of Free Zone Regulatory Operations at DWTCA, highlighted the Free Zone’s outstanding performance, which aligns with the ambitious goals of the D33 Agenda. "Our commitment to fostering a dynamic and business-friendly environment has led to significant advantages for the companies operating within our jurisdiction," he stated.

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In the first half of 2024, the DWTCA Free Zone expanded its jurisdiction to include One Za'abeel, a landmark sustainable development by the Investment Corporation of Dubai. This extension has not only increased the available rental space but also provided companies within One Za'abeel with benefits such as 100% foreign ownership, customs duty exemptions, dual-licensing opportunities, a 0% corporate tax rate, simplified visa and permit procedures, and flexible office solutions.

The Free Zone also formed a strategic partnership with Emaratech, a subsidiary of the Investment Corporation of Dubai, to enhance and digitize government services and systems. This collaboration aims to streamline the processing of visas, establishment cards, and other documentation, thereby saving time and resources for businesses operating within the Free Zone.

Furthermore, a new training and development initiative was launched in collaboration with Dubai's Department of Economy and Tourism (DET). This program is designed to improve access and create more opportunities for national talent within the Free Zone sector.

With tenants spanning over 40 diverse industries, the DWTCA Free Zone remains dedicated to ensuring a seamless and efficient business setup process, adhering to a straightforward five-step approach for every tenant.

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