Dubai Integrated Economic Zones Authority (DIEZ) reported a 42 per cent annual jump in revenue in the first half of 2022, Dubai Media Office said in a statement on Monday.
The authority’s adjusted earnings before interest, taxes, depreciation and amortisation during the period rose 17 per cent compared to the same period last year, with net market assets reaching Dh17.9 billion ($4.9 billion).
The media office did not disclose the exact value of earnings.
It said the income of the free zones affiliated with the authority increased 16.6 per cent, while rental income rose 11 per cent. The increase in commercial licences and government services amounted to 49 per cent compared to the results in the same period last year.
The results underpin the confidence and trust reposed by multinationals, small and medium-sized companies, investors and entrepreneurs in the DIEZ’s integrated system, the statement said.
“The DIEZ’s exceptional results reflect Dubai’s strategic importance for international business and reinforce its position as a global hub for FDI [foreign direct investment],” said Sheikh Ahmed bin Saeed, chairman of DIEZ.
“The efforts began to show results with the introduction of new frameworks that improved the quality and efficiency of services provided to businesses and investors, enhancing the contribution of free zones to Dubai’s and the UAE’s economy.”
In December, Sheikh Ahmed approved the organisation's new structure that aimed at enhancing free zone integration in the emirate and providing comprehensive solutions to investors and free zones companies.
The increase in revenue resulted from the operational integration of the DIEZ economic zones, which include the Dubai airport free zone, Dubai Silicon Oasis and Dubai CommerCity (a joint venture between DIEZ and Wasl Properties), in addition to its subsidiaries.
The DIEZ’s exceptional results reflect Dubai’s strategic importance for international business and reinforce its position as a global hub for FDI
Sheikh Ahmed bin Saeed,
chairman of DIEZ
The results show the level of strategic integration that the free zones were able to achieve under one umbrella, “enhancing Dubai’s global competitiveness and highlighting the attractiveness of its economic environment for businesses and investors”, DIEZ’s executive chairman Mohammed Al Zarooni said.
“We will continue to find flexible and efficient innovative solutions to achieve Dubai’s ambition of being the first choice for investors and a global trade hub,” he said.
Dubai's economy, which made a strong rebound last year following the coronavirus-induced slowdown, has carried the growth momentum into this year.
The emirate's economy grew by 6.2 per cent in 2021, preliminary data from the Dubai Statistics Centre showed. In the first three months of this year, Dubai's gross domestic product expanded 5.9 per cent, government data showed.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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((Disclaimer))
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