Dubai Integrated Economic Zones Authority's first-half revenue jumps 5%

The Dubai Integrated Economic Zones Authority, which includes the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity, reported a 5 per cent annual increase in its total revenue in the first half of 2023.

The company’s earnings before interest, taxes, depreciation and amortisation (ebitda) in the January-June period rose 34 per cent, the Dubai Media Office said on Wednesday.

The media office did not disclose the exact value of earnings.

“DIEZ’s strong financial results further contribute to raising Dubai’s status as a city at the forefront of global trade and supply chain recovery and a leading international economic and logistical hub,” Sheikh Ahmed bin Saeed Al Maktoum, chairman of the DIEZ, said.

“Our robust momentum of growth encourages us to continue strengthening our strategic plans to enhance the contribution of free zones to Dubai's GDP [gross domestic product] to Dh250 billion by 2030.”

DIEZ reported a 10 per cent growth in revenue from leasing operations, a 36 per cent jump in revenue from government services and a 39 per cent growth in licencing revenue in the first half of the year.

Its three economic zones, the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity, achieved a combined 17 per cent year on year growth in revenue and 20 per cent growth in Ebitda during the period.

In 2021, Sheikh Ahmed approved the organisation’s new structure that was aimed at enhancing free zone integration in the emirate and providing comprehensive solutions to investors and companies.

Integrating the three free zones aims to strengthen Dubai’s economy and enable the emirate to provide an “exceptional investment and business experience and high-quality solutions and services to businesses”, DIEZ said at the time.

DIEZ said its efforts are aligned with the objectives of the Dubai Economic Agenda D33 that aims to double Dubai's economy and make it one of the world’s top three urban economies by 2033.

Dubai's economy, which made a strong rebound following the coronavirus-induced slowdown, has carried the growth momentum into this year.

The emirate's economy grew an annual 2.8 per cent in the first quarter of the year to Dh111.3 billion ($30.3 billion), extending the "robust momentum of growth" achieved in 2022, when its economy expanded by 4.4 per cent.

Dubai's growth outpaces the seasonally adjusted growth output of 1.6 per cent for Organisation for Economic Cooperation and Development countries. The European Union grew by 1.1 per cent in the first quarter, while the US economy grew by 1.8 per cent.

“This growth complements our efforts to strategically and sustainably contribute to Dubai’s non-oil economy and develop a business environment that supports the growth of companies in different sectors," Dr Mohammed Al Zarooni, executive chairman of DIEZ, said.

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New UK refugee system

A new “core protection” for refugees moving from permanent to a more basic, temporary protection
Shortened leave to remain - refugees will receive 30 months instead of five years
A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
Under core protection there will be no automatic right to family reunion
Refugees will have a reduced right to public funds

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.