DWTCA Free Zone Records Strong H1 Growth.. 21% YOY Increase in Tenants, Registered Companies up by 19%
- The growing Free Zone for the future of business is home to 2,735 tenants, up from 2,259 in H1 2023.
- DWTCA’s half year 2024 figures reach 2,818 registered companies, up from 2,366 in H1 2023.
- Direct jobs in the Free Zone stand at 8,223, up 5% on the same period last year.
Dubai, UAE, 19 August 2024
Dubai World Trade Centre Authority (DWTCA) Free Zone, Dubai’s pioneering business ecosystem, today published results from the first half of the year, revealing a sharp uptick in the number of companies choosing DWTCA as the destination for their Dubai business, and marking an increase in the number of direct jobs created within the Free Zone.
The number of tenants in DWTCA Free Zone recorded significant year-on-year growth, up 21% to 2,735 tenants at the end of the first half of 2024, from 2,259 in H1 2023.The number of registered companies in DWTCA also rose, up 19% on the same period last year to reach 2,818 registered companies in the first half of the year, an increase from 2,366 companies at the mid-point of 2023. The number of direct jobs within the free zone also grew to reach 8,223 – a 5% increase on the same period last year, from a total of 7,837 in H1 2023.
Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, said: “As we reflect on a robust first half of the year, the DWTCA Free Zone has demonstrated exceptional performance aligned with the D33 Agenda’s visionary goals. Our dedication to providing a dynamic and business-friendly environment has resulted in significant benefits for the enterprises operating within our jurisdiction. By fostering innovation and supporting growth, we have not only met but exceeded expectations, empowering businesses to thrive in a competitive global market, and creating unparalleled opportunities for further growth and success in the coming years.”
Growing DWTCA’s Footprint with the Addition of One Za’abeel
In H1 2024, DWTCA officially extend its Free Zone jurisdiction to include One Za’abeel, the iconic sustainable project developed by the Investment Corporation of Dubai. The addition of One Za’abeel increased the Free Zone’s rental space, while granting companies and organisations within the landmark mixed-use development access to a host of advantages provided by DWTCA, including 100% foreign ownership, exemption from customs duties, dual-licensing opportunities, 0% Corporate Tax, simplified procedures for visas and permits, and a wide range of flexible office solutions.
Forging New Partnerships
Other successes in the first half of 2024 for the Free Zone included forging a new partnership with Emaratech, part of Investment Corporation of Dubai, to integrate and digitise government services and systems across DWTCA. This partnership is designed to simplify and streamline applications and processing of visas, establishment cards and other documentation, saving businesses operating within the Free Zone time and resourcing. A training and development collaboration with Dubai’s Department of Economy and Tourism (DET), also rolled out in H1, focused on furthering access and increasing opportunities for national talent within the Free Zone sector.
Home to companies across over 40 diverse sectors, DWTCA Free Zone is committed to ensuring that business set-up is a simple and streamlined five-step process for every tenant. This is matched by a unique market proposition with a key focus on offering tailor-made services that meet wide-ranging tenant requirements including dual and multi-licensing options for multinational companies.
DWTCA Free Zone is fully committed to a net-zero sustainable future and has a comprehensive sustainability strategy in place that is fully aligned with the UAE’s Net Zero 2050 Strategic Initiative.
