- Over the past year, IFZA saw an increase of more than 200% in business registration for IT-related activities
Dubai, UAE – IFZA Dubai, the UAE’s most dynamic and truly international Free Zone community, announces a 177% increase in the number of new licensees in Q1 2023 compared to the same period last year, solidifying its position as one of the fastest growing Free Zones in the industry.
The free zone has witnessed more than 100% average year-on-year growth in terms of new registrations. The top categories for new company registrations in 2023 included Management Consultancies, General Trading, Investment in Commercial Enterprises & Management, and (IT) Consultants. Marketing Management and Marketing Services via social media alone contributed to 20% of new licenses issued.
Commenting on the Free Zone’s performance, Martin G. Pedersen, Chairman of IFZA said, “IFZA’s commitment to strategic partnerships, developing world-class infrastructure and providing excellent licensee support have made it an attractive destination for businesses that want to position themselves in an ecosystem built for growth. We have further strengthened our drive to be internationally present by actively going out to form lines of trust around the world that extend from IFZA to our global network of representatives and agents, and from them to their clients whom they have established trusted relationships. Collectively, we bring in investors that contribute to the growth of foreign direct investment in Dubai. Furthermore, we are working on several new initiatives that will continue to grow our offerings for licensees, ensuring they can efficiently set up their businesses with peace of mind.”
Additionally, IT-related business activities, including IT consultants and IT network services, saw an increase of 247% and 280% respectively, in new registrations compared to 2021. IFZA is thus working on cutting-edge advancements to further diversify its offerings and services, in response to the growing digitalisation trend.
In line with Dubai’s ever-growing international demographic, IFZA boasts a diverse business-savvy community with professional partners across the globe, including France, Germany, India, China, and the United Kingdom (UK). For the past five years, Indian nationals represented the largest proportion of IFZA shareholders at 27%, followed by those from France at 14% and the UK at 14%. Today, over 100 nationalities are represented under IFZA licensees.
IFZA Dubai continues to enhance its value-added benefits as part of its business ecosystem to support and further attract investors and entrepreneurs to the region. In 2022, the Free Zone partnered with leading banking institutions to offer licensees exclusive digital banking services and solutions. IFZA also launched a new division, IFZA Life, that offers bespoke medical insurance solutions for IFZA Free Zone Licensees, Professional Partners, and Employees with exceptional benefits at competitive premiums.
About IFZA Dubai
IFZA Dubai is the most dynamic and truly international Free Zone Community in the UAE, optimising the country's strategic location, world-class infrastructure, and business-friendly environment. IFZA differentiates itself through its multi-national approach, providing personalised business establishment solutions through its network of Government Authorities and Professional Partners.
Business owners and Employees can also benefit from a wide spectrum of value-added services within the IFZA ecosystem, including but not limited to property solutions, visa packages and training and development. The IFZA Business Park offers a wide variety of cutting-edge office facilities tailored to meet each Licensee’s individual needs and provides a professional, welcoming environment to greet clients, network with other businesses and thrive.
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Nour Chaoui | Q Communications