The contribution of the Dubai Airport Freezone Authority (DAFZA) to the emirate's foreign trade in 2019 surged 12 percent to $44.7 billion (164 billion dirhams), compared to 11.2 percent the previous year.
This increase has been attributed to the incentives and business facilitation services provided to the freezone, which enhanced its attractiveness to foreign investors. The total trade value of Dubai's foreign trade recorded last year was AED 1.37 trillion.
India was DAFZA's biggest trade partner in 2019 with 18.3 percent valued at AED 30 billion, followed by China with 17.3 percent at AED 28.4 billion. Switzerland was third with 16.3 percent at AED 26.8 billion
In terms of imports, India ranked first with 40.7 percent at AED 29.4 billion, followed by China with 39.2 percent at AED 28.4 billion. Switzerland ranked first in exports and re-exports and accounted for 27.4 percent at AED 25.1 billion, followed by Iraq with 12.3 percent valued at AED 11.3 billion.
In 2019, many international companies opened their regional headquarters in DAFZA or expanded their facilities to serve customers across the region.
This includes Airbus expanding its business with the opening of its first Africa and Middle East Cabin Electronics Service Centre and TNA, a leading global supplier of integrated food processing and packaging solutions opening its new regional headquarters in DAFZA.
Michelin, the world leader in tyre design, manufacturing and distribution, has also opened its regional headquarters in the free zone to manage its operations in Africa, India and the Middle East.
DAFZA has also implemented a number of initiatives in 2019 to facilitate business for all types of companies. Initiatives include, waiving registration fees, reducing business setup cost by up to 65 percent and staff visa fees by 20 percent.
(Writing by Seban Scaria, editing by Daniel Luiz)
#DAFZA #DUBAI #TRADE #INDIA #FREEZONE
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020