Dubai's Dafza trade surges to $23.8bln in first 9 months of 2020

China ranked first as Dafza’s trading claiming 25% share or $6bln of the total trade partner during the first nine months

  
DAFZA officially launches a one-of-a-kind innovative start-up program called Scality, set to attract local, regional and global tech start-ups and enable them to establish and grow their businesses in the region. Image courtesy Dubai Media Office Twitter handle.

DAFZA officially launches a one-of-a-kind innovative start-up program called Scality, set to attract local, regional and global tech start-ups and enable them to establish and grow their businesses in the region. Image courtesy Dubai Media Office Twitter handle.

Dubai Airport Freezone Authority (Dafza) reported on Sunday 7.62 per cent jump in sales revenues and a 64.11 per cent increase in the number of registered companies in the first nine months of 2020.

Total trade value during the first nine months rose to Dh87.4 billion, accounting for 10 per cent of Dubai’s total trade during the period, Dafza, which is marking its silver jubilee year, said in a statement.

“The free zone’s results affirm the effectiveness of its strategic initiatives and economic incentive packages that were launched to overcome the challenges caused by Covid-19. The results are a direct reflection of the return of the economic activities and positive performance in the emirate of Dubai,” it said.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dafza, said the results reflect the investors’ confidence in the free zone and indicate a positive outlook on the short and long term for economic recovery in the country.

“Dafza is currently home to more than 1,800 companies. In 2020, the free zone recorded a growth of 64.11 per cent in the number of new registered companies,” he said.

China ranked first as Dafza’s trading claiming 25 per cent share or Dh22 billion of the total trade partner during the first nine months. Iraq came second with 10 per cent contribution valued at Dh9 billion, followed by India with a share of 8.0 per cent valued at Dh7 billion.

In imports, China ranked first with a share of 57 per cent, followed by India at 18 per cent and the US at 8.0 per cent, while Iraq ranked first in terms of exports and re-exports by 18.2 per cent.

Dr Mohammed Al Zarooni, director general of Dafza said the many challenges posed by Covid-19 in 2020 brought to light the strength and value of Dafza’s foundations.

“During this period, the free zone played a critical role in containing the impact of economic fluctuations on global markets, maintaining a flexible investment environment and supporting companies in sustaining their resources, competencies and operations throughout this difficult stage.”

The free zone witnessed an increase in the office-leased areas by 39.4 per cent.

— issacjohn@khlaeejtimes.com

 

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