Jebel Ali Free Zone, JAFZA the flagship Free Zone of Dubai and trade and logistics hub for the wider Middle East region, said on Sunday it posted an increase of 17 per cent in the number of new companies in 2014 compared with the preceding year.
The Free Zone also posted a 10 per cent surge in its revenues for the year ended December 31, 2014. The operating profit of the company rose by more than 13 per cent to Dh1.18 billion during the year.
“Jafza’s growth in 2014 can be attributed to its focus on attracting quality investments into the Free Zone in key sectors, prudent use of resources and achieving greater operational efficiency for itself and also for Jafza based companies by introducing new innovative products and initiatives,” Salma Hareb, CEO of Jafza and Economic Zones World, said in a statement.
Jafza further stated it has contributed more than 20 per cent to Dubai’s GDP (gross domestic product) in 2013. It added that the Free Zone companies account for almost half of Dubai’s total non-oil exports and a quarter of the Emirates’ total non-oil trade. In 2014, Jafza companies are estimated to have generated trade worth Dh370 billion. Jafza accounts for more than 75 per cent of the total trade generated by all the free zones together in Dubai.
Asia Pacific continued to dominate Jafza’s new investor profile in 2014 as 29 per cent of the new companies came from Asia Pacific. Americas and Europe together accounted for 27 per cent of the new investors in Jafza. In terms of individual countries 14 per cent of the new companies came from India, 6 per cent from China and 8 per cent from the US and UK together.
Jafza continued to focus on promoting huge business opportunities that Dubai and the rapidly growing economies in the wider Middle East region offer to global investors interested in these hugely attractive markets.
It conducted roadshows and business seminars in more than 14 countries with the aim to explore opportunities in prospective markets. It also signed four MoUs (memorandums of understanding) with various business development and financial institutions in Brazil, Japan and Germany, under the terms of which these institutions will highlight huge opportunities in the UAE and the wider Middle East region and Jafza’s status as the trade and logistics hub for the entire region while showcasing the Free Zone’s key offerings that enable Jafza based companies to serve all regional markets with unmatched efficiency.
Jafza said its growth over the years is attributed to its highly customer-focused approach. All its products, services and initiatives aim to create the best possible ecosystem which would support and enable customers achieve continued growth.
Reference to Gulf News published on: 15:24 MAY 3, 2015