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Dubai Airport free zone operator’s profit rises 65%

The market value of net assets crossed AED20.8 billion, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ DIEZ
The market value of net assets crossed AED20.8 billion, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ

State-owned Dubai Integrated Economic Zones Authority (DIEZ) said operating profit rose 64.6 percent year on year in 2023, driven by an 8 percent annual rise in revenues.

The market value of net assets surpassed AED20.8 billion ($5.7 billion), Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said on the social messaging platform X.

“These achievements highlight a significant contribution to Dubai’s gross domestic product. DIEZ-affiliated economic zones witness substantial growth across six key sectors, collectively representing 95 percent of total hosted companies,” he added.

DIEZ oversees economic zones such as Dubai Airport free zone, Dubai Silicon Oasis, and Dubai CommerCity.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda) grew by 49 percent year on year. The total number of personnel working in the economic zones rose 30.5 percent year on year to 70,000, the UAE state-owned Wam news agecny reported.

As part of its sustainability drive, DIEZ reduced energy consumption by 12 percent and increased solar energy generation by 30 percent, producing about 5,000 megawatt hour annually.

Furthermore, the authority implemented adaptive air conditioning control systems to reduce electricity consumption by 30 percent and transitioned to LED lighting, reducing energy consumption costs by around half.

These initiatives led to a 12 percent year on year reduction in carbon emissions, equivalent to 5,280 metric tonnes, with the waste recycling rate reaching 45 percent.

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