DAFZA Posts Strong Results In First Half Of 2018
by Lorys Charalambous, Lowtax.net, Cyprus
04 September, 2018
The Dubai Airport Freezone Authority (DAFZA) has announced strong growth for the first half of 2018.
The Dubai Airport Freezone was established in 1996. Business incentives offered include exemptions from corporate tax, personal income tax, and import and export duties. Companies established in the zone may also be 100 percent foreign owned.
Earnings before interest and depreciation grew 11 percent in comparison with the same period in 2017, and new rental revenues were up by 27 percent.
The results include a 10 percent increase in licensing revenues and a 31 percent increase in revenues from government services, resulting in total revenue growth of eight percent in comparison with the same period in 2017.
The success witnessed by DAFZA came with a steady increase in leasable area reaching 43 percent compared to 2017, with a 63 percent growth in warehouses and 29 percent increase in office space.
DAFZA Industrial Park, the first expansion project outside DAFZA's boundaries located in the Al Qusais Industrial Area, saw an occupancy rate of 82 percent during the first half of this year.
The number of registered companies grew 15 percent over the same period in 2017, with a 17 percent increase in the number of registered small and medium size enterprises and a five percent increase in the number of multinational companies at DAFZA.
Commenting on the strong results, Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Airport Freezone Authority, said: "DAFZA's remarkable performance results for 2018 showcase the expected success of the plans developed by DAFZA to promote sustainable economic development in the emirate. It is also the result of the initiatives and investment incentives launched by the Government of Dubai ... in order to attract foreign direct investment from international companies."
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