Dubai Airport freezone profits and assets surge

The emirate's aviation freezone posts an increase in earnings for the year and growth in asset soars following completion of Dafza Square project.

Dubai Airport Freezone Authority (Dafza) said yesterday profit surged last year, although revenue growth slowed while total assets climbed.

Dafza posted a 2 per cent growth in its total revenue, down from 7 per cent the previous year. The company said it achieved a 16 per cent net profit growth. It did not disclose year-over-year figures for profits.

The freezone’s total assets rose 28 per cent compared with only 3 per cent in 2015. This was partly due to the increase in infrastructure with 40 per cent of the Dafza Square project completed last year.

The project includes two office towers with 41 spaces catering to a variety of retail, dining and other outlets such as a gym and business centre.

While the company reported an increase of 44 per cent in multinational companies occupying space, the share of European and American firms dropped by 1 per cent. “Dafza drew in significant foreign direct investments from vital sectors,” said Sheikh Ahmedbin Saeed, the chairman of Dafza.

The freezone is planning to launch its Strategic Plan 2017-2020 this year as part of efforts to boost local economic growth.

“We have further strengthened the UAE economy and helped increase Dubai’s GDP by capitalising on investment projects to build a strong, competitive and diversified economy which can achieve more prosperity in the future,” said Mohammed Al Zarooni, the director general of Dafza.

The zone currently covers more than 20 economic sectors and aims to increase the flow of foreign direct investment.​

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