Companies within the Dubai World Trade Centre Authority (DWTCA) Free Zone have created 386 new jobs in the first half of this year, bringing the total number of jobs to 8,223, a 5 per cent increase. The number of tenants in the free zone has also seen significant growth, with a 21 per cent increase to 2,735 tenants at the end of the first half of 2024. Additionally, the number of registered companies in DWTCA has increased by 19 per cent compared to the same period last year, reaching 2,818 companies in H1 2024.
Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, commented on the positive results, attributing them to the dedication to providing a dynamic and business-friendly environment within the free zone. The extension of the Free Zone jurisdiction to include One Za’abeel, a sustainable project developed by the Investment Corporation of Dubai, in H1 2024 has also contributed to the growth and benefits for businesses operating within the jurisdiction.
The addition of One Za’abeel has increased the Free Zone’s rental space and provided companies and organisations within the development access to various advantages offered by DWTCA. These advantages include 100 per cent foreign ownership, exemption from customs duties, dual-licensing opportunities, zero per cent corporate tax, simplified visa and permit procedures, and a range of flexible office solutions. This expansion has further cemented the Free Zone’s reputation as a conducive environment for businesses to thrive and grow.
The growth in job creation, tenant numbers, and registered companies within the DWTCA Free Zone reflects the attractiveness and potential of the free zone as a business hub in Dubai. The positive results in the first half of 2024 indicate a strong performance and a promising outlook for companies operating within the jurisdiction. This expansion and development within the free zone contribute to Dubai’s overall economic growth and position as a global business destination.
As companies continue to benefit from the advantages and business-friendly environment provided by DWTCA, the Free Zone is expected to attract more businesses looking to establish a presence in Dubai. The extension of the Free Zone jurisdiction to include One Za’abeel has further enhanced the offerings and benefits for companies and organisations looking to operate within a dynamic and supportive business ecosystem. With ongoing advancements and expansions, the DWTCA Free Zone is set to continue its growth trajectory and contribute to the economic development of Dubai.
