Record growth for Jafza
Jebel Ali Free Zone registered record growth for new joiners last year, while also posting increased revenues.
Jafza, the flagship Free Zone operation of Economic Zones World has, in 2013, registered the highest growth in the number of new joiners in the last six years.
A record 613 multinationals joined the Free Zone in 2013, posting an increase of 28 per cent on the number of new companies that joined Jafza in 2012.
A large number of these companies are market leaders in their respective fields and some of them, Global Fortune 500 enterprises.
The Free Zone had an equally robust upswing in its revenues, as well as gross earnings in the year. In 2013, Free Zone’s revenues increased by 7 per cent while EBITDA grew by 12 per cent.
The Free Zone’s remarkable achievements are largely driven by an impressive growth in new leases, having achieved the increases of 19 per cent in land and 6 per cent in warehouse leases in the year.
In 2013, 30 per cent of the new companies came from developed and developing economies of Asia, 29 per cent from Europe and Americas and remaining from the GCC and the Middle East.
In terms of countries, the largest number of foreign investors came from India followed by China, UK and the US. The trend reinforces Jafza’s growing stature as a dynamic hub and a business facilitator for multinationals.
The CEO of Economic Zones World, HE Salma Hareb, says Jafza’s remarkable growth in 2013 cements the Free Zone’s status as the gateway and hub of the greater Middle East.
“It also reinforces Jafza’s role as a key driver of attracting foreign direct investment into the country and the region. Jafza’s achievements have further strengthened Dubai’s pre-eminent status as a truly dynamic centre for business,” Hareb said.
“We are very proud for having successfully played our mandated role in positioning Dubai as an international hub for trade and commerce and the number 1 destination for investment,” Hareb added.
Jafza plays a key role in Dubai and the UAE’s economic development and growth. The Free Zone accounts for more than a half of Dubai’s non-oil exports and a quarter of the Emirate’s total non-oil trade. Jafza contributes 21 per cent to the Emirate’s GDP year-on-year.
“Our impressive achievements set the tone and define growth trends that will perhaps prevail in the coming years in the region. Winning the right to host Expo 2020 has provided further boost to growth momentum in Dubai and the region. We have launched an array of initiatives in the year not only to prepare ourselves to meet the upcoming growth challenges efficiently but also to support and catalyse Dubai’s growth over the next decade and driving commerce into the region through the Free Zone,” Hareb explained.