Dubai – Mubasher: Dubai Airport Freezone Authority (Dafza) revealed its budget for fiscal year 2019 with a total expenditure of AED 1 billion ($270 million) in a bid to increase foreign direct investment (FDI).
Dafza’s non-oil foreign trade jumped AED 55.8 billion, or 62%, to AED 146 billion, raising its contribution to Dubai’s foreign trade to 11% in 2018 from 7% in the prior year, according to the company’s statement.
A total of AED 780 million was allocated to finance the new vital projects, accounting for 78% of Dafza’s budget.
The number of registered companies rose 22.2% over the course of the previous year, while the total assets grew 3% year-on-year.
For the full-year 2018, Dafza’s net profits grew 5% on a yearly basis, while its operating profits and revenues levelled up 4% and 8%, respectively.
Dafza’s exports and re-exports soared AED 39.5 billion, or 90%, to AED 83.3 billion, whereas imports grew 35% to AED 62.5 billion.
Non-Arab Asian countries accounted for AED 66.5 billion, or 46%, of Dafza’s non-oil trade exchange in 2018, followed by Arab countries with AED 39.5 billion, or 27%, of which the GCC nations made up AED 24.5 billion, or 62%.
Meanwhile, European countries came in at the third place with AED 32 billion or 22%.
Indian topped trade partners with Dafza with AED 24.1 billion, or 16.5%, while China and Switzerland made up AED 24 billion, 16.4%, and AED 23 billion, 15.6%, respectively.
