The Dubai World Trade Centre Authority (DWTCA) Free Zone reported an astounding increase of over 250 percent in license renewals during the initial half of 2023, escalating from 254 to 892.
Furthermore, it added 322 new entities, boosting its robust global community that now boasts over 2,000 enterprises. This showcases a 32 percent YoY growth, especially when compared to the first half of 2022 which had 244 registrations.
Leveraging its position as a development hub, the Free Zone rolled out the “Intelak Incubators” project during the first half of the year. This initiative presents customized acceleration and incubation solutions, aimed squarely at budding startups and nascent ventures, ensuring they flourish in an environment conducive to growth.
Abdalla Al Banna, Vice President of Free Zone Regulatory Operations at DWTC, shared, “Our standout results for the first half underscore our commitment to the Dubai Economic Vision (D33). Our principal objective is to attract international investments by creating a business-friendly atmosphere. We envision Dubai as a leading beacon of economic innovation and progress. The DWTCA Free Zone, with its agile framework, has become a go-to for digital trailblazers, R&D enterprises, and tech innovators. A rapidly expanding community of tech startups and influential tech giants find our Free Zone an optimal springboard for their global endeavors.”
In addition to the 322 new licenses, the free zone has further cemented its reputation as a top choice for both major corporations, including those listed among the Fortune 500, and emerging SMEs. The DWTCA Free Zone, accommodating firms from over 40 distinct sectors, promises a seamless five-step business setup for all.
This is complemented by a unique market proposition focused on delivering bespoke solutions catering to a broad spectrum of tenant needs, including multi-license options for global conglomerates. To support its vast operations covering over two million sq ft of prime office space, 262 new staff members were recruited in the first six months.
Fully championing a net-zero future, DWTCA Freezone sustainability initiatives align seamlessly with the UAE's Net Zero 2050 goals.
Elaborating on this, Al Banna stated, “Our motivations align with Dubai’s ambition to be recognized as the ultimate global business destination. With a steadfast commitment to sustainability and transparent operations, our objective is to foster an environment conducive for businesses of all scales. Offering versatile spaces and top-tier facilities to drive innovation, we're keen on endorsing both local and international green initiatives. We're eagerly anticipating welcoming more innovative leaders and renowned corporations in the latter half of 2023."