DWTCA Free Zone records 250% growth in licence renewals in H1 2023

DWTCA Free Zone records 250% growth in licence renewals in H1 2023

DUBAI, 24th August, 2023 (WAM) -- Dubai World Trade Centre Authority (DWTCA) Free Zone witnessed licence renewals surge by over 250 percent in the first half of 2023 (H1 2023), rising from 254 to 892 renewals.

It also welcomed 322 new companies to its growing international community of over 2,000 companies, recording 32 percent year-on-year (YoY) growth against H1 2022 (244 registrations).

Drawing on its role as a growth enabler, the Free Zone introduced the “Intelak Incubators” initiative in H1 offering tailored accelerator and incubation programmes to foster start-ups and early-stage ventures within a dynamic ecosystem that supports their objectives and serves as a launchpad.

Abdalla Al Banna, Vice President of Free Zone Regulatory Operations at DWTC, said, “Our robust performance in H1 reflects our alignment with Dubai’s Economic Agenda (D33) goal of attracting foreign investment through the provision of a conducive business environment with a focus on making Dubai a global hub for future economy and innovation. Our competitive and well-regulated ecosystem attracts digital transformation pioneers, R&D companies, and tech innovators. A growing community of next-generation tech start-ups and tech-powered unicorns choose DWTCA Free Zone as their preferred dynamic base to expand their operations globally,”

In addition to the 322 new licences issued, the free zone also affirmed its position as a preferred location for both large tenants – including Fortune 500 companies - and SMEs. Home to companies across over 40 diverse sectors, DWTCA Free Zone is committed to ensuring that business set-up is a simple and streamlined five-step process for every tenant. This is matched by a unique market proposition with a key focus on offering tailor-made services that meet wide-ranging tenant requirements including dual and multi-licensing options for multinational companies. To support the free zone operation, which extends across more than two million square feet of premium office space, 262 new employees were also recruited in the first six months of the year.

DWTCA Free Zone is fully committed to a net-zero sustainable future and has a comprehensive sustainability strategy in place that is fully aligned with the UAE’s Net Zero 2050 Strategic Initiative.

“We are driven by Dubai's vision to make the city the ultimate business destination worldwide. Committed to sustainability and transparency, we strive to provide a nurturing environment for businesses of all sizes. With flexible spaces, enriched amenities, all tailored to foster innovation, we are supporting local and international efforts to create a greener future. We look forward to welcoming new industry innovators and blue-chip names in the second half of 2023," Al Banna concluded.