Exports jumped 54% in first quarter
Dubai Airport Freezone Authority (DAFZA) has achieved positive financial and operational results in the first half of 2020 recording a 54% increase in general exports in the first quarter.
During this period, China accounted for the highest percentage of DAFZA's trade, with 21% at a value of $2 billion, followed by India with 16.6% at $1.7 billion. Switzerland accounted for 14%, with a value of $1.4 billion.
The free zone also witnessed a large trade surplus with goods from various industries amounting to $850 million.
Machinery and electrical equipment industry ranked first in imports, with 8.4 % growth, at a value of $2.7 billion.
This was followed by the pearls, semi-precious stones and metals sector, which accounted for 34.5% of total imports, at a value of $1.6 billion. Both sectors represent 93% of DAFZA's total trade throughout the first quarter of the year.
DAFZA also achieved growth in sales rates, with an increase of 9% in comparison to the same period last year. This comes as part of DAFZA's commitment to driving revenue and profit on a semi-annual basis, regardless of economic and commercial challenges.
The free zone witnessed a 19% increase in the number of registered companies compared to 2019.
The number of small and medium-sized companies recorded a remarkable growth of about 23% compared to the results of last year.
SME's benefit from many packages and incentives the free zone provides, as well as the technical and advisory support that it offers through various stages, starting from the establishment to growth and development.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAFZA, said: "In the first half of this year, we have witnessed unprecedented times, which led to many economic challenges and restrictions.
"DAFZA has demonstrated its success in overcoming these challenges, as shown through various indicators and economic results, including achieving a surplus of $850 million in the trade of all types of merchandise, and an increase in the volume of exports by 54% during the first quarter of this year."
DAFZA launched a set of economic incentive packages, which aims to support companies based in the free zone. The initiative included postponing lease payments for up to three months and facilitating the financial payments into more comfortable monthly installments.
The free zone has implemented a 100% remote work system within the authority's buildings.
Read More: DAFZA Lays Out Big Plan to Aid Dubai Trade