The Dubai World Trade Centre Authority (DWTCA) Free Zone has experienced a significant rise in the number of businesses setting up there. By the end of the first half of 2024, the number of tenants had increased by 21%, reaching 2,735, compared to 2,259 during the same period in 2023.
DWTCA’s Strong Performance in H1 2024
DWTCA recently published its results for the first half of the year, highlighting the growing appeal of its free zone for companies looking to establish their businesses in Dubai. This increase in tenants also led to a rise in the number of jobs created within the Free Zone.
The number of companies registered with DWTCA also grew by 19%, reaching 2,818 in H1 2024, up from 2,366 in H1 2023. This growth reflects the increasing confidence businesses have in the Free Zone as a prime location for their operations.
In addition to the rise in companies, the number of direct jobs within the Free Zone also increased by 5%, with 8,223 jobs recorded in H1 2024, compared to 7,837 in the same period last year.
DWTCA’s Commitment to Business Growth
Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, noted that this growth is closely aligned with the ambitious goals of Dubai’s D33 Agenda. He emphasized that the DWTCA Free Zone’s commitment to creating a dynamic and business-friendly environment has resulted in significant advantages for companies operating there.
Expansion and New Partnerships
In the first half of 2024, DWTCA extended its Free Zone jurisdiction to include One Za’abeel, an iconic sustainable project developed by the Investment Corporation of Dubai. This expansion not only increased the Free Zone’s available rental space but also provided companies within One Za’abeel access to several benefits offered by DWTCA, such as:
- 100% foreign ownership
- Exemption from customs duties
- Dual-licensing opportunities
- Zero percent Corporate Tax
- Simplified procedures for visas and permits
- Flexible office solutions
Furthermore, DWTCA formed a new partnership with Emaratech, a company under the Investment Corporation of Dubai, to digitize and streamline government services within the Free Zone. This partnership aims to simplify the application process for visas, establishment cards, and other necessary documentation, saving businesses valuable time and resources.
Another initiative rolled out in H1 2024 was a training and development collaboration with Dubai’s Department of Economy and Tourism (DET). This collaboration aims to enhance access and increase opportunities for local talent within the Free Zone sector.
DWTCA Free Zone – A Hub for Diverse Businesses
The DWTCA Free Zone is home to companies from over 40 different sectors. It is dedicated to making business setup a simple and smooth process, with just five steps for every tenant.
We Dubai – Simplifying Business Setup in Dubai
For those considering starting a business in Dubai, platforms like We Dubai offer specialized business setup services. We Dubai focuses on helping companies navigate the local business environment, providing support with everything from licensing to office solutions. While DWTCA Free Zone offers an ideal location for businesses, We Dubai can assist with the setup process, making it easier for entrepreneurs to establish their presence in this thriving city.
