Dubai’s biggest industrial zone fascinated over 650 new patrons last year, helping to increase revenue by more than 50% to Dh1.06 billion.
Jebel Ali Free Zone (JAFZ), the expansive industrial land on the bounds of the emirate, stated profit increased 10% to Dh1.68 billion, compared to Dh1.53bn a year earlier, ‘primarily from price and volume growth. It had added 583 new patrons in 2013 when net profit was Dh690 million.
Lower finance costs, higher occupancy and a one-off gain from Dubai World helped to drive profit higher, the company stated in a regulatory filing. As of the end of last year, total debt was Dh4.5 billion compared to Dh4.9 billion a year earlier.
It also has greater access to funds for advancement after agreeing the enhanced terms on its loans, JAFZ said.
JAFZ has benefited from its position along Jebel Ali Port and the progress of air cargo passing through the close to Dubai World Central.
The city’s expanding logistics capacity is stoking demand for new warehouse area whereas mounting expenditure in the city itself is also support the sector.
DP World shareholders in December approved the possession of the JAFZ parent Economic Zones World in a transaction worth US$2.6 billion.
DP World acquired Economic Zones World from the Dubai World conglomerate.