Ajman free zones see 18% growth in net profit in H1 2024

The Free Zones Authority of Ajman has maintained its efforts in bolstering the emirate's economic diversification strategy and stimulating the investment and trade landscape in the emirate, with an increase of 18 per cent year-on-year (YoY) in net profit in H1 2024.

The Authority reported a 70 per cent growth in the number of companies operating in the emirate, with an overall occupancy rate of 96 per cent over the past six months.

Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Board of Directors of Ajman Free Zone, explained that the results are the product of successful strategies to boost service levels and meet the requirements of companies operating within its zones.

“These results underscore the Authority’s capability to achieve sustainable growth, aligning with the Ajman Government’s plans and strategies aimed at attracting investments and driving economic growth in the emirate,” Sheikh Ahmed remarked.

He added, “Driven by the vision and directives of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council, the emirate continues to make major strides across various sectors, especially in the economic sector. Ajman is seeing substantial growth in investments and a rise in the number of companies, thanks to its conducive investment climate.”

Sheikh Abdulaziz bin Humaid Al Nuaimi, Vice Chairman of the Board of Directors of the Authority, reaffirmed the results highlight Ajman Free Zone's diverse income sources and its ability to achieve financial targets.

He noted that the Authority recorded high occupancy rates for land, warehouses, and offices over the past six months, driven by the increasing demand for its services and the high levels of confidence it has garnered among clients and partners.

Ismail Al Naqi, Director-General of Free Zones Authority of Ajman, highlighted the ongoing efforts of the Authority’s team to boost the quality of services, implementing innovative plans to ensure their satisfaction.

Al Naqi stated that the Authority keeps pace with global trends in free zone services, to ensure offering an ideal environment for business expansion, especially with its proximity to Ajman Port and a network of major roads.

He also underscored the diversity in business sectors of Ajman Free Zone, which includes agriculture, automotive, chemicals, technology, construction, education, entertainment, food and beverages, healthcare, insurance, jewellery, legal services, maritime, oil and gas, paper and packaging, real estate, shipping, textiles, among others.