Dubai Airport Free Zone shows increased net profit reaching 84 pc in 2008

Nicosia, May 5 (ANI): Despite the global financial crisis and the recession recorded in the last months of 2008, Dubai Airport Free Zone has shown a remarkable increase of occupancy by 58 per cent in 2008 compared with the previous year.

The Zone also recorded 84 per cent increase of net profit and 59 per cent of revenues, the Chairman of the Zone Sheikh Ahmed said.

Sheikh Ahmed said he was confident that those growth rates would continue given the current expansion plans, which have allocated AED, two billion for investment in new facilities to be ready for more foreign investment flow in the near future.

He stressed that the Dubai Airport Free Zone plays a vital role in the economy of the country.

According to figures released by the country's statistics department, Dubai's non-oil trade grew 38 per cent in 2008, totaling AED 934.7 billion as compared to AED 678.5 billion in 2007.

This positive development augurs well for the materials handling and logistics sector which is set to gather in the emirate from May 31 to June 2, 2009, at the "Materials Handling Middle East Exhibition" to be held at the Dubai International Convention and Exhibition center.

The Materials Handling Middle East Exhibition is described as the ultimate International Exhibition for Logistics, Supply Chain, Freight and Cargo Industries, which will help exhibitors increase their market share in the Gulf, the Middle East, the Indian subcontinent and the CIS. (ANI)