Dubai World Trade Centre Authority (DWTCA) has recently expanded its free zone jurisdiction to incorporate One Za’abeel, a prestigious mixed-use development project developed by Ithra Dubai, a wholly owned subsidiary of the Investment Corporation of Dubai (ICD). This iconic two-tower project, featuring a unique horizontal connection showcasing one of the world's largest cantilevers, has now been seamlessly integrated into the Dubai World Trade Centre Authority’s Free Zone through the enactment of Decree No. 18 of 2024 by His Highness Sheikh Mohammed bin Rashid Al Maktoum.
Issam Galadari, Director of One Za’abeel Holdings, emphasized the strategic significance of One Za’abeel, stating, “One Za’abeel stands at the intersection of Dubai’s busiest business and commercial hubs. Its strategic location, established digital infrastructure, efficient user experiences, and commitment to intelligence and sustainability define this luxurious icon as a focal point for enterprise and prosperity.”
Galadari further highlighted the advantages of joining the Dubai World Trade Centre Authority’s Free Zone, remarking, “Becoming a part of the Dubai World Trade Centre Authority’s Free Zone further benefits the tenants of One Za’abeel The Offices and its forthcoming retail Podium, offering them continued opportunity to grow and solidify their presence in this thriving business community.”
ICD, the developer behind One Za’abeel, a prominent Dubai-based wealth fund, achieved a remarkable milestone by generating a net profit of Dh60.8 billion last year, marking its highest ever profit. The group, which also owns Emirates Group and Emirates NBD, reported record revenues of Dh310.2 billion, representing a 16% increase equivalent to Dh42.8 billion compared to the previous year. This exceptional performance was primarily attributed to increased passenger traffic in transportation, asset growth, and higher interest rates in banking and financial services, as outlined in a company statement released recently.
According to the earnings statement issued on Wednesday, the company's net profit attributable to the equity holder surged by 69% to Dh50.3 billion.
Abdalla Al Banna, VP of Free Zone Regulatory Operations at Dubai World Trade Centre Authority, expressed, “The expansion of our jurisdiction to encompass One Za’abeel within the Free Zone solidifies our standing as a core hub for commerce and enterprise in the heart of Dubai’s Central Business District. This development directly benefits businesses and SMEs, playing a vital role in advancing the objectives outlined in Dubai's Economic Agenda D33.”
One Za’abeel
One Za’abeel The Offices is home to 26,000 sqm (280,000 sq ft) of office space, amenities, and services.
Located across 17 levels of the development, The Offices offer tenants access to retail, dining, hospitality, and other services. One Za’abeel’s retail Podium will open its doors later this year. DWTCA’s Free Zone tenants include Fortune 500 companies and SMEs.
“Home to companies across over 40 diverse sectors, DWTCA is committed to a seamless business set-up experience for every tenant. This is enhanced by a unique market proposition with a key focus on offering tailor-made services to meet wide-ranging tenant requirements,” it said in a statement.
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