Ajman free zones witnessed an increase of 18% year-on-year (YoY) in net profit in the first half of 2024, thanks to the efforts of the Free Zones Authority of Ajman in bolstering the emirate's economic diversification strategy and stimulating investment and trade in the emirate, reported Wam.

The authority recorded a 70% growth in the number of companies operating in the emirate, with an overall occupancy rate of 96% over the past six months, stated the report, citing a top official.

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

“They 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,” stated Sheikh Ahmed.

Sheikh Abdulaziz bin Humaid Al Nuaimi, Vice Chairman of the Board of Directors of the Authority, affirmed that these 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 world-class 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.