Dubai Airport Free Zone has bucked the trend to report a 48 per cent increase in net profit.

It has also posted 49 per cent increase in revenue in the first quarter of this year compared to the same period last year, according to a report in our sister newspaper Gulf Daily News.

Dubai Airport Free Zone director general Dr Mohammed Al Zarouni said the compamy has attracted a big number of major Japanese companies.

'The Japanese sector at the free zone enjoyed a 130 per cent increase in one year.

He expected the positive growth rate experienced 'to continue for the rest of the year.'

Dr Zarouni said that an extra 5,000 sq/m of office space was leased during the period when 10 existing companies at the free zone extended their offices.

'Occupancy rates of spaces allocated for industrial units at the free zone had also reached 100 per cent.

'We are working hard to consolidate the achievements and performance and try our best to further improve our bottom line,' said Dr Al Zarouni.

He attributed the positive development to ongoing search by European and US companies - which were hit hard by the financial crisis - for new markets and opportunities which the Gulf and Middle East regions represent.

'The number of European companies operating in the free zone setting up with their regional offices is more than 35 per cent of the total number of companies at the moment.

'While the American companies and others from the GCC represent 18 and 16 pc respectively,' he said.

'Though it is true that the financial crisis affects overall global economic activity adversely, the free zones can benefit from this situation and create positive opportunities by offering flexible incentives that meet the needs of these companies targeting regional markets, especially after experiencing low demand for their products and services in their own countries,' Dr Zarouni said.

He said that Dubai Airport Free Zone spares no effort and applies a new, more flexible approach to preserve the achievements related to rates of growth, through offering a variety of services and facilities to investors.

'For instance we offer one- full package for one time charges, without any additional costs or extra expenses'

Dr Al Zarouni said that the increase revenues and net profits in the first quarter of the current year and also the increase of Interest from a number of multi-national companies increases the possibility of us achieving overall excellent results by the end of this year.

Dr Al Zarouni said the strong performance achieved by Dubai Airport Free Zone during the first quarter of this year 'Is due in large measure to unlimited support from Dubai Government and its leaders whose role was seen by business experts as vital in curbing the effects of the financial crisis and to reduce its impact.'

He called for doubling of efforts at various levels in terms of customer focus, and taking into account the circumstances and conditions in terms of their performance and their growth rates. In addition to a renewed focus on customer support at this crucial economic stage in order 'to achieve the principle of strategic partnership.'

He said that the growing number of European and American companies in the free zone constantly encourages us 'to intensify our efforts in these markets and try to attract more of them.