The 2024 iteration of fDi Intelligence’s flagship Global Free Zones of the Year Awards comes at a time of a fragmenting global economy, growing trade tensions and record levels of investment in free trade zones (FTZs) and special economic zones worldwide.

Countries are rolling out new FTZ regimes and programmes in their bid to attract foreign direct investment (FDI) from companies seeking to minimise risks and operating costs in a global economy beset by higher interest rates, inflation and conflicts disrupting global trade and supply chains. 

It is within this context that fDi set out to find the most successful free zones engaged in the best practices worldwide. Like in previous years, our global free zones rankings relied on responses to a 10-question voluntary survey. 

Submissions from 63 zones from across the world were assessed by a judging panel, which included five external judges and one from fDi (find out more about the judges here). As a reflection of the evolution of free zones, this year’s awards were adjusted to consider the specialisation of different free zones. 

The first category was Industrial zones, which have a focus on attracting manufacturing and logistics activities. Knowledge zones was the second category, covering those zones where the majority of tenants lease or acquire office space or other commercial space designed for the provision of services. Meanwhile, Innovation zones are those focused on creating environments to attract innovative companies across industries. The final category was Rising stars, which was reserved for zones that have been launched no earlier than January 1, 2022 regardless of specialisation. 

The survey also featured questions enquiring about the zones’ progress to net-zero emission targets and measures to improve governance and transparency to enhance trust within their zones. Scores were used from these questions to create a global ranking of the top sustainable free zones. 

Free zones are best judged against their peers in the same categories to reflect their specialisation and the types of companies and investment they seek to attract and support. Nonetheless, a global top 10 ranking was created as a reference to combine each of these four categories.

Jebel Ali Free Zone (Jafza), the UAE’s first ever FTZ, created back in 1985, ranked as this year’s top global free zone. In second place was Hamriyah Free Zone Authority in the Emirate of Sharjah. These two UAE free zones were the respective winner and runner-up of the global industrial zone awards.

Khalifa Economic Zones Abu Dhabi, another industrial zone located in the UAE, placed third overall and was the global runner-up in the sustainability awards behind Jafza. 

In overall fourth place came Coyol Free Zone in Costa Rica, the highest ranked zone in the Americas. Among zones in the Americas, it was followed by ZPE Ceará in north-east Brazil and Argentina’s Santafesina, which respectively placed eighth and ninth overall.

The highest placed zone in Asia-Pacific was The Nanning Area of the (Guangxi) Pilot Free Trade Zone in south-west China, which also was this year’s innovation zone of the year. The runner-up of the innovation zone of the year awards, Dubai Silicon Oasis, placed seventh overall.

DMCC was recognised as the top knowledge free zone globally, but slipped back in the overall global ranking to fifth, having held the top spot for nine consecutive years. The zone that placed tenth overall was Masdar City Free Zone, meaning six UAE free zones made it into this year’s top 10. 

Thames Freeport, located near to the UK capital London, was recognised as the top rising zone of the year. It was followed by China (Guangxi) Pilot Free Trade Zone Beihai Collaborative Development Zone.

Download the PDF to explore this year’s winners

Visit the online hub for the Global Free Zones of the Year 2024 awards

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This article first appeared in the October/November 2024 print edition of fDi Intelligence