Wednesday 1 February 2023

Sheikh Hamdan ... growth despite global slowdown

Dubai non-oil foreign trade hits $347bn in 2016

DUBAI, March 16, 2017

Dubai's non-oil foreign trade in 2016 reached Dh1.276 trillion ($347 billion), rising 70 per cent from Dh754 billion in 2009, said Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

“We have achieved this growth despite the world credit crunch in 2008 that hit the world’s economies. The achievement underscores the emirate's strong standing in the global trading landscape,” added Sheikh Hamdan, who’s also the chairman of the Dubai Executive Council.

Imports took the lion’s share at Dh803 billion, while re-exports and exports accounted for Dh330 billion and Dh143 billion respectively.

While China maintained its position as Dubai's leading trading partner with Dh166 billion in two-way trade (13 per cent of total trade), India came second at Dh94 billion (7.4 per cent of total trade), followed by the US at Dh86 billion (6.7 per cent of total trade).

Saudi Arabia maintained its position as the top Arab and GCC trading partner and fourth globally with Dh52 billion (4.1 per cent) of total trade. Germany stood fifth at Dh50 billion (3.9 per cent of total trade).

Sheikh Hamdan said Dubai was able to diversify its foreign trade despite fluctuations in international trade in 2016, the slump in global markets and the decline in basic commodity prices.

“Thanks to the wise vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, we are moving swiftly towards a ‘post-oil UAE’. We are further diversifying our economy and attracting more investment,” the Dubai Crown Prince further said.

Sheikh Hamdan pointed out that the economic diversification strategies of Dubai and the UAE are achieving their goals, underscoring the country's economic resilience and its ability to adapt to fluctuations in international markets.

"Dubai's trade sector continues to demonstrate strong performance and significantly contributes to the country's economic growth. We will be a very successful host of Dubai Expo 2020. Dubai is transforming itself into the world's smartest city and a knowledge-based economy as well as leading the UAE's transition into a post-oil economy" the Dubai Crown Prince said.

He explained that after the leadership announced its post-oil plans, trade would play a crucial role in the national economy, supported by the country's highly efficient infrastructure.

In 2016, Dubai further boosted its international and regional position and was able to turn challenges into opportunities by swiftly moving into the knowledge based economy to provide the best advantages for traders and investors who choose the emirate for their business. Dubai saw an 8.2 per cent surge in the total bulk weight of traded goods in 2016, rising to 92 million tons of commodities from 85 million in 2015.

Direct trade amounted for Dh830 billion (65 per cent of Dubai’s total trade), followed by free zone trade at Dh411.44 billion (32 per cent), and customs warehouse trade at Dh34.76 (3 per cent).

In terms of shipment and freight transport, air cargo accounted for Dh592 billion representing 46 per cent of Dubai’s total trade while sea freight contributed Dh452 billion (35 per cent), and inland trade Dh232 billion (18 per cent).

The growth in trading of mobile phones and communication devices was a key feature of Dubai's diversified foreign trade. Phones and communication devices represented the most traded commodity with a total value of Dh167 billion representing approximately 13.1 per cent of Dubai’s total trade. Gold came second at Dh156 billion (12 per cent), followed by diamonds at Dh97 billion (7.6 per cent), and jewellery in fourth place at Dh63 billion (4.9 per cent). Automobiles came fifth accounting for Dh60 billion (4.7 per cent).

DP World Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation Sultan Ahmed bin Sulayem said Dubai has once again demonstrated its great capacity to cope with and make the best of the ups and downs of global trade, focusing on the thriving sectors of ICT products and smart devices and staying ahead of the game in the race towards becoming the world's smartest city.

"The ambitious goals of UAE Vision 2021, Dubai Plan 2021 and the approaching Expo 2020 are propelling us to continue raising Dubai's global competitiveness through the introduction of innovative solutions for handling the surging demand resulting from Dubai being a hub for global trade at the crossroads of East and West. Following the wise directives of His Highness Sheikh Mohammed bin Rashid, we will be able today to apply what other countries will apply after 10 years. The Dubai X10 initiative that was launched by His Highness at the World Government Summit will see us work even harder towards more excellence and greater achievements” said Bin Sulayem.

Bin Sulayem pointed out that Dubai Customs provides the latest technologies to make it easier for its clients to do their business in and from Dubai and to help the emirate become the smartest city.

“Innovations and services such as the Smart Workspace, Jawab service, and many others will help make that happen,” Bin Sulayem explained. – TradeArabia News Service


Tags: DP World | non-oil | Sheikh Hamdan | Bin Sulayem | Dubai foreign trade |

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