Dubai free zone trade records 22% growth

Dubai / Emirates Business

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council (DFZ Council), noted that Dubai’s free zones have made a significant contribution to the growth of non-oil trade.
Free zone trade in Dubai hit AED394 billion in first nine months of 2018, accounting for 41 percent of emirate’s total trade during the same period and marking a growth rate of 22 percent. Imports amounted to 54.5 percent at AED215 billion, while exports and re-exports reached 45.5 percent at AED179 billion. Overall, free zones have generated 31.9 percent of Dubai’s GDP.
HH added that this growth is due to the efforts on the ground and promotional campaigns of the free zones to attract foreign direct investment to Dubai. He stressed that the achievements of the free zones testify to the emirate’s attracti- veness for investors and businessmen across sectors.
The Chairman of the DFZ Council pointed out that China topped the list of Dubai’s largest free zone trade partners in the first nine months of 2018 with a total trade volume of AED59 billion. Saudi Arabia came second globally and first in the Arab region with a trade value of AED34.2 billion, closely followed by India with AED34 billion. He noted that with more than 41,000 companies employing over 354,000 people, Dubai’s 24 free zones are key drivers of the emirate’s and the wider UAE’s economy.
His Highness praised the outstanding performance of Dubai’s free zones during the first nine months of 2018 and highlighted their role as important economic hubs and centres of foreign direct investment that are poised for growth and expansion.
He added that Dubai’s economy relies on the efforts of the free zones to diversify the national economy and explore the non-oil future in line with the objectives of the Dubai Plan 2021 to elevate the emirate’s global status in all aspects and to establish its economy as a major contributor to the global economy.