The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / WAM
Dubai’s non-oil foreign trade grew 2.7 percent to reach AED327 billion in the first quarter of 2017, compared with the AED318 billion in the same quarter of 2016, according to the data published by Dubai Customs.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, praised the growth in Dubai’s non-oil trade and noted that Dubai had once again proved its ability and readiness to overcome all challenges. “Dubai has been able to offset the impact of key challenges, including major currency fluctuations and slower global economic growth, increasing its non-oil foreign trade, as well as cementing
its position as a regional
and global business hub,” His Highness said.
“Dubai has achieved this growth thanks to the guidance of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. His vision for the future, along with several initiatives, such as Dubai 10X, which aims to place Dubai 10 years ahead of all other cities, and the ‘UAE Centennial Plan 2071’ have inspired a series of innovative and creative initiatives to boost the economy. These initiatives will also ensure the happiness of the people and make Dubai a global leader in many key sectors,” H.H. said.
“We seek to enhance the UAE’s competitiveness by developing commercial and customs services that will bring significant financial benefits to all those who choose Dubai as a hub for their operations,” Sheikh Hamdan added.
Imports accounted for the lion’s share of non-oil foreign trade at AED201 billion (3% growth), while exports accounted for AED35 billion and re-exports AED91 billion (5%).
The volume of Dubai’s external non-oil trade reached 24 million tonnes, while imports reached 15.84 million tonnes, re-exports 4.24 million tonnes, and exports 3.84 million tonnes.
Direct trade grew 3.5 percent to AED209 billion in the first quarter of 2017, while free zone trade accounted for AED108.5 billion. Customs warehouse trade grew 31 percent in the first quarter to reach AED9.1 billion, compared with the same period in 2016.
Meanwhile, Dubai’s non-oil foreign trade conducted through land transport grew 14.7 percent to reach AED61 billion in the first quarter, while sea trade accounted for AED118 billion, and air trade reached AED147.3bn, growing 1.1 percent.