Dubai’s non-oil foreign trade reaches AED1.3trn

DUBAI / WAM

Dubai’s external non-oil trade in 2018 reached AED1.3 trillion despite challenges facing global trade growth resulting from trade tensions between major economic powers and a global growth slowdown that has led to currency rate volatility in developing countries.
The latest trade figures show that Dubai is moving forward steadily as a leading international and regional trade hub that efficiently connects diverse international markets. The emirate’s overall trade performance reflects its status as one of the world’s best performing trade logistics service providers.
According to Dubai Customs, trade through free zones in 2018 grew by 23 percent to AED532 billion. Direct trade touched AED757 billion while customs warehouse trade weighed in at AED10.4 billion. Re-exports grew 12 percent to AED402 billion while imports totalled AED770 billion and exports AED127 billion.
HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, praised the trade sector’s performance in 2018 that enabled sustained growth in Dubai’s non-oil trade.
“The current growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter. The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we are committed to develop our government services so that we can become a world-class model for future governments based on knowledge, innovation and advanced AI applications. We are currently developing a virtual commercial zone, the first of its kind in the region, which will allow investors to open bank accounts and grant e-residencies according to the highest standards of international laws and regulations,” His Highness said.
Sultan bin Sulayem, DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, said, “Dubai’s non-oil foreign trade is flexible and agile enough to overcome different global economic crunches. Despite a number of challenges that world trade has been through in the last decade, Dubai’s trade grew 72 percent from 2009 and 2018, and the volume of goods in this period grew 44 percent. This again reflects Dubai’s ability
to attract global trade and investments and to keep up with changes, especially the rise of Asia and China
as a global export hub. Dubai is a
very important link in this global activity. Our international network of ports and free zones in different countries coupled with Dubai’s leading airline network have helped the emirate in its journey towards more success and progress.”