(MENAFN- Khaleej Times) Dubai aims to position itself among the top three urban economies worldwide, having achieved its trade goals ahead of its set timeline, and has set a new trade target of achieving Dh25.6 trillion over the next decade.
Dubai's non-oil trade reached Dh2 trillion in 2023, a year ahead of schedule. This achievement underscores Dubai's unique business approach. Despite global challenges to supply chains, the emirate has shown resilience, enhancing competitiveness and positioning itself as a leader in global trade transformations.
The non-oil trade boom recorded by Dubai is in line with the overall foreign trade surge of the UAE. In 2023, the UAE's non-oil foreign trade value surpassed Dh3.5 trillion in 2023 for the first time in the country's economic history despite the global downturn in international trade movement, according to reports by the United Nations Conference on Trade and Development.
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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, in a statement reiterated Dubai's commitment to bolstering its status as a premier global trade and logistics hub. Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Economic Agenda D33 and trade competitiveness, and broadened its international trade horizons.
“The exceptional performance of the non-oil foreign trade sector and the continued momentum achieved by this vital sector in Dubai strengthens its position as a pivotal starting point for trade to various regional and global markets, and as a major centre of attraction for traders and businessmen,” Sheikh Hamdan said.
“For businesses and companies wishing to expand their activity in the region and beyond, Dubai provides unmatched advantages in terms of its strategic location at the crossroads of global trade, transparency in commercial processes, and world-class facilities that translate into immense ease of doing business,” he added.
Non-oil trade
The Dubai Crown Prince underscored the stupendous growth recorded by Dubai in terms of non-oil trade as a testament to its distinctive business ethos.“Dubai's non-oil foreign trade reached Dh2 trillion in 2023, a year earlier than planned. This showcases the emirate's resilience and its ability to overcome the global challenges facing supply chains, enhance its competitiveness, and lead future transformations in the global trade scene, to continue achieving the goals of its economic agenda,” he said.“Dubai is steadfast in achieving its economic goals under the D33, elevating the total volume of foreign trade from Dh14.2 trillion in the past decade to Dh25.6 trillion in the next decade.”
Dubai has further bolstered its rapid non-oil foreign trade growth with a flurry of successful investments in advanced technologies for Dubai Customs. The department processed more than 26.5 million customs declarations in 2023, marking a historic high compared to 22.5 million declarations in 2022, representing an 18% growth. Additionally, a 15 per cent jump was recorded in the volume of goods traded by land in 2023, besides a growth of 9 per cent in goods transported by air, and 8 per cent by sea.
Sultan bin Sulayem, DP World Group Chairman & CEO, and Chairman of Ports, Customs and Free Zone Corporation, emphasised that, following the unveiling of the five-year plan by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, the immediate response was the formation of a team under his leadership and the initiation of an ambitious programme.
Dh2 trillion by 2025
This programme aims to achieve Dubai's target of Dh2 trillion by 2025, focusing on doubling the value of Dubai's non-oil foreign trade (including exports, imports, and re-exports). The team comprises strategic partners of Dubai Customs, representing both government and private entities, with the objective of studying current conditions and proposing and implementing various initiatives – be they incentive-driven, legislative, or logistical. The ultimate objective is to enhance Dubai's competitiveness and solidify its strategic position in global trade, seamlessly connecting the world's north, south, east, and west.
Ahmed Mahboob Musabih, director general of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation, said,“Dubai Customs has gone above and beyond to enhance growth in Dubai's international trade through the provision of outstanding services and facilities. Operating digitally around the clock, our systems handle approximately 85,000 transactions daily, a number poised for growth given the booming trade in Dubai and the influx of trading companies setting up bases in the city. Our commitment to being a fully paperless entity underscores our leadership in smart transformation and digital empowerment, with 100 per cent of customs transactions now conducted through intelligent systems, achieving a remarkable 98 per cent customer satisfaction rate.”
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