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Hamdan bin Mohammed: Growth demonstrates Dubai's ability to discover and employ opportunities despite the challenges of global trade

2019-10-05T22:05:25.215Z

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said that the continued growth of the foreign trade sector is a strong indicator, which shows Dubai's ability to monitor, discover and activate opportunities even in times of difficult global trade.



His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said that the continued growth of the foreign trade sector is a strong indicator, which shows Dubai's ability to monitor, discover and activate opportunities even in times of difficult global trade. Thanks to the vision of the wise leadership and its continuous motivation to overcome all obstacles, and the ensuing plans, strategies and practical steps, it promotes the approach of economic diversification and supports its tributaries and key sectors, the most important of which is the trade sector which forms one of the pillars of our national economy.

His Highness's remarks came on the occasion of the issuance of performance indicators for the first half of 2019, which showed that Dubai's non-oil foreign trade achieved a record jump in its total volume, with a growth in the quantity of goods by 31%, reaching a weight during this period to about 56 million tons, compared to 43 Dubai's foreign trade grew by 5% to AED 676 billion, compared to AED 644 billion for the same period last year.

Performance indicators

In detail, performance indicators for the first half of 2019 showed that Dubai's non-oil foreign trade achieved a record jump in its total volume with a 31% growth in the volume of goods, reaching a weight of 56 million tons during this period, compared to 43 million tons in the first half. From 2018.

The value of Dubai's foreign trade also recorded strong growth, rising by 5% to AED 676 billion, compared to AED 644 billion for the same period last year. This foreign trade sector culminated in the exceptional growth achieved in the value of foreign trade compared to the first half. From 2009, up to 87%.

Foreign Trade

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said: “The continued growth of the foreign trade sector is a strong indication of Dubai's ability to monitor, discover and activate opportunities even in times of difficult global trade. With the vision of wise leadership, and continuous motivation to overcome all obstacles, and the subsequent plans, strategies and practical steps that promote the approach of economic diversification and support its tributaries and key sectors, and most importantly the trade sector, which is one of the pillars of our national economy.

He added: “Our efforts continue to develop government services to improve performance in all economic sectors. The introduction, in line with the rapid movement in the establishment of the Dubai Silk Line, to achieve a qualitative leap in Dubai's vital role by linking regional and global markets, which enhances the capabilities of our business sector, during the next phase ».

His Highness explained that «the continuous development measures followed by Dubai in order to upgrade the capabilities of its commercial sector directly contribute to the promotion of global trade, starting from its position as a main link for trade movement around the world, thanks to the flexibility of the Dubai economy and its ability to respond to the global changes surrounding and interact with The challenges in a way to overcome them and even turn them into opportunities, in addition to the unique Dubai to fully understand the requirements of its partners and keen to meet their needs and create all the conditions that ensure them the highest levels of success ».

HH the Heir Apparent highlighted the diversity of the trade portfolio which not only reflects the strengths of Dubai in the traditional sectors of its foreign trade, but also highlights the strong rise of the emirate on the indicators of trade exchanges related to technology, which reinforces the trends to confirm Dubai's status as a center for development and innovation and a smart city. "It is consolidating its leadership in advancing global trade."

Exceptional achievements

The results of the first half of this year highlight that Dubai has succeeded in transforming the challenges facing the global trade movement into extraordinary achievements in its foreign trade, demonstrating the progress of the sector in the race of regional and international competitiveness, and its ability to attract traders and investors from all over the world, to benefit from Dubai's exceptional advantages and quality services are aimed at facilitating global trade.

Exports advanced to record the highest levels of growth among the components of Dubai's foreign trade, where the growth in the volume of exports in the first half of 2019 about 46%, amounting to 10 million tons. The value of exports increased by 17% to reach 76 billion dirhams, while the growth in re-export volume reached 39% to reach 9 million tons. The value of re-exports increased 3% to AED 210 billion from AED 204 billion. Imports grew by 26 per cent to 38 million tonnes and increased by 4 per cent to 390 billion dirhams.

Free Zones

Dubai's foreign trade through free zones grew strongly by 12% to reach AED 287 billion, an increase of AED 31 billion, while the value of direct trade amounted to AED 386 billion, and customs warehouses trade amounted to AED 4 billion. The value of airborne trade in the first half of 2019 amounted to about 311 billion dirhams, achieving a growth of 3% compared to the first half of 2018.

The value of trade transported by sea reached 252 billion dirhams, a growth of 6%, and the value of trade carried by road, 114 billion dirhams, a growth of 8%.

The power of the economy

“This growth once again confirms the strength and resilience of Dubai's economy,” said Chairman and Chief Executive Officer of DP World Group and Chairman of Ports, Customs and Free Zone Corporation. We have seen an increase in imports, exports and re-exports, which is good evidence that trade in our region is still active. Overall, we remain optimistic about our outlook for Dubai's foreign trade, especially as preparations for Expo 2020 Dubai accelerate. ”

He pointed out that the rising performance of the foreign trade sector leads to optimism about the bright future of the national economy, adding: «We offer global trade competitive advantages, making us at the forefront of countries able to overcome the sharp fluctuations and ongoing turmoil as a result of the escalation of trade war, which makes traders and investors From all over the world, we are keen to increase the volume of their business operations through Dubai, to take advantage of our distinctive capabilities in connecting the regional and international commercial markets thanks to the global network of DP Worldwide, in addition to the wide spread of destinations UAE, what we can transform Dubai line silk to the head of the artery to expand trade across the world. »

Bin Sulayem added: “We are keen to achieve further development in our commercial capabilities, guided by the guidance of our wise leadership to harness and use technology, innovation and work from the field, to improve the level of services provided to traders and investors to provide them with real added value from their choice of Dubai as a destination for their business operations, and to achieve this goal initiated by customs Dubai launches '7-Star Centers' project to increase the efficiency and classification of customer service centers according to the international star rating system to reach the provision of seven-star quality services.

Bin Sulayem said: “We are completing the strategy of processing and developing our services to provide the best commercial and customs facilities in general, and to the participants in (Expo 2020 Dubai) in particular, through a smart channel to clear the shipments coming to the exhibition within a record time of completion and the best quality levels, and to keep abreast of this global event. "Dubai Customs will organize the 5th World Congress of the Accredited Economic Operator Program, the first of its kind in the region, hosted by Dubai from 10 to 12 March 2020, in cooperation with the World Customs Organization and the Federal Customs Authority."

He pointed out that the strategy of developing customs services has resulted in Dubai Customs getting 98% customer satisfaction for these services, according to the Dubai Smart Index, which reflects the efficiency and effectiveness of the services provided.

Main Markets

Dubai has succeeded in promoting diversification in the main markets of its foreign trade, despite the intensification of the trade war between the global economic powers and the rapid change in the composition of international markets. China has topped Dubai's first trade partner.

Dubai's trade with China amounted to AED 71 billion, growing by 4%, followed by India in the second trade partner center, with Dubai trade with it about 67 billion dirhams, a growth of 20%, followed by the United States of America in the third trade partner and the value of trade The Kingdom of Saudi Arabia was the first trade partner in the Gulf, the Arab world and the fourth in the world.Trade value with the Kingdom amounted to about 27.7 billion dirhams, while Switzerland was the fifth largest trading partner in the world, with a trade value of 26.5 billion dirhams.

Trade with Asia

In the first half of 2019, trade with Asia grew by 6% to reach AED 415 billion, followed by Europe, with a trade value of around AED 120 billion, followed by Africa. Dubai's trade witnessed a strong growth of 22% to reach AED 81 billion, followed by North America with a trade value of AED 45 billion, followed by South America. Trade with Oceania, including Australia, grew by 7 percent to 7 million RAT AED.

Communication and gold

Dubai has established a leading role in the global markets for smart communications technology, where smart phones topped the forefront of goods in Dubai's foreign trade. Dubai's gold, diamond and jewelery trade in the first half of 2019 reached AED 180 billion, an increase of 3% compared to the first half of 2018.

Petroleum oils

The trade in petroleum oils more than doubled to reach AED 48 billion and Dubai's foreign trade in cars reached AED 28.3 billion.

Free zone trade sees strong growth of 12% to AED 287 billion

Saudi Arabia is the first trading partner in the Gulf and the Arab world and the fourth in the world with a total of 27.7 billion dirhams.

Asia tops list of trade partners, trade with India growing by 20%. China is the number one partner in the world with a trade value of 71 billion dirhams.

180

Total trade in gold, diamonds and jewelery grew by 3%.

Source: emara

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