Dubai Customs Reports Free Zone Trade Growth
The latest reports released by Dubai Customs reveals an impressive 23 percent growth in free zone trade for 2018, reaching a total of AED532 billion. Total non-oil trade for 2018 was reported at AED1.3 trillion, confirming the strong position Dubai is steadily maintaining as an international and regional trade hub leader.
“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,” said His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council.
“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,” he added.
Additionally, airborne trade saw an increase of 3.2 percent, sea trade was reported with a 3.4 percent increase, and land trade was reported at AED205 billion. Advanced communication technologies, such as phones were reported as the top commodity in Dubai, and China and India remained the region’s largest trading partners.
“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% from 2009 and 2018, and the volume of goods in this period grew 44%. 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,” concluded Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation.