Dubai’s non-oil foreign trade hits Dhs966 billion

31/12/2015 06:07 AST

Dubai has managed to contain the impact of the instability of the global economic environment, marked by a decline in commodity prices and currency rates, to maintain a strong economic performance in 2015.

Despite the adverse impact of the recent downturn in oil and precious metals prices - including gold, Dubai’s non-oil foreign trade reached Dhs966 billion during the first nine months of 2015.

Imports had the biggest share of the overall trade with a value of Dhs597 billion while exports and re-exports totalled Dhs100 billion and Dhs269 billion respectively.

From January to September 2015, direct trade contributed Dhs603 billion of Dubai’s total foreign trade value; while free zones contributed Dhs340 billion and customs warehouses Dhs23 billion.

“Dubai has been exemplary in surmounting the impact of the trade and economic hardships the world is currently facing, thanks to the wisdom of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, and His Highness’s vision of diversifying the economic structure of Dubai to withstand and avoid being affected by sharp fluctuations witnessed across many key economic sectors globally,” Chairman of Ports, Customs and Free Zone Corporation (PCFC), and Chairman of DP World Sultan Ahmed bin Sulayem, commented.

“The foreign trade sector has enhanced Dubai’s capacity to build sustainable economic growth.

Alongside other economic sectors, particularly tourism, it has positioned Dubai as a leading global and regional trading and business hotspot, in spite of the general slowdown in the world economy,” he said.

Bin Sulayem further emphasised PCFC’s commitment to playing an active part in speeding up the shift to a digital, knowledge economy as per the vision of the UAE leadership.”Our goal is to be a driver of change by being creative, innovative and using modern ICT solutions to deliver great government services that would reinforce the competitive edge of the UAE in general and Dubai specifically, so as to continue striding towards Number 1 position in all spheres and giving people happier lives,” he said.

The Gulf Today