Bloomberg/Simon Dawson

Economy

Dubai’s non-oil foreign trade reaches AED 1.3 trillion in 2018

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Dubai Customs said that trade through free zones in 2018 grew by 23 per cent to AED 532 billion.

Monday 11, March 2019 BY KUDAKWASHE MUZORIWA

Dubai’s foreign non-oil trade in 2018 reached AED 1.3 trillion despite US-China trade war and a global growth slowdown that has led to currency rate volatility in the emerging markets, according to local newswire, WAM.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council, said, “The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure.”

The Government is currently developing a virtual commercial zone, which will allow investors to open bank accounts and apply for e-residencies.

The Emirate’s recorded AED 757 billion in direct trade, while customs warehouse trade was AED 10.4 billion.

Additionally, re-exports grew 12 per cent to AED 402 billion, imports totalled AED 770 billion and exports AED127 billion.

Sultan bin Sulayem, the DP World Group Chairman, said, “Dubai’s non-oil foreign trade is flexible and agile enough to overcome different global economic crunches.”

China is Dubai top trading partner in 2018 with AED 139 billion worth of trade, followed by India with AED 116 billion and the USA in third place with AED 81 billion. 

 

TAGS : HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, US-China trade war, non-oil foreign trade, virtual commercial zone

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