Dubai trade wins despite global slowdown
Dubai’s economy is among the most resilient ones in the world with 5 percent yearly increase in non-oil trade. This is mainly due to the ability of the UAE to adapt to change and also flexible business models. These two factors offset the effects of global slowdown.
According to Dubai Customs, Dubai is a city with strong competitiveness. Also, its trade-friendly policies has made its economy among the best ones despite geopolitical tensions.
Official data showed that non-oil trade sector of Dubai increased to Dh676 billion this year. However, it was Dh644 billion in the same period last year.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, thinks this success is due to Dubai’s ability to generate fresh growth opportunities even in such challenging situation.
According to him, the sustainable growth of Dubai is the result of its responsiveness to needs of investors and also businesses.
The backdrop in the global economy is the result of regional tensions and the global trade war. Actually, this is the most challenging time in global economy ever. Sultan bin Sulayem, group chairman of DP World and chairman of Ports, has said that Dubai can be positive about the future of its economy. This is because the foreign trade sector of Dubai witnesses an upward trend.
Besides, he believes that the success of Dubai in non-oil foreign trade shows the resilience and appeal of Dubai’s economy. It turns Dubai into an important trading hub in the region and also world.
China is the top partner of Dubai. In fact, non-oil trade with China had a growth of 4 percent to Dh71 billion. Moreover, trade with India showed a 20 percent growth to Dh67 billion. However, the trade with the US witnessed a 1 percent decline to Dh39 billion.
The largest Arab partner of Dubai was Saudi Arabia. It was ranked fourth in the world with Dh27.7 billion that was followed by Switzerland with Dh26.5 billion.
Nimish Makvana, president of the Indian Business and Professional Council, has talked about Indian and UAE leadership in the past five years. In fact, their leadership have had an important role through bilateral visits and different agreements. These agreements have been in areas such as energy, power, infrastructure, and service for the economic growth.
Also, it should be said that trade between the two countries is growing and it will increase. Dubai is a very strategic location where businesses are in a very good status.
The confidence and trust on Dubai’s economy will lead to much more growth. This is because there are many expectations from 2020.
Official data has showed that the trade of gold, jewellery and diamonds grew 3 per cent to Dh180 billion. The second-largest contributor was telecom with Dh79 billion trade. Moreover, trade in the sector of petroleum oils was doubled to Dh48 billion. Automobiles also formed Dh33 billion of the total trade.