Dubai’s non-oil foreign trade rises to $272bn as the continue work on the first ever virtual trade zone

Dubai’s non-oil foreign trade rose 6 percent during the first nine months to pass AED1 trillion ($272 billion), according to new official figures.

Dubai’s external trade rose to AED1.02 trillion compared to AED966 million in the same period in 2018, state news agency WAM reported on Saturday.

Exports rose by 23 percent to AED118 billion, re-exports grew by 4 percent to AED312 billion, and imports rose 3 percent to AED589 billion.

“The strong performance of Dubai’s foreign trade reflects the robust fundamentals of our economy and prepares us to take advantage of the new opportunities that will come in 2020 – the year that will mark a new push for transformational growth over the next 50 years,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council.

“We are confident our external trade sector will continue its strong growth momentum. Government teams are going above and beyond to develop new initiatives that will fast-track our trade growth. These include the Dubai Silk Road project, which will enhance Dubai’s position as a leading trade and logistics hub.

“We are working on a virtual trade zone, the first of its kind in the world, which will considerably boost the development of e-commerce regionally and globally. All our various achievements will also enable us to host an exceptional EXPO 2020 and accelerate our growth and progress beyond the event.

Credit: ArabBusiness