Dubai Surpasses Goals and Targets $7 Trillion Trade Milestone

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Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced that the emirate of Dubai has exceeded its trade targets and is now aiming for AED25.6 trillion ($7 trillion) in the next decade.

Under the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has been working diligently to enhance its global trade and logistics services. The D33 Economic Agenda, launched by Sheikh Mohammed, aims to elevate Dubai among the top three urban economies globally, enhance economic and trade competitiveness, and broaden international trade horizons.

The volume of non-oil foreign trade reached AED2 trillion ($544.6 billion) in 2023, a year earlier than planned, showcasing the emirate’s resilience and ability to overcome global challenges. Dubai is committed to achieving its economic goals under the D33, with a focus on exceeding the total volume of foreign trade from AED14.2 trillion ($3.9 trillion) in the past decade to AED25.6 trillion ($7 trillion) in the next decade.

To support this growth, Dubai Customs has invested in advanced technologies, processing over 26.5 million customs declarations in 2023 – an 18% increase from the previous year.

The team, formed under Sheikh Mohammed Bin Rashid’s five-year plan, is focusing on doubling the value of non-oil foreign trade. Initiatives include a cross-border e-commerce platform utilizing blockchain technologies and an authorized economic operator program to facilitate secure trade exchange with countries like South Korea, China, India, Indonesia, and Gulf Cooperation Council countries.

Dubai Customs aims to simplify procedures, increase customs transactions, and advance digital customs services. Customer satisfaction, innovation in digital customs services, and adaptable customs policies are central to Dubai Customs’ strategy, contributing to increased foreign direct investment. With a 95.4% customer satisfaction rate, Dubai Customs remains dedicated to fostering sustainable economic development through robust communication and engagement initiatives.

Dubai’s success story continues to unfold, demonstrating its resilience, adaptability, and commitment to becoming a global economic powerhouse.

Source: Arabianbusiness.com

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