Middle-east Arab News Opinion | Asharq Al-awsat

Dubai non-Oil Trade Grows by 17% during H1, 2016 | ASHARQ AL-AWSAT English Archive 2005 -2017
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The view from the observation deck located on the 124th floor of the Burj Dubai Tower shows a shadow cast by the Tower on the city of Dubai below, January 4, 2010.

REUTERS/Ahmed Jadallah

Dubai has announced that its non-oil foreign trade grew by 17% during H1, 2016. The city added up to AED647 billion from January to June 2016. Imports had the biggest share at AED401 billion, while exports and re-exports accounted for AED74 billion and AED172 billion, respectively.

Sultan Ahmed Bin Sulayem, DP World Group chairman and CEO and chairman of Ports, Customs and Free Zone Corporation said that despite the general slowdown in world economy, lower commodity prices and the slump in oil prices, Dubai has succeeded in attracting more foreign merchants and investors due to its developed infrastructure and the remarkable partnerships between the public and private sectors.

Bin Sulayem added that His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown Prince of Dubai and chairman of the Executive Council stressed on the huge mission Dubai Customs is expected to handle in the coming stage by prioritizing the development of services and providing commercial and customs facilities to respond to the requirements of Expo 2020.

According to a report issued by Dubai Customs, Dubai has topped the region as a leading global and regional IT trading hotspot, smart, mobile and fixed phones made up the biggest chunk of the commodities traded through Dubai’s borders in H1 2016, with a total value of AED84 billion, whilst computers amounted to AED20 billion.

Dubai’s foreign trade of automobiles had a AED30 billion share; petroleum oils worth of AED21 billion were traded across Dubai during the first six months of this year; Gold represented AED75 billion of Dubai’s total foreign trade and diamonds reached AED51 billion worth of trade, while jewelry was valued at AED34 billion.

The Director of Dubai Customs, Ahmed Mahboob Musabih, expressed Dubai Customs commitment to tailoring new projects and initiatives that respond to customers’ expectations and eases their works according to the best global standards adopted in the international customs around the world.

According to the same report, China is Dubai’s primary trading partner in the first half of 2016 with a bilateral trade worth USD21.52 billion, followed by India with USD13.1 billion; and the United States with USD11.71 billion.

Saudi Arabia was Dubai’s fourth biggest trading partner globally in the first half of 2016 and first in the Arab world, with bilateral exchange reaching USD7.36 billion.

Moreover, a substantial increase of 49% in trade value was recorded between Switzerland and Dubai.

Direct trade was the main component of Dubai’s foreign trade in H1 2016, standing at AED420 billion. Free zones and customs warehouses contributed AED211 billion and AED16 billion, respectively. In terms of modes of cargo conveyance, AED300 billion worth of goods were conveyed by air, AED233 billion by sea and AED113 billion of cargo value was carried by land.

Saudi Arabia has topped Dubai’s trade partners among the GCC and Arabic countries; their bilateral trade reached AED27.4 billion (USD7.4 billion). Oman was the second partner with AED11.3 billion (USD3 billion), followed by Kuwait with AED10.73 (USD2.9). Finally, bilateral trade with Qatar reached AED8.76 billion (USD2.3 billion).