By reaching double-digit growth in external non-oil trade during the first quarter of 2021, Dubai’s economy once again demonstrated its flexibility and aptitude to recover swiftly from the global impacts of the Covid-19 pandemic.
Dubai’s foreign trade surged 10 per cent during the January-March 2021 quarter and reached at Dh354.4 billion compared to Dh323 billion in the same period last year, disclosed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai.
“His Highness Sheikh Mohammed bin Rashid laid the foundations of a strong economy characterised by flexibility and the ability to deal efficiently with the surrounding variables to transform crises into opportunities,” Sheikh Hamdan tweeted.
External trade impressive resilience In a statement, Sheikh Hamdan said, “This remarkable growth will get us closer to the ambitious target of Dubai’s five-year strategy to raise the value of external trade to Dh2 trillion and consolidate its position as a bridge connecting regional and international markets by constantly enhancing its infrastructure and logistics services”
Dubai leads global trade “Dubai recovered quickly from the repercussions of the current global crisis and has resiliently grown its trade, spurred by its strong investments and advanced technological capabilities, which enabled it to continue its global trading activities during what has been a testing time.” Sultan bin Sulayem, DP World Group chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, said.
Direct trade dominates According to official data, direct trade surged 15 per cent during the quarter and reached at Dh217 billion while trade through free zones rose two per cent to Dh135 billion Customs warehouse trade weighed in at Dh2.3 billion, reflecting a growth of 23 per cent.
“Furthermore, by hosting Expo 2020, ‘the world’s greatest show’, Dubai will make a significant contribution to the recovery of the global economy and help it move towards prosperity again,” Sheikh Hamdan added.
Source : www.khaleejtimes.com