The 50 initiatives, recently launched by the UAE Government, will boost the nation’s economy
In his recent quarterly meeting with the business groups in Dubai as part of the Dubai Customs Consultative Council, Ahmed Mahboob Musabih, CEO, Ports, Customs and Free Zone Corporation, Director General of Dubai Customsstated that the 50 initiatives, recently launched by the UAE Government, will boost the economy, attract new investments and considerably augment trade activity.
The initiatives will be the cornerstone of growth as the country marks 50 years since unification. Bold targets were set for the projects including 10% increase in exports to 10 global markets, raising mutual trade with certain markets by AED 40bn (US$ 10.9bn) annually, creating economic opportunities to attract AED 550mn (US$ 149.75mn) of foreign investments in 9 years.
Musabih confirmed Dubai Customs’ commitments to contribute to the 50-project initiative thanks to its smart services and customs facilities that enhance business activity, reduce cost on companies and increase their revenues.
Robust economy
“Dubai Customs completed more than 12.7mn customs declarations in the last eight months, which reflects a robust economy and heralds a quick recovery from the pandemic,” affirmed Musabih, as he addressed heads and representatives of Dubai Business Groups.
More than 99% of these transactions were completed through Dubai Customs smart systems and channels. We expect Dubai non-oil external trade to keep the momentum of growth in the next years to hit the AED 2tn (US$ 544.5mn) target following the directives of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
In the meeting, efforts and plans to contribute to the AED 2tn (US$ 544.5mn) target were discussed. These included the development of Authorized Economic Operator, which now runs 74% of customs transactions, and Dubai Trade platform, which is integrated with EXPO.
It is estimated that 21.6mn transactions will be completed through Dubai Trade in 2022. New trade routes will be launched. Other initiatives, such as the World Logistics Passport and Traders’ Market will further facilitate and enhance trade activity.
Dubai—global logistics platform
Participants also discussed the Dubai e-commerce strategy, which aims to foster Dubai as a global logistic platform, with expectations for e-commerce to contribute AED12bn (US$ 3.27bn) to the GDP by 2023.
Ramy Zaki, Chairman, Multinational Companies Business Group, discussed the importance of more cooperation between the private and public sectors to create more opportunities.
Ravi S Kuchimanchi, President of the Supply Chain & Logistics Group, talked about Dubai’s dynamic role in containing the spread of the pandemic and the new global trends including automation of procedures, which was further necessitated by the pandemic.
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