Dubai is striving to become one of the top three urban economies globally, surpassing its trade objectives ahead of schedule. Now, it’s aiming even higher with a new target of Dh25.6 trillion over the next decade. In 2023, Dubai’s non-oil trade hit Dh2 trillion, a year earlier than anticipated, highlighting its innovative business strategies. Despite global supply chain hurdles, the emirate’s resilience has bolstered its competitiveness and solidified its position as a frontrunner in global trade evolution.
Dubai’s remarkable surge in non-oil trade mirrors the broader trend of increased foreign trade across the UAE. In 2023, the country’s non-oil foreign trade value exceeded Dh3.5 trillion, marking a historic milestone despite the global downturn in international trade movements, as reported by the United Nations Conference on Trade and Development.
In a statement, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, reiterated Dubai’s commitment to enhancing its stature as a premier global trade and logistics hub. Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai has pursued the Economic Agenda D33 to boost trade competitiveness and expand its international trade horizons.
Sheikh Hamdan emphasized, “The exceptional performance of the non-oil foreign trade sector and the sustained momentum achieved by this vital sector in Dubai strengthens its position as a pivotal starting point for trade to various regional and global markets, and as a major center of attraction for traders and businessmen.”
He added, “For businesses and companies seeking to expand their operations within the region and beyond, Dubai offers unparalleled advantages due to its strategic location at the intersection of global trade routes, transparent commercial procedures, and top-notch facilities, resulting in significant ease of conducting business.”
Non-oil Trade
The Dubai Crown Prince emphasized the remarkable growth achieved by Dubai in non-oil trade as a testament to its unique business philosophy. “Dubai’s non-oil foreign trade surpassed Dh2 trillion in 2023, a year ahead of schedule. This underscores the emirate’s resilience and its capacity to surmount global supply chain challenges, enhance competitiveness, and spearhead future transformations in the global trade landscape to realize the objectives of its economic agenda,” he stated. “Dubai remains unwavering in its pursuit of economic goals under the D33, aiming to elevate the total volume of foreign trade from Dh14.2 trillion in the past decade to Dh25.6 trillion in the next decade.”
Dubai has significantly enhanced its rapid non-oil foreign trade growth through a series of successful investments in advanced technologies for Dubai Customs. In 2023, the department processed over 26.5 million customs declarations, marking a historic high compared to 22.5 million declarations in 2022, reflecting an 18% increase. Additionally, there was a notable 15% rise in the volume of goods traded by land, along with a 9% increase in goods transported by air and an 8% rise by sea.
Sultan bin Sulayem, DP World Group Chairman & CEO, and Chairman of Ports, Customs and Free Zone Corporation, emphasized that in response to the five-year plan unveiled by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, immediate action was taken. This involved the formation of a team under his leadership and the initiation of an ambitious program.
Dh2 trillion by 2025
This program is geared towards achieving Dubai’s target of Dh2 trillion by 2025, with a focus on doubling the value of Dubai’s non-oil foreign trade, encompassing exports, imports, and re-exports. Comprised of strategic partners from Dubai Customs, representing both governmental and private entities, the team aims to analyze current conditions and propose and implement various initiatives, whether incentive-driven, legislative, or logistical. The overarching goal is to boost Dubai’s competitiveness and fortify its strategic position in global trade, seamlessly connecting the world’s north, south, east, and west.
Ahmed Mahboob Musabih, director general of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, remarked, “Dubai Customs has been proactive in fostering growth in Dubai’s international trade by providing exceptional services and facilities. Operating digitally 24/7, our systems handle approximately 85,000 transactions daily, a number poised for growth given the thriving trade in Dubai and the influx of trading companies establishing bases in the city. Our commitment to becoming a fully paperless entity underscores our leadership in smart transformation and digital empowerment, with 100% of customs transactions now conducted through intelligent systems, resulting in an impressive 98% customer satisfaction rate.”
