KHALEEJ TIMES, Sunday, Sep 12, 2021 | Safar 5, 1443
Dubai posts strong trade activity in 2021
Emirates:
The value of exports and re-exports of Dubai Chamber members surged 21.8 per
cent year-on-year basis this year as the UAE economy staged a strong recovery
following a global economic slowdown in the wake of the Covid-19 pandemic,
Khaleej Times has learnt.
Latest data shows that the value of exports and re-exports of Dubai Chamber
members reached at Dh147.3 billion in the January-August 2021 period due to a
strong rebound in trade activity in Dubai.
The chamber pointed out that the exports and re-exports of its members recorded
year-over-year growth of 43.9 per cent, reaching Dh21.4 billion in August 2021.
A total of 58,154 certificates of origin were issued by Dubai Chamber in August
2021, up from 48,129 certificates in July 2021.
Resilient economy
Hamad Buamim, president and chief executive of Dubai Chamber, said the figures
demonstrate the strength and resilience of Dubai’s trade sector, which is seeing
increased momentum as Expo 2020 Dubai approaches.
“Dubai Chamber is working closely with its partners in the public and private
sector to support the five-year plan announced by His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of
Dubai, to boost Dubai’s foreign trade from Dh1.4 trillion to Dh2 trillion,”
Buamim noted.
GCC top export market
As a region, the GCC was the top export market for Dubai Chamber members between
January and August 2021. Chamber members’ exports and re-exports to the GCC
countries recorded 16.4 per cent year-over-year growth to Dh79.6 billion in the
first eight months of 2021.
GCC markets accounted for 53 per cent of the total exports and re-exports of
members during the month. Members’ exports and re-exports to GCC countries
reached Dh11.4 billion in August 2021, jumping 37 per cent compared to the
previous month.
Chamber members’ exports and re-exports to the top 10 non-GCC markets recorded a
growth rate of over 31 per cent during the first eight months of 2021.
Buamim noted that Dubai Chamber’s representative offices around the world are
play a crucial role in identifying export opportunities for Dubai Chamber
members and the wider business community in Dubai, which enhance economic
competitiveness and drive sustainable growth, adding that Expo 2020 Dubai is
expected to be a catalyst for boosting trade activity and fostering cross-border
economic cooperation.
A positive news
Shailesh Dash, a Dubai-based financier and entrepreneur, said this is a very
positive news and shows resilience of the Dubai Economy and proves it be one of
the most remarkable cities of the world.
“Dubai and UAE leaderships handling of the pandemic situation and helping the
private sector to revive has been outstanding among the world cities. This
augurs very well for the entepreneurs and traders looking to make UAE their new
home,” Dash told Khaleej Times on Saturday.
Kamal Vachani, group director and partner at Al Maya Group, said also expressed
the similar views and said Dubai provides an ideal environment to businessmen.
“Dubai always on forefront and set the examples for others. We are lucky to be part of
the Dubai’s success story when the rest of the world is struggling to overcome
the pandemic,” Vachani said.
“Expo 2020 is round the corners. The six-month long exhibition will further
boost business environment as visitors from all parts of the world will be
visiting the UAE for business,” he added.
Atik Munshi, managing partner at Dubai-based consultancy Enterprise House, Dubai
Chamber and Dubai Economy department compliment each other in matters of
business and exports.
"It is indeed a tall achievement to have a growth of nearly 22 per cent, which
is a significant sign that business houses in Dubai are now coming over the
Covid threat and marked a high growth. The efforts of the Dubai and UAE
government, the stimulus measures, the relaxation in visa procedures, the 100
per cent foreign ownership in mainland on most activities, etc. have boosted the
morale and built confidence," Munshi told Khaleej
Times on Saturday.
He said the early signs are now visible in the real estate sector where prices
of villas and high end properties have seen levels which were not seen in last
10 years.
"Overall Dubai has been successful in portraying itself as one of the best place
to live and do business and the entrepreneurs around the globe are taking a note
of it," Munshi concluded.