Dubai’s non-oil trade hits Dh2T ahead of deadline

Dubai Ruler credited the record accomplishment to the strategic initiatives, policies, and reforms implemented since the onset of the pandemic…reports Asian Lite News

Dubai has exceeded its annual non-oil foreign trade target of AED 2 trillion ($544 billion), achieving this milestone one year before the designated deadline. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, confirmed that as of Tuesday, trade volume had surpassed the AED 2 trillion mark, a target set by the emirate in 2020.

In a statement shared on X, formerly Twitter, the Dubai Ruler credited the record accomplishment to the strategic initiatives, policies, and reforms implemented since the onset of the pandemic. He emphasized Dubai’s unwavering commitment to its objectives despite the global challenges.

Initially announced in January 2020, the plan aimed to elevate Dubai’s non-oil foreign trade volume to AED 2 trillion by 2025. Despite setbacks due to the COVID-19 crisis, Dubai persevered, implementing new logistical and legislative frameworks to explore untapped markets.

Reflecting on the crisis, the Dubai Ruler noted, “Life experiences taught me that crises are the best time to develop policies and think outside the ordinary.” Numerous initiatives were launched, policies were reformed, and procedures were streamlined during the prolonged global crisis, leading to the remarkable achievement one year ahead of schedule.

Furthermore, the headline S&P Global Dubai Purchasing Managers’ Index (PMI) surged to 57.7 in December, marking the highest level since August 2022. This uptick indicates a significant enhancement in business conditions within the non-oil sector.

Meanwhile, His Highness Sheikh Mohammed bin Rashid yesterday met with a number of local dignitaries, senior officials and heads of government entities and businessmen at the Al Shindagha Majlis.

He engaged in a lively discussion with the attendees, exploring key topics related to Dubai’s comprehensive development journey. The conversation centred on the crucial role of collaboration between government and private sectors in realising the ambitious visions of both the United Arab Emirates and the Emirate of Dubai.

Sheikh Mohammed underscored the UAE’s success as a unique development model, garnering worldwide acclaim for its remarkable achievements. This success, he emphasised, hinges largely on the strong, mutually beneficial partnership between the government and private sectors.

This partnership, he added, is built on a foundation of shared interests and the strategic utilisation of resources, capabilities, and scientific expertise. Moreover, it remains adaptable, responding effectively to the evolving regional and global landscape, he added.

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