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Tuesday, June 15, 2021

Dubai’s Non-oil foreign trade reached 1 trillion dirhams last year

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Dubai on Saturday said its non-oil foreign trade hit Dh1.182 trillion a year ago in spite of headwinds from a strengthened global economic decline.

Prodded by its endeavors to accomplish Dh2 trillion exchange focus by 2025, the emirate’s non-oil foreign trade firmly bounced back from the difficulties presented by the global economic repercussions of Covid-19 and the suspension of business activity by countries across the world in the principal half of a year ago to record high development in 2020.

The emirate, which recorded Dh1.37 trillion foreign exchange 2019 preceding the pandemic strike, demonstrated its strength to global headwinds, just as its quick economic recuperation and revived development in the second 50% of the year, by supporting consistent development in foreign exchange.

“Complete exchange volume 2020 arrived at 100 million tons, driven by a six percent year-on-year volume development in the second 50% of the year. In general estimation of fares in 2020 grew eight percent to Dh167 billion while imports represented Dh686 billion and re-sends out totalled Dh329 billion,” as indicated by official information delivered on Saturday.

Sheik Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said the remarkable development execution of Dubai’s outer exchange area mirrors the emirate’s noteworthy strength and its capacity to recuperate and develop in the midst of international emergencies.

“Dubai has set a model for the world in managing both the economic and health repercussions of the pandemic. We had the option to rapidly restore our force of development and restore our global initiative in different areas,” Sheik Hamdan said.

“This development has been made conceivable by strong administration and the stimulus packages the Dubai Government dispatched under the mandates of His Highness Sheik Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The stimulus packages incorporated various activities to help the foreign exchange area and empower it to keep assuming its significant part in public economic development. The solid exchange execution flags a positive beginning to the ‘Time of the 50th” and the endeavors to accomplish the objectives of the UAE Centennial Plan 2071,” noted Sheik Hamdan.

Sheik Hamdan said the outside exchange area’s particular development 2020 will support the execution of Dubai’s five-year intend to grow its outer exchange to Dh2 trillion, combining the emirate’s situation as a main local and global exchange and investment center point.

“Dubai’s new international exchange guide will see a development in air and ocean route courses, with 200 new cities set to be added to the emirate’s current organization of 400 cities,” the Crown Prince said, adding that Dubai will proceed with its endeavors to produce new reasonable and inventive answers for tide over difficulties and transform them into new freedoms.

 

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