Dubai has paved its place as a global trading center and toughened the variety of its foreign business in the first half of 2014, data revealed.
The official statistics reveal a key change in the commodity composition of business to manage with the UAE’s fast move to a knowledge economy, which is based on smart equipments.
The chairman of Ports, Customs and Free Zone Corporation, Sultan Ahmed bin Sulayem, averred Dubai’s foreign business variety is ascribed to the planned ideas of the Vice-President and Prime Minister of the UAE and Ruler of Dubai, His Highness Shaikh Mohammed bin Rashid Al Maktoum, to change to a clever and smart economy.
The range of Dubai’s foreign business is being accompanied by perceptible enlargement in the tourist division. The number of vacationers who went to see Dubai increased to 5.8 million over the first six months 0f 2014.
Bin Sulayem stressed in keeping with the urge to execute the smart government and becoming the world’s smartest city, phones and PCs scored a 17% share of the overall value of Dubai’s foreign business in the first half of 2014.
Bin Sulayem said as more tourists are flocking into Dubai’s jewelry markets, the emirate’s jewelry business escalated 12% in the first half of 2014 to Dh29.5 billion compared to Dh26.4 in the same period last year. Dubai’s automotive foreign business also climbed 31% from Dh24.3 billion to Dh32 billion, reflecting Dubai’s leading position as a local and worldwide automobiles trading center backed by the industry’s quick progress in the local souks.
Petroleum oils’ trade went up by 31% to Dh20.5 billion against Dh15.6 billion, whereas business in helicopters and lightweight aircrafts saw an upsurge of 14% to arrive at Dh9.4 billion against Dh8.3 billion.
The improvement of the realty sector boomed in the progress of air conditioning’s business by 53% to Dh3.6 billion against Dh2.4 billion in the first half of 2013.
The vibrancy of these markets plays a most important position in affixing the emirate’s global business position, which is more of an additional value towards hosting World Expo 2020.