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Dubai's direct and free zone trade reached Dh1.2 trillion last year, driven by increased industrial exports. Sami Al Qamzi, director-general of Dubai Economy, stated that industrial exports had a share of Dh143 billion of the trade compared to Dh132 in the previous year. Industrial exports accounted for 9 per cent of the total last year.
During first-quarter 2017, the emirate's non-oil foreign trade grew by 2.7 per cent to Dh327 billion even when the global growth rate stood below two per cent, he added.
Al Qamzi was speaking at the Future Manufacturing and Trade Summit 2017 which was inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates airline and Group.
As reported earlier this year, Dubai's non-oil foreign trade in 2016 reached Dh1.276 trillion despite the global slowdown. Imports took the lion's share at Dh803 billion, while re-exports and exports accounted for Dh330 billion and Dh143 billion respectively. "Over the past decade, the contribution of the industrial sector to Dubai's GDP has grown between 11 per cent and 14 per cent, making it the third largest sector after trade and logistics. Today, there are 18 industrial parks in Dubai, 8 of which are in the free zones, occupying 30 per cent of the total industrial land. Many of them have integrated logistics activities," Al Qamzi said. "Three of the sub-sectors targeted in the Dubai Industrial Strategy 2030 are expected to perform exceptionally in 2017 compared to 2016. Exports of Processed Foods is projected to grow 16 per cent while a 13 per cent growth is foreseen in aluminium and fabricated metals exports and a 11 per cent rise in machinery and equipment exports," pointed out Al Qamzi.
Dr Abdulaziz Istaitieh, senior economic advisor, policy and strategy - Socioeconomic Development Department, The Executive Council of Dubai, said the emirate is boosting economic growth and enlarging the diversification mix by focusing on manufacturing as a fifth strategic sector, along with trade, logistic, finance and tourism. The objective is to become a global platform for knowledge-based, sustainable and innovative industries.
- waheedabbas@khaleejtimes.com
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