August 2021 / United Arab Emirates
Dubai showed quick recovery from the repercussions of Covid-19 in different economic sector thanks to the resilient strategies and plans the emirate followed in the face of the pandemic, and the dynamic and wise initiatives directed by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Trade sector continued its growth exceeding the pre-Covid-19 period. Customs transactions completed by Dubai Customs reached 11.2m transactions in the first half of 2021 staggeringly growing 53.4% from 7.3m transactions in the corresponding period in 2020. This reflects a versatile and resilient economy that is able to absorb severe shocks like that caused by the pandemic.
It also reflects the vital role Dubai plays as a global trade hub and the resilience of its infrastructure and systems in dealing with tough challenges including covid-19.
“Dubai is leading the global recovery way. The emirate’s non-oil external trade grew 10% to AED354.4b in Q1, 2021, from AED323b in the corresponding period in 2020,” said H.E. Ahmed Mahboob Musabih, Director General of Dubai Customs. “We work with all our energy to develop systems and programs that speed up the completion of transactions and the flow of foreign trade movement in the Emirate. This comes as part of our quest to realize the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to hit the 2 trillion milestone in external trade.
“Trade sector in Dubai plays a pivotal role in supporting the economy. We work hard in Dubai to ensure the continuous success of this sector, helping Dubai maintain its leading global position as a global hub for business and investment. We developed several programs and plans to facilitate trade including the recent ‘Electronic Confirmation of Exit/Entry’ initiative, which was launched in cooperation with DP World, UAE Region. The project eases the process of refund claims submission at Dubai Customs, saves time and cost, while further expediting the exports of all kinds of goods.
“Dubai Customs has launched 24 initiatives, which are dedicated to serve the visitors and exhibitors of EXPO2020.The initiatives are fully integrated with other government partners’ systems.”
Dubai Customs completed 11.16 million transactions through smart and electronic channels (99.6%). Around 7.9 million customs transactions (70.8%) were completed through smart channels, 3.2 million (28.8%) through electronic channels, and only 41,800 (0.37%) transactions were done manually.
“The World Customs Organization sees us as an example to be followed by other customs organizations, thanks to the outstanding projects and initiatives we develop to serve the global customs sector. Our recent hosting of the 5th WCO Global Authorized Economic Operator Conference indicates that the business world has much trust in the emirate as a leading hub for trade, and reflects the major role it plays in facilitating global trade, and the close and fruitful relationship between Dubai Customs and the World Customs Organization,” said Musabih.
The Conference presented an important forum for the exchange of ideas and insights between trade and supply chain professionals and officials, and brought together all stakeholders of global trade to explore the challenges, opportunities, and way forward for global trade under the Authorized Economic Operator programme.
Customs declarations rose 66.6% in the first 6 months of this year to reach 10 million declarations compared to 6 million declarations in the corresponding period in the previous year. This means more than 55,500 declarations a day in average. This big figure would not have been achieved without the outstanding technological structure in place including the advanced Smart Workspace, which helped complete a declaration in 4 minutes in average.
The transactions also included 475,900 claim requests, 298,000 certificate and report requests, and 139,800 customs inspection date booking requests, and 110,600 business registration requests.
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – today announced it recorded its best August on record since its establishment in 2002, with 204 new member companies registered, and best eight-month performance in seven years. This builds on the business district’s record-breaking success in recent months, with strong performance in the first half of the year, during which it welcomed 1,230 companies, the best 6-month performance since 2013.
DMCC has witnessed persistent growth over the years, supported by strategic partnerships that enhance the ease of doing business, roadshows that attract trade flows to Dubai and new launches, including its latest DMCC Crypto Centre – a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “DMCC continues to edge closer to the target we set ourselves – to reach 20,000 members by the end of 2021. The record-breaking level of business activity, even during the quieter summer months, reflects the continued appeal of our business district to companies of all sizes and origins. As Dubai prepares to welcome the world to EXPO 2020 Dubai in a few weeks, we see a wealth of opportunities on the horizon. Building on this momentum, we are looking forward to the next few months which will undoubtedly be marked by many more milestones and achievements.”
Ahmad Hamza, Executive Director – Free Zone, added: “I am incredibly proud of the DMCC’s record-breaking performance. The ecosystem we offer, our fully digitalised set up process, along with the innovative solutions, products and services we bring mean we remain the business community’s partner of choice. Our network is unmatched and with that comes unique connectivity – these are pre-requisites for any company seeking growth.”