HE Ahmed Mahboob Musabih, Dubai Customs Director, forecasted Dubai’s trade to grow between 3 to 5 per cent to AED1.4 trillion this year, reports UAE-based Al Bayan.
This is compared to AED1,339tn through 2014, according to preliminary estimates by Dubai Customs.
The growth is driven by an increase of AED818.8 billion in direct trade, AED488.7bn in free trade zones and AED23.8bn in trade and customs warehouses.
HE Ahmed Mahboob made his remarks on the sidelines of the Virtual Freight and Logistics Corridor launch event by Dubai Customs on Sunday.
The Virtual Corridor is in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to pursue and foster innovation in public service delivery to go beyond the limited notion of customer satisfaction and aim for customer happiness.
HE Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation and Chairman of DP World, says that the Virtual Corridor initiative will strengthen the leadership and competitiveness of the UAE in general and Dubai in particular at the international level.
It will also allow Dubai to establish itself on the map of world trade, especially with Expo 2020 drawing closer, he adds.
For his part, HE Ahmed Mahboob states that Dubai Customs expects the participation of more than 100 companies in this new initiative that offers many advantages for the sector, in terms of reducing time and effort and facilitating the smooth flow of work, especially as it will reduce the clearance process as well as the delivery of cargo and discharge to less than 4 hours.
Sami Al Qamzi, Director General of DED, says that with the launch of the Virtual Corridor project, Dubai will go higher in competitive ranks.
He adds that we must continue to create effective systems to enhance the strengths of competitiveness and transition to the more advanced stages of global levels.
Since the adoption of the project, there has been a significant positive impact on reducing the cost and length of time for reshipping across the Emirate of Dubai, says the Director General of DED.
Al Qamzi points out that Dubai is characterized by a unique roads network, making it a vital ground transportation centre on the level of the GCC.
The number of trucks that transfer from Dubai to regional markets increased from 14,000 trucks in 2012 to 21,000 in 2013, he adds.
The multiple transportation modes and logistics services in Dubai include the main economic sectors, namely transport, storage and communications, as well as wholesale, retail trade and maintenance services, says Al Qamzi.
These economic activities account for more than 40 per cent of GDP and more than 30 per cent of the total jobs in Dubai, he adds.
(1 AED = 0.272246 USD, at the time of publishing)