Dubai global platform for exports and transit trade

Business Bureau, Gulf Today

The Dubai Free Zones Council (DFZC) has signed a memorandum of understanding (MoU) with Dubai Exports in a bid to boost business opportunities, foreign trade and the volume and value of exports. The MoU aims to reinforce Dubai’s position as a global destination for quality exports from various economic and service sectors, and free zones and as a center for re-export trade.

The Memorandum of Understanding was signed at the office of Dubai Exports between Dr Juma Al Matrooshi, Deputy to the Secretary General of the Dubai Free Zones Council, and Engineer Saed Alawadi, CEO of Dubai Exports.

The MoU aims to exchange expertise, information and knowledge. and enhance commercial and business opportunities and export trade globally with a focus on building capabilities and optimizing resources, and includes within its scope manufacturers, exporters, traders and service providers.

According to the MoU, free zone companies and members of Dubai Exports are mandated to build and develop commercial and investment synergies. Both parties to the agreement are encouraged to communicate, interact and explore opportunities for organizing joint commercial and promotional activities. In addition, the MoU encourages the exchange of commercial information, databases, research and market intelligence, as well as mutual learning, performance comparison, and employee training in line with the highest international standards.

The MoU motivates qualified companies to become registered members of Dubai Exports and encourages free zone companies to join the ‘Exporters’ Portal’ initiative and benefit from the information and electronic services it provides to facilitate new market access for their products and services.

Dr Juma Al Matrooshi said: “In line with the vision and directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and according to the strategic plan developed by Dubai and its free zones to diversify the emirate’s economy and enhance income sources,  Dubai has positioned itself as a global platform for export and transit trade.”

Al Matrooshi pointed out that free zone trade during the past five years has reached Dhs2.6 trillion, with imports accounting for Dhs1.5 trillion, non-oil exports registering AED131 billion, and transit trade notching up Dhs1.03 trillion. Free trade accounted for 32% of the overall foreign trade from 2014 to 2018, amounting to Dhs8.1 trillion. Furthermore, over 44,000 companies now operate in Dubai’s free zones.

He added: “The massive investments in building advanced infrastructure, including ports, airports, and roads, the enactment of legislations to facilitate intra-regional trade and strengthen customs mechanisms, as well as the easing up of regulations for the entry of goods, have all contributed to strengthening Dubai’s position in exports and trade. In doing so, free zones have also played an important role in boosting the country’s economy.”

Al Matrooshi praised the collective efforts of various economic sectors that have contributed to enhancing Dubai’s exports regionally and globally and increased access to many more foreign markets. He said: “The exchange of expertise and knowledge in Dubai’s economic sector continues to support companies and projects based in Dubai in exploring new geographies and emerging markets, especially in Asia, Africa and Europe.” For his part, Engineer Saed Alawadi said: “Dubai Exports is pleased to further consolidate synergies with DFZC with this agreement that seeks to achieve Dubai’s vision for the future and our own mutual strategic goals to provide competitive export opportunities for companies from diverse industrial and commercial sectors. In collaboration, we will offer service packages and knowledge exchange platforms, including conferences, awareness workshops, and specialized sector-specific studies. We will also facilitate participation in local and international exhibitions and trade missions and arrange business meetings to advance our shared interests.

“This agreement will also contribute significantly to achieving the Dubai Silk Road Strategy and Dubai’s geo-economic map launched earlier this year under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum.” Meanwhile, Lootah Real Estate Development (Lootah), one of the region’s most prominent real estate developers, has announced its latest retail lifestyle project located near Ewan Residences-its property in Dubai Investment Park (DIP).