Sheikh Hamdan says trade is the lifeblood of Dubai’s economy

Gulf Today, Staff Reporter

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, said that the emirate’s trade sector continues to be a key driving force behind its economic progress and global influence.

"In an increasingly competitive global market, the sector is playing a vital role in Dubai’s growth as a global commercial hub, driving diversification, innovation and economic resilience," he said.

"Trade is the lifeblood of Dubai’s economy and a crucial pillar of its growth as a leading global city," Sheikh Hamdan said.

"Decades of collaboration with the trading community and international partners have allowed us to transform challenges into opportunities and raise Dubai’s profile on the global trade map."

Sheikh Hamdan's remarks came during a meeting with a group of businessmen, traders, and investors on Wednesday at Za’abeel Majlis in Dubai.

The robust performance of the trade sector reflects the vision and development strategies of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which have made trade a key catalyst of sustainable development.

This vision is reflected in the goals of the Dubai Economic Agenda D33, which aims to double Dubai’s foreign trade to Dhs25.6 trillion and add 400 cities as key trading partners by 2033.

Sheikh Hamdan said that Dubai has consistently adopted a forward-thinking economic strategy centred on diversifying income sources, with trade serving as a cornerstone of this vision.

He reaffirmed the emirate’s commitment to fostering trade growth through strong partnerships with the private sector. Dubai seeks to further enhance its trade-enabling infrastructure, strengthen partnerships, build new collaborative linkages, align legislative frameworks with international standards, and leverage digital transformation and advanced technologies to boost trade efficiency.

Sheikh Hamdan expressed confidence in Dubai’s ability to achieve unprecedented levels of growth through its partnerships, driven by its strategic vision, sound planning and innovation.

He highlighted that Dubai’s remarkable foreign trade performance is a testament to the emirate’s pragmatic vision and clear goals.

Sheikh Hamdan said the trade sector plays a major role in driving job creation, enhancing competitiveness, expanding market access, and unlocking new opportunities for business growth.

He reiterated Dubai’s commitment to empowering its partners with the tools, resources, and support needed to explore emerging markets and reinforce the emirate’s position as a premier global trade gateway.

The gathering was attended by Sheikh Mansoor Bin Mohammed Bin Rashid Al Maktoum, Chairman of the Dubai Sports Council, and a number of Sheikhs, ministers and senior dignitaries in Dubai.

During the gathering, Sheikh Hamdan Bin Mohammed attended a talk by Ben Nowack, Co-Founder and CEO of Reflect Orbital, on cutting-edge advancements in space-based solar energy solutions.

Nowack outlined Reflect Orbital’s innovative approach to providing sunlight from orbit to solar farms and large-scale lighting applications after sunset.

By utilising a constellation of in-space reflectors, the company offers a transformative solution to extend the availability of solar energy and light beyond daytime hours.

In his presentation, Nowack emphasised the vast potential of harnessing sunlight to enhance humanity’s energy resources and living standards.

He highlighted key developments enabling space-based solar solutions.

Significant investments in space transportation have made accessing space more affordable and practical, while solar energy has emerged as the fastest-growing and most cost-effective energy technology globally. Reflect Orbital’s first satellite aims to provide nighttime illumination over vast areas.