Dubai International Airport remained the world's top airport for international passengers, with a massive 127% increase from 29.1 million passengers in 2021 to 66 million passengers in 2022.
On the investment front, last year, a total of 174,000 new investors put money into ventures and 88,000 new companies were established, indicating significant growth in the business and investment sectors, the Dubai Customs’ Consultative Council (DCCC) meeting has noted.
Small and medium enterprises (SMEs) are 400,000 in number contributing about 60% of the non-oil economy and providing 86% of private sector employment. SMEs make up 73% of the UAE's trade sector and 16% of the services sector, and contribute to 30% of the gross domestic product.
The retail sector's productivity in the UAE reaches almost AED100 billion ($27.23 billion), or 27% of the total GDP. The retail workforce in Dubai constitutes 21% of the total workforce in Dubai, and the retail sector attracts 20% of total investments.
Ahmed Mahboob Musabih, Director General of Dubai Customs and CEO of Ports, Customs and Free Zone Corporation, is optimistic about Dubai's economic and commercial sector's growth this year.
The first quarter's strong levels indicate a continuation of last year's economic momentum, where Dubai Customs completed a whopping 26 million customs transactions.
The organisation's goal is to offer innovative and intelligent services to streamline customs procedures and facilitate traders in line with the directives and vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The primary aim is to increase the value of Dubai's foreign trade and ease business for traders and investors to support Dubai's economic agenda D33.
Dubai Economic Agenda D33
DCCC commended the Dubai Economic Agenda D33, a visionary plan that encompasses 100 transformative projects with ambitious economic targets. These goals seek to double Dubai's economy by 2033 and establish the city as one of the top three global economic powerhouses.
The council's first meeting in 2023 emphasised the importance of constructive collaboration between the public and private sectors to achieve these objectives.
Members of the council from various business and trading groups stressed that the Dubai Economic Agenda represents a new era of economic and commercial growth built on innovation, knowledge, and cutting-edge technology. The initial set of transformative projects includes doubling Dubai's foreign trade volume and adding 400 cities to the global trade map. They noted that the agenda will enhance Dubai's competitiveness and reinforce its central position in the global economy, further solidifying its status as the preferred destination for businesses and traders.
During the meeting, Khaled Al Zarouni, Innovation Centre Specialist at Dubai Customs, presented innovative incentives offered by Dubai Customs and their contribution in supporting traders by accelerating processes and reducing costs through advanced technological systems. The Future Foresight Forum, which was part of Dubai Customs' Innovation Week, resulted in more than 30 innovative initiatives to improve and enhance services.
Juma Al Ghaith, Executive Director of Customs Development Sector at Dubai Customs, and a few department and customs center managers attended the meeting, along with business groups and traders, and several presentations were given.
Sahitya Chaturvedi from the Indian Business Council delivered a presentation titled "Decade of Retail with D33: Capitalising on Growth Opportunities" which discussed the development of Dubai's economy, as well as the ambitious D33 economic agenda to double production and Dubai's global trade. This plan aims to pave the way for a new stage of growth through innovative ideas and technology.
Chaturvedi also spoke about the importance of small and medium-sized enterprises (SMEs) in the UAE's economy, with around Chaturvedi highlighted how the D33 plan will significantly enhance the retail sector, offering many opportunities for businessmen and investors to invest in Dubai, which will further stimulate growth in the retail industry.
Top tourism destination
Hadi Badri, the CEO of Dubai Economic Development Corporation, also presented a talk titled "D33: Accelerating Dubai to Global Leadership." He explained that Dubai's ambitious agenda, with the guidance of wise leadership, aims to develop the business and trade environment to achieve leadership at all levels. He pointed out that Dubai ranks high on global indicators, such as being first in the Business Environment Index among foreign investment projects and being the best city to live and work in, as well as being one of the most important global logistics and trade centres. According to tourism indicators, Dubai was also ranked first as the top tourist destination in 2022.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).