Trade surge proves Dubai’s “economic strength”

A surge in Dubai’s non-oil trade to a record high of more than Dh1 trillion in the first 10 months of 2012 proves the emirate has fully recovered from the global fiscal crisis and is now enjoying a strong economy, its Crown Prince has said.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said trade remains a key component of Dubai’s economy and would continue to grow as part of a strategy intended to further expand the private sector and diversify sources of income.

Sheikh Hamdan was commenting on new government figures showing Dubai’s non-oil trade leaped by nearly 13 per cent from around Dh911 billion in the first 10 months of 2011 to Dh1.025 trillion in the first 10 months of 2012. It was the first time that the non-oil trade of the region’s commercial and business hub broke the Dhone-trillion mark in such a period of time, according to the report.

“The trade sector has been and will remain the main pillar of Dubai’s economic structure and the driving force in its growth, supported by a clear vision for the future…we are now evaluating more business opportunities and our links with the rest of the world to further boost trade and expand the role of the private sector so it will play an active role in economic growth and supporting the infrastructure and investment