|The rise and rise of trade|
Trade is undoubtedly the key to every economy. It is the catalyst that boosts a country’s welfare and the wellbeing of its citizens.
In 2013, Dubai trade hit Dh1.392 trillion and was the major contributor to Dubai’s GDP with almost 30 per cent of the total. The UAE ranked top in the Middle East and the North Africa region and 16th internationally by the Global Enabling Trade Report 2014. Also, it ranked the fifth-highest in terms of consumer confidence, behind Indonesia, India, the Philippines and China.
While all the industries in the UAE are expecting an exponential evolution in line with the lead up to the Expo 2020, trade will be capturing the lights and gaining momentum as it will be attracting hordes of investors and opportunities to the market.
“Dubai’s foreign trade is expected to touch Dh4 trillion by hosting Expo 2020,” said Mahmoud Al Bastaki, CEO, Dubai Trade during the Annual Investment Meeting 2014.
In the meantime and up until the event, three main sectors will be witnessing a huge growth. Hospitality, transportation as well as communication will be the most “demanding” industries, and the government will certainly keep spending to grow these sectors further. The millions of dollars’ worth of investments being pumped into the country and its infrastructure projects indicate lucrative opportunities for global players looking to do business in this region.
This will strengthen imports and consequently enhance foreign trade especially with the numerous free trade zones in the UAE. Therefore, it will also improve the country’s competitive capacity and its exposure in the international market - Isn’t that what we are all looking for?
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