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Sat 2 Mar 2019 06:47 PM

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Sheikh Hamdan approves Dubai Silk Road strategy

Strategy seeks to build on Dubai's position as a strategic trade link between east and west, and north and south

Sheikh Hamdan approves Dubai Silk Road strategy
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has approved the Dubai Silk Road strategy that seeks to build on the emirate's position as a strategic trade link between east and west, and north and south.

The strategy was prepared by the Ports, Customs and Free Zone Corporation (PCFC) in collaboration with key government entities.

It comprises nine initiatives and 33 projects that will see the collaboration of Emirates, Dubai Airports, Dubai South, Dubai Free Zones (DFZ) Council, Dubai Maritime City Authority (DMCA), Dubai Roads and Transport Authority, DP World, Dubai Municipality, Jebel Ali Free Zone.

Internally, the strategy focuses on enhancing trade between free zones and the rest of the emirates while externally, the focus will be on enhancing strategic and operational connection of logistics services between DP World terminals across the world with Emirates airlines playing a key role.

Sheikh Hamdan emphasised the importance of the logistics sector as a key driver of economic diversification as highlighted by the 50-Year Charter.

He said: “Our goal of becoming an established global trade and logistics hub will reflect positively on our economy by boosting competitiveness and sustainability.”

Sultan Ahmed bin Sulayem, chairman of Ports, Customs and Free Zone Corporation (PCFC), added: “Dubai is moving ahead with boosting its capabilities in trade and logistics services through a new strategy. The strategy augments decades of successful investment in creating renowned ports, airports, and free zones both regionally and internationally.”

According to bin Sulayem, Dubai’s non-oil foreign trade reached AED1.3 trillion in 2017, with free zones’ contribution reaching 33 percent. Sea trade grew to AED467 billion and air trade reached AED594 billion in the same period. The emirate's external non-oil trade in the first nine months of 2018 reached AED965.3 billion.