Dubai’s Non-Oil External Trade Surges as City Prepares for Expo
(Bloomberg) -- Dubai’s non-oil foreign trade jumped 31% in the first half as the Middle East’s business hub prepares to host one of the world’s biggest in-person events since the pandemic started.
Non-oil trade climbed to 722.3 billion dirhams ($197 billion) from 550.6 billion dirhams a year ago, according to a statement. China maintained its position as Dubai’s biggest trading partner, followed by India, the U.S., Saudi Arabia and Switzerland.
“This marked growth in trade demonstrates the success of Dubai’s strategic plan to consolidate its position as a global logistics and trade hub that connects the world’s diverse markets,” Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum said. “Dubai’s existing sea and air network will be expanded to cover 200 new cities around the world.”
Dubai, which has little oil, is the Middle East’s top trading destination. The city is opening up to visitors for the World Expo from next month and expects the event to attract 25 million visits -- both virtually and in person.
The crown prince said Dubai is continuing to work toward raising foreign trade to 2 trillion dirhams over the next five years.
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