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Exports show uptick as Dubai eases lockdown curbs – News

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The number of export transactions during the three months ending in August stood at 4,630, increasing 14% compared to the previous three months.

The value of exports of Dubai Chamber members soared 7.4 per cent to exceed Dh45 billion between June and August 2020 compared to the previous three-month period in the wake of relaxing lockdown restrictions, latest export figures reveal.

The number of export transactions during the three months ending in August stood at 4,630, increasing 14 per cent compared to the previous three months, Dubai Chamber of Commerce and Industry said in a report.

Hamad Buamim, president and CEO of Dubai Chamber, said the latest export figures signal an uptick in activity within Dubai’s trade sector following the lifting of Covid-19 restrictions, improving market conditions and growing business confidence. He underlined the importance of foreign trade to Dubai’s economy and noted that the emirate remains resilient as it navigates new challenges created by the pandemic.

Buamim noted that the gradual re-opening of Dubai’s economy has been successful, thanks to the government’s swift and effective response in enforcing preventative health and safety measures, and introducing stimulus packages to help businesses deal with the impact of Covid-19.

The Dubai government has unveiled stimulus packages worth a total of Dh6.3 billion. They included the cancelation of certain fines imposed by the government and the customs department, tax reimbursements to hotels and restaurants, financial guarantee refunds to the construction sector and exonerating private schools from licensing renewal fees.

To help business tide over the challenges during the lockdown, the chamber had rolled out several initiatives to boost cooperation between Dubai’s public and private sectors to facilitate enhanced competitiveness of the economy, amplify Dubai’s appeal as a preferred investment market and help the emirate achieve its strategic goals. The initiatives had also served to significantly boost investor confidence in the Dubai market and elevate the emirate’s status as a global business hub.

According to IHS Markit Purchasing Managers’ Index, Dubai’ business activity rose solidly in August, but the expansion was markedly weaker than in July, denting hopes of a swift recovery from the Covid-19 pandemic,  Dubai’s non-oil economy saw a slowdown in growth in August, as the PMI fell for the first time since April.

The chamber head said several government-led efforts to drive Dubai’s digital transformation in recent years, along with close cooperation between the public and private sectors, were crucial factors that helped ensure business continuity and maintain economic competitiveness.

During the June-August period, the chamber issued 151,000 Certificates of Origin, an 11.7 per cent rise compared to the 135,00 certificates issued during the three months prior (March-May).

Earlier this year, the Chamber launched a new electronic attestation service and the authentication of signatures on documents, which raised the percentage of smart transformation of core services to 98 per cent.

Dubai Chamber currently provides 50 e-services to the business community through its website and smart applications.

issacjohn@khaleejtimes.com

 

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE’s mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.







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