His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, today announced new Dh2 trillion ($544 billion) target for Dubai's non-oil foreign trade by 2025.
Presiding over the second meeting of Dubai Council, he said the trade target will be supported by establishing 50 offices around the world, each tasked with promoting Dubai’s unrivalled trade, tourism and investment offerings through and intensifying and unifying of external marketing efforts, a Wam news agency report said.
Sheikh Mohammed bin Rashid said: "Dubai will become the world’s capital of the new economy. The new economy will be a major focus on the 50 goals agenda that we seek to achieve in the next five years. The Dubai Council will focus on opening new economic sectors for the emirate and transform its existing sectors."
His Highness added: "We aim for a major shift in Dubai’s foreign trade through stimulation and revitalisation with continuous development of all its logistical, legislative and service tools, in addition to building new international partnerships.
"The new Dubai offices for trade and tourism promotion will be based around the world, and the unification of external efforts will carry better results for the Dubai economy," Sheikh Mohammed bin Rashid explained, adding, "I asked that messages be sent to all directors of public departments and public figures in the emirate to submit development proposals to me directly to achieve positive transformations in our path."
His Highness affirmed: "2020 will be the beginning of a huge developmental leap, and it is the year that will drive us to the next decade with full force."
The Dubai Ruler assigned Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, the responsibility of handling this task by opening new foreign markets for the emirate, developing the logistics system and enhancing the competitiveness of local exports. This will be done by forming a committee to manage these responsibilities and achieve the desired goals through all promotional methods.
The committee is tasked with presenting a plan within 30 days of its establishment to explore the possibilities of opening new markets for Dubai’s foreign trade, establishing strategic international partnerships, enhancing the competitiveness of local exports, creating new export sectors, developing the logistics system in Dubai, and boosting the capabilities of international shipping lines managed by the emirate.
The new offices will provide unified centres to serve global investors, innovators, tradesmen, tourists and talents. They will also work on enhancing Dubai’s international presence, reducing foreign operational costs, doubling global promotional efforts, boosting Dubai’s commodity, service, knowledge, cultural and creative exports, increasing the emirate’s touristic, investment, financial and knowledge revenues, and attracting talents and students.