Dubai Economy On the Road to Rapid Recovery

Dubai Economy On the Road to Rapid Recovery

Customs declarations and business registrations record sharp surge in recent months

Dubai is well on track to register a rapid recovery from the repercussions of the COVID-19 pandemic with customs transactions rising by 24.5% over the first nine months of 2020.

The sharp rise in transactions reflects the strength and resilience of the economy and the emirate’s proven capability to weather external economic shocks.

The number of transactions processed by Dubai Customs reached 11.2 million in the period between January to September, compared to 9 million in the corresponding period last year.

Customs declarations climbed 33% in the first nine months of the current year to reach 9.7 million declarations, an average of more than one million declarations a month, compared to 7.3 million in the same period last year.

The impressive figures point to Dubai’s strong economic foundations and its ability to quickly rebound from the impact of global headwinds.

Dubai Customs’ advanced Smart Workspace facilitates the completion of a declaration in an average of less than 5 minutes.

Clients can process their customs and cargo clearance transactions from anywhere, anytime through Dubai Customs’ 24/7 smart applications.

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Meanwhile, the number of business registration transactions saw an exceptional surge of 84.5% to reach 201,000, compared to 109,000 in the corresponding period last year.

Dubai Customs also completed 648,000 refund claims, 357,600 certificate and report requests, and 257,000 inspection-booking requests as of the end of September 2020.

Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation said: “Dubai has shown great potential to bounce back strongly from the effects of the COVID-19 pandemic.

“This is reflected in the continued confidence of global investors in the strength and resilience of the economies of Dubai and the UAE, which has been made possible by the prudent and progressive development policies led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of the UAE.

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“We are heading into the next 50 years with world-leading multimodal infrastructure and logistics capabilities, as well as substantial stimulus strategies and initiatives that are helping shape our country’s economy into one of the world’s best.

“The trade sector plays a pivotal role in Dubai’s economic diversification. The Ports, Customs and Free Zone Corporation has been working diligently to put in place advanced, integrated systems and technologies that accelerate the completion of transactions and support the smooth flow of external trade."

Ahmed Mahboob Musabih, Director General of Dubai Customs said: “We have succeeded in standing up to the challenges posed by the pandemic by taking comprehensive precautionary measures against the virus without disrupting business operations.

"The strong investment in advanced technologies and efficient governance programmes over the years have allowed us today to complete 99.3% of transactions through smart and electronic channels (61.3% smart, 39.28% electronic), with on-the-counter physical transactions accounting for as little as 0.7%.”

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