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Allegations of an economic crisis are baseless, says Sultan bin Sulayem

TLME News Service

Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation confirmed that the Dubai government-led policy initiatives and investments improved growth prospects in trading partners, and preparation to host Expo 2020 are providing the bedrock for increased investment in Dubai.

In his opening speech at the 3rd Customs Consultative Council (DCCC) meeting 2019 which Dubai Customs organizes quarterly, bin Sulayem said the allegations of an economic crisis scattered around by some media is baseless.

The DCCC meeting was attended by Ahmed Mahboob Musabih, Director General of Dubai Customs, Juma Al Ghaith, Executive Director of Customs Development Division, Farid Hassan Al Marzouqi, Executive Director, Human Resources, Finance and Administration Division, and Abdullah Mohammed Al Khaja, Executive Director of Customer Management Division, along with a number of representatives of business groups and members of the Council.

At the DCCC meeting 2019 representatives of business groups in Dubai exchange knowledge and experiences in how to sustain the supply chain and develop logistics services.

The participants also suggested different ways to enhance trade between Dubai and the world following the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

Sultan bin Sulayem said: “This reflects a robust economy despite global economic downturn. Globally, there is no financial crisis like that of 2008 but there is slowness in certain aspects of the economy.

“The economy of Dubai is moving forward steadily thanks to the advanced infrastructure, strategic location and the facilities and incentives it provides to the private sector in fulfilment of the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

“It is easy to predict a crisis, but this is baseless; our economy is growing steadily and Dubai is attracting more investments into the country, and we, at DP World, are expanding our network globally.

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“The global market is more open with more connections and accessibility, which means more competitiveness in trade and investment.

“We always learn from His Highness Sheikh Mohammed bin Rashid how to turn challenges into opportunities. Dubai, for example, founded Emirates Airlines in very difficult conditions, and now it’s one of the world top carriers.

“Immediately after the global crisis in 2008, Dubai invested heavily in its infrastructure at a time when everybody else was very cautious. And again invested more in EXPO 2020 infrastructure. Dubai never ceases to grow and thrive.

“We have strong presence through DP World in 80 ports and terminals around the world, and the network is expanding in Africa and Asia.”

On his part, Ahmed Mahboob Musabih, Director General of Dubai Customs said: “Dubai external trade grew 5% in the first half of 2019 to reach AED 676 billion compared to AED 644 billion in the same period in 2018.

“This is a reflection of a healthy, strong economy. None of the region's petrostates has moved further from its oilfield roots than Dubai, which has been diversifying its economy since the 1970s. The result is a thriving gateway to globalization with a superior economic outlook.”

After that Mr Shashi Shekhar, Chairman of Supply Chain & Logistics Group delivered a presentation on the supply chain trends. He said the world GDP is growing fast and by 2024 it will make US$114 trillion, and by 2050 the global GDP will triple to reach US$250 trillion.

“This creates opportunities for all parties in the supply chain, and Dubai can invest more in many sectors such as the 3D printing, retail, and e-commerce sectors” he said.

Nadia Abdul Azziz, President, National Association of Freight & Logistics (NAFL) delivered a presentation on NAFL role in serving the freight and logistics sectors. Nadia has become the first Emirati woman on board of International Association of Freight Forwarders (FIATA), which represents more than 44,000 forwarding and logistics firms in 150 countries.

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