Sheikh Hamdan approves ‘Dubai Silk Road’ strategy

Dubai has launched a new ‘Silk Road’ strategy that seeks to establish the emirate as a global trade and logistics hub, it was announced on Saturday.

The strategy, approved by Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, includes nine initiatives and 33 projects that will see the collaboration of Emirates airlines, Dubai Airports, Dubai South, Dubai Free Zones (DFZ) Council, Dubai Maritime City Authority (DMCA), Dubai Roads and Transport Authority, DP World, Dubai Municipality, Jebel Ali Free Zone.

Internally, it focuses on enhancing trade between free zones and the rest of the emirates.

Externally, the strategy will seek to enhance strategic and operational connection of logistics services between DP World terminals across the world with Emirates airlines playing a key role, a statement said.

The strategy was prepared by the Ports, Customs and Free Zone Corporation (PCFC) in collaboration with key government entities.

Sheikh Hamdan said: “Our goal of becoming an established global trade and logistics hub will reflect positively on our economy by boosting competitiveness and sustainability.”

Today we approved the Dubai Silk Road strategy as part of the 50-Year Charter to boost air & sea freight and enhance logistical integration. The strategy aims to further cement Dubai’s status as a strategic link in global trade.

— Hamdan bin Mohammed (@HamdanMohammed) March 2, 2019

He also emphasised that logistics was a key driver of economic diversification as highlighted by the 50-Year charter currently being implemented in Dubai.

Dubai’s non-oil foreign trade reached Dhs1.302 trillion in 2017, with free zones’ contribution reaching 33 per cent – according to the latest official figures shared.

Sea trade grew to Dhs467bn and air trade reached Dhs594bn in the same period.

The emirate’s external non-oil trade in the first nine months of 2018 reached Dhs965.3bn.

Sultan Ahmed bin Sulayem, chairman of Ports, Customs and Free Zone Corporation (PCFC), said: “Dubai is moving ahead with boosting its capabilities in trade and logistics services through a new strategy.

“The strategy augments decades of successful investment in creating renowned ports, airports, and free zones both regionally and internationally.”