Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has approved the Dubai Silk Road strategy that seeks to provide a strategic trade link from east to west and north to south
The strategy was prepared by the Ports, Customs and Free Zone Corporation (PCFC) in collaboration with major government entities.
The focus is on enhancing trade between free zones and the rest of the emirates, as well as enhancing strategic and operational connection of logistics services between DP World terminals across the world, with Emirates airlines playing an important role.
The Dubai Silk Road strategy comprises nine initiatives and 33 projects, with 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 and Jebel Ali Free Zone.
HH Sheikh Hamdan bin Mohammed has emphasised the importance of the logistics sector as a major driver of economic diversification as highlighted by the 50-year charter which outlines the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, in cementing Dubai as a strategic link in global trade.
?Our goal of becoming an established global trade and logistics hub will reflect positively on our economy by boosting competitiveness and sustainability,? Sheikh Hamdan bin Mohammed said.
Sultan Ahmed bin Sulayem, chairman of PCFC, commented, ?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.?
According to bin Sulayem, Dubai?s non-oil foreign trade reached US$1,302bn in 2017, with free zones? contribution reaching 33 per cent. Sea trade grew to US$127.14bn and air trade reached US$161.72bn in the same time period. The emirate's external non-oil trade in the first nine months of 2018 reached US$262.81bn.