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Dubai’s external food trade reaches dh32b in first half of 2020

Dubai’s external food trade volumes in the first half of the year totalled nine million tonnes, representing a value of Dh32 billion, new data by Dubai Customs showed.

According to the latest trade statistics, Dubai’s food imports touched Dh22 billion (6.23 million tonnes), while exports reached Dh5.5 billion (2.1 million tonnes) and re-exports amounted to Dh4.5 billion (733,000 tonnes) in H1 2020.

Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, chairman of Dubai’s Supreme Committee of Crisis and Disaster Management, said that the high value of Dubai’s external food trade in the first half of the year reflects Dubai’s role as a major gateway for global trade. The trade volumes also validate the effectiveness of food security strategies and the efforts of Dubai’s Food Security Committee to ensure high levels of preparedness to tackle unforeseen challenges.

“Dubai has developed innovative solutions to monitor and strengthen food security. The Dubai Food Security Dashboard, developed by a local government team, uses advanced technology to optimise food trade and stocks, manage price control and find alternative food import routes and sources,” Sheikh Mansoor said.

He also praised the work done by government agencies to develop the Dashboard as a smart tool for supporting Dubai’s food security strategy.

The Food Security Dashboard strengthens the efforts of the Dubai Food Security Committee in alignment with the UAE’s broader food security framework. The dashboard uses artificial intelligence and data analytics to rapidly measure the five important indicators of food security: the supply index, stock availability, local production, consumption levels, and the cost of vital commodities in the emirate.

How Dubai metro’s route 2020 will impact property prices, rents

Property prices and rentals around areas connected to Dubai Metro’s Route 2020 will be more resilient compared to the wider market, according to property analysts and industry executives.

They believe that rates will rise in the medium to long term but not in the short term due to oversupply in the market.

Dubai earlier this month inaugurated Route 2020, a 15km extension to the Dubai Metro’s Red Line, linking Jebel Ali, Discovery Gardens, Al Furjan, Jumeirah Golf Estate, Dubai Investment Park and the Expo 2020 site. Route 2020 will have seven stations and will serve communities populated by 270,000 people.

Historically, areas up to 15 minutes of walk to a Metro station tend to outperform the wider market, says Taimur Khan, research manager at Knight Frank.

“We have seen that if you have a development in a five-minute distance of a Dubai Metro station, the market increased 51 percent between 2010 to 2018, and if they are in 10-minute walk, they increased by 58 percent, and 33 percent for a 15 minute walk,” Khan said.

He noted that these five areas will see quite significant demand.

Firas Al Msaddi, CEO of of fäm Properties, doesn’t expect property prices to increase on Route 2020 areas in the short term, but occupancy will increase.

UAE’s hope probe to Mars consolidates UAE’s vision of a knowledge-based economy, experts say

The launch of the UAE’s Hope Probe to Mars, which is the first ever Arab mission to the Red Planet, will highlight the strength of the UAE’s innovative endeavors, while inspiring generations of new talent into entering the fields of science and technology, business leaders across the region said.

“A big congratulations to the UAE on your successful launch and inspiring future generations. First to the ISS and now Mars!” said Bernard Dunn, president of Boeing Middle East, North Africa, and Turkey.

The UAE’s Mars Hope Probe will blast off into space in order to study the Red Planet’s atmosphere and climate like never before. The spacecraft will provide the first global picture of the Martian atmosphere and data will be shared freely with over 200 research centers across the world.

“We are upbeat, optimistic, and are immensely proud of the Hope Probe mission, which shows to the world our ability to make significant strides in space research, led by promising young minds that have successfully transformed this project from a dream to reality,” said Sheikh Ahmed Bin Humaid Al Nuaimi, chairman of Ajman Free Zone.

Dubai chamber launches task force to tackle late payments issue

The Dubai Chamber of Commerce and Industry has announced the launch of a task force under its Sustainability Network, which will address the issue of late payments to subcontractors and suppliers.

The Task Force on Prompt Payment Practices for Subcontractors and Suppliers, joined by member companies representing a wide variety of economic sectors, will explore the root causes of late payments, raise awareness about the matter and encourage the adoption of best payments practices within the business community in Dubai.

Research conducted by the task force will focus on analysing the gravity of the situation, and create tools and processes in line with global best practices that can be adopted by companies to increase efficiency and promptness in payments.

Member companies will publish guidelines to help suppliers and sub-contractors avoid and manage late payments and encourage businesses to sign the Dubai Chamber Prompt Payment Charter under which businesses will commit to abiding by key principles and tackling the culture of late payment by setting a positive example. The Charter will also encourage signatories to develop policies for prompt payment and measure their own performance in paying their contractors.

 

Abu Dhabi non-oil foreign trade reaches dh80.23b

The value of Abu Dhabi’s non-oil foreign trade has reached Dh80.23 billion through the emirate’s outlets during the first five months of 2020, the Abu Dhabi Customs has announced.

The value of exports reached Dh23.20 billion and the value of re-exports reached Dh14.79 billion, while importation reached a static growth to be Dh42.24 billion.

The Kingdom of Saudi Arabia retained first place among countries with the most trade with Abu Dhabi during the first five months of this year, where trading between both countries reached Dh17.91 billion.

Pearla, precious stones, precious metals, and their manufactures topped the list of most exported non-oil goods with a value of Dh6.27 billion during the first five months of this year, followed by common metals and their manufacture with a value of Dh5.92 billion.

Transportation equipment was first on the re-export list with a value of Dh5.59 billion, while machines, recording devices, and audio and visual broadcasting equipment came in first on the importation list at Dh9.65 billion.

The number of custom transactions that were completed reached 434.647 through Abu Dhabi land, sea, and air outlets, which contribute to providing necessary community needs that are represented in food, medicine, and commodities.

Decree issued to restructure UAE central bank’s board of directors

The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree restructuring the board of directors of the Central Bank of the UAE, under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Pursuant to the Decree, the central bank’s board of directors shall be reconstituted by the following members: Abdulrahman Saleh Al Saleh as vice-chairman; Abdulhamid Mohammed Saeed as governor; and Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Humaid Al Tayer and Dr Ali Mohammed Bakheet Al Rumaithi as members.

Established under the Federal Law No.10 of 1980 as a public institution, the central bank promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people.

Dubai maritime authority allows resumption of crew change across all ports, anchorage areas

The Dubai Maritime City Authority (DMCA) on Thursday announced that it is now allowing the resumption of crew changing across all ports and anchorage areas in Dubai.

The resumption is being allowed provided that the Covid-19 guidelines and requirements set by the Dubai Health Authority (DHA) are properly observed and complied with. This is also in recognition of the efforts of seafarers and their vital role in globally securing supply chains.

The new resolution falls in line with the DMCA’s commitment to provide all means required to ensure the full return of the local maritime sector to its normal pace. The move follows after the successful completion of the National Disinfection Programme in Dubai, ensuring the highest levels of security and safety of maritime crew members, visitors and employees and consolidating the emirate’s position as one of the safest and most competitive and attractive maritime hubs in the world.

As per the DMCA’s new resolution, all agents are required to coordinate with the DMCA and other competent UAE authorities to ensure the quick processing of crew transfers from ships to airports and vice versa. All agents are urged to undergo the required medical examinations in compliance with the preventive procedures and guidelines for Covid-19 to preserve the health and safety of both ship crew and relevant personnel.

The DMCA earlier issued a resolution directing the resumption of maritime operations across Dubai’s anchorage areas, which is aimed at enabling ships located in the emirate’s territorial waters to have access to a diverse range of services, including maintenance and repair, subject to obtaining the proper permits from the DMCA and other relevant authorities. All companies are urged to adhere to the guidelines and health rules enforced locally to maintain the health and safety of ship crew, visitors and employees.

Dubai customs launches transit trade guide to keep up with progress of silk road strategy

Dubai Customs on Thursday launched a guide on transit trade to enhance the emirate’s leading position as a central hub for regional and global transit trade.

The guide, prepared by the Tariff and Origin Department, outlines all the procedures and steps that need to be taken by companies to avail for the services and facilities provided by Dubai Customs to transit activity. It includes information to raise awareness around all regulations on transit trade facilitation following the UAE’s commitment to the international treaties and agreements.

Transit trade is vital in facilitating economic transformation and regional trade, offering multiple benefits to the surrounding society by unlocking the economic potential of those areas.

Ahmed Al Kharoosi, director of the Tariff and Origin Department, said: “We are committed to providing all merchants and companies involved in transit trade with detailed information about the facilitations and procedures in this regard. With this they can avail the best services to ensure highest returns, and we attract more investments. This also enhances the leading Dubai Silk Road strategy that seeks to build on the success Dubai has accomplished globally as a strategic trade link between East and West, and North and South.”

The Dubai Silk Road strategy was prepared by the Ports, Customs and Free Zone Corporation, in collaboration with key government entities. Internally, the strategy focuses on enhancing trade between free zones and the rest of the emirates. Externally, the focus will be on enhancing strategic and operational connection of logistics services between DP World terminals across the world with Emirates airlines playing a key role.

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