Dubai Customs processed 14 million customs transactions in the initial half of 2023, marking a 10 per cent rise compared to the 12.7 million transactions recorded during the same period in the preceding year, as trade continued to grow.
According to a statement released on Sunday, the business registration service transactions experienced a 7 per cent increase, with a total of 143,000 service requests during the first six months of this year.
The majority of transactions, amounting to 12.3 million, were customs declarations, constituting 88 per cent of the overall total.
“The strong performance is a clear indication of the business sector’s mounting recovery and how Dubai has reinforced its stature as a leading global hub for trade, finance and logistics,” the statement added.”
“Trade is among the key sectors that have led the growth of the local economy during last year and this year,” said Ahmed Mahboob Musabih, director general of Dubai Customs and chief executive of Ports, Customs and Free Zone Corporation.”
During the initial half of 2023, Dubai’s economy showed a robust recovery, bolstering its reputation as a significant global center for trade, finance, and logistics.
Emirates NBD estimates that Dubai’s economy expanded by 5 per cent the previous year and projects a growth of 3.5 per cent in 2023. This growth can be attributed, in part, to the Comprehensive Economic Partnership Agreements that the UAE is finalizing with various nations, stimulating trade flows and boosting the value of non-oil foreign trade. As a result, the UAE reinforces its status as a major global trading hub.
In the endeavor to safeguard businesses’ intellectual property interests, Dubai Customs took decisive actions against counterfeits. During the first half of 2023, the department managed 194 cases of IP disputes, involving 10.7 million counterfeit items with a total value of AED 53.277M. Recycling initiatives for counterfeit and IP-infringing goods remained in place, leading to the recycling of 176,000 items associated with 65 global trademarks.
Dubai Customs further solidified its position as a leading global business hub by making 1,059 seizures and filing 908 customs cases. These actions not only contribute to creating an attractive investment environment but also reinforce Dubai’s stature as a prominent economic center worldwide.
Last week, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, commented on Dubai’s strong performance across various sectors, including tourism and property, underlining the city’s continued success as a major global economic hub in the first half of 2023.
