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The emirate’s annual trade stood at $320 billion in 2020
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Foreign trade focus likely on high-growth markets like Latin America, Asia
Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum recently approved a new structure of the board of the Dubai Chambers to, among other things, raise the annual foreign trade to AED2 trillion (around $540 million) in five years, said local reports on Saturday, June 26.
The emirate’s annual international trade stood at AED1.18 trillion (around $320 billion) last year, said the reports.
Bin Rashid was quoted by the reports as saying that he had approved a new structure for the boards of Dubai Chamber of Commerce and Industry, Dubai Chamber of Digital Economy, and Dubai International Chamber. He himself had approved the creation of these chambers in March this year.
Besides this restructuring, there will be additions to how Dubai plans to expand its foreign trade, said the reports.
Apparently, there will be a special foreign-trade focus on high-growth markets including Latin America, Africa, and Asia.
Meanwhile, digital economy reportedly already contributes 4.3% of Dubai’s GDP. That equals AED100 billion ($27 billion).