Emirates News Agency – Dubai’s development journey will not be hampered by external situations due to its stable economic foundations: Hamdan bin Mohammed

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DUBAI, 2nd July, 2020 (WAM) — H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said that Dubai is capable of facing any unforeseen challenges since it is guided by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai’s strong and clear vision for the future.

“Dubai’s development is a continuous journey that will not be hampered by external situations due to its stable economic foundations,” he stressed.

Sheikh Hamdan made these remarks at a meeting of The Executive Council of Dubai held at Jebel Ali Port. During the meeting, which reviewed a number of initiatives and economic policies, His Highness was briefed about the Port’s operations, infrastructure, zones, latest technologies and innovations, and expansion plans rolled out as part of Dubai’s endeavour to enhance infrastructure and service excellence.

Sheikh Hamdan said the ports sector plays a key role in Dubai’s economy and its development is integral to its long-term strategic plans. DP World has played an instrumental part in Dubai’s emergence as one of the most connected cities both in the region and the world and the emirate’s diversification and growth strategy, he further said. His Highness also praised DP World’s efforts to develop its ports to transform them into some of the leading shipping hubs in the world.

“The establishment of Jebel Ali Port by the late Sheikh Rashid bin Saeed Al Maktoum is a prominent milestone in Dubai’s economic journey. Over the past few decades, it has become a strategic gateway that links the markets of the East and West. The value that the organisation adds to national, regional and international trade is the result of our visionary strategic planning. Jebel Ali Port is one of the top ten ports in the world and the largest in the Middle East. Backed by an advanced logistics infrastructure and an integrated free zone, the port’s development and growth has mirrored Dubai’s own progress,” His Highness said.

“DP World’s results in the first quarter of 2020 are promising and future growth prospects continue to be positive despite the challenges posed by the prevailing global economic environment. Consistent with Dubai’s resilient spirit, we want to turn these challenges into opportunities. As normal global trading flows resume and worldwide economic activity is restored, we will be looking to continue expanding our portfolio to enhance economic and trading growth,” Sheikh Hamdan added.

Jebel Ali Port is the largest in DP World‘s portfolio and the largest seaport in the Middle East. The Port is ranked the 11th largest container port globally. The Port has been named the best seaport in the Middle East for 24 consecutive years.

The Executive Council also approved the Dubai Free Zones Development Model 2030, which aims to boost the emirate’s geo-economic map. DP World and Free Zones including Jebel Ali Port and JAFZA contribute 33% to Dubai’s GDP.

The meeting also reviewed the “5×5 strategy” that aims to facilitate the implementation of the Free Zones 2.0 model with emphasis on trade, manufacturing, financial services, professional services, and entertainment. The strategy will play a key role in attracting foreign direct investment (FDI).

Dubai’s free zone development drive aims to enhance the emirate’s status as a global destination for investment and increase its contribution to the emirate’s GDP from AED135 billion to over AED250 billion, in addition to providing 700,000 job opportunities with emphasis on professional jobs.

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