Logistics sector drives Dubai economy forward
In another sign that Dubai’s economy has turned the corner, customs data released yesterday shows direct trade rose 34 per cent in the first quarter to US $49.8 billion, Reuters reports.
The logistics sector continues to be a driving force behind the Dubai economy with exports growing by 47 per cent year-on-year in the first three months of the year to nearly $6 billion, while re-exports rose 44 per cent year-on-year to just over $13 billion.
Speaking to Reuters, Hamad Buamim, director general at the Dubai Chamber of Commerce and Industry, said: "Trade, tourism, logistics and financial services are, and will continue to be, the key economic sectors this year.”
India’s economic growth continues to fuel Dubai’s trade with the sub continent nation being Dubai’s number one trading partner.
Though the logistics sector continues to grow, the property market remains weak.
In an attempt to curb the struggling sector, the UAE government announced yesterday that the visa period of property owners would be extended from six months to three years.