Dubai's economy continued its exceptional performance despite headwinds from a slowdown in global economic growth due to the coronavirus pandemic, the UAE's state news agency WAM reported on Wednesday. The number of customs transactions completed by Dubai Customs skyrocketed 38.5 percent in the first six months of 2020 to reach 7.2 million transactions compared to 5.2 million transactions in the corresponding period in 2019. This reflects the vital role Dubai plays as a global trade hub and the resilience of its infrastructure and systems in dealing with challenges including COVID-19. Dubai Customs completed 134,000 business registration requests during the first half, growing 109 percent from 64,000 in the first quarter of 2019. The stimulus package developed by Dubai Government includes a refund of 20 percent on the customs fees imposed on imported products sold locally in Dubai markets and the cancellation of the 50,000 dirhams bank guarantee or cash is required to undertake customs clearance activity. The initiative supported companies and the business sector in Dubai by enhancing liquidity and reducing the impact of the current global economic situation. Customs declarations rose 48 percent in the first six months of this year to reach 6.2 million declarations compared to 4.2 million declarations in the corresponding period in the previous year. This means more than one million declarations a month on an average. This big figure shows how dynamic and resilient Dubai's economy is. The advanced Smart Workspace helped complete a declaration in four minutes on an average. Dubai Customs also completed 432,000 refund requests, 262,300 certificate requests, and 173,600 inspection-booking requests in H1, 2020. Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation, said the wise directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai have strengthened Dubai's resilience despite the current challenges caused by the outbreak of the coronavirus. "We have a very strong customs structure in Dubai manifested in a 38 percent increase in customs transactions in a very hard time. This puts Dubai as one of the best customs and logistics hubs in the world and a very attractive environment for foreign investments and businesses. Dubai Customs' advanced systems have completed more than seven million transactions in six months and this reflects the high responsiveness our systems and programs have," bin Sulayem said. Ahmed Mahboob Musabih, Director-General of Dubai Customs said: "We managed to stand up for the challenge during the pandemic and to take all the precautionary measures against the virus while doing our work without interruptions. Thanks to huge investments in advanced technologies and efficient government programs following the directives of our wise leadership, we have completed 99.3 percent of the transactions through smart and electronic channels (60 percent smart, 39.28 percent electronic) leaving only a tiny 0.7 percent to the counter. — SG
