Dubai’s Jebel Ali Free Zone (Jafza) recorded a 30 per cent growth in customer registrations in 2022, boosted by an influx of Chinese companies.
Last year marked the highest number of new customer registrations in a decade, taking the total number of companies operating within Jafza to more than 9,500, the free zone said on Wednesday.
“Last year, the UAE’s non-oil foreign trade reached a record Dh2.23 trillion ($607.2 billion), increasing more than 17 per cent year on year,” said Abdulla bin Damithan, chief executive and managing director of DP World UAE and Jafza.
“We can proudly say that we have played a significant role in enabling this achievement.”
The UAE's non-oil foreign trade continues to rise as the country's economy recovers from the coronavirus pandemic on the back of higher oil prices and government initiatives.
Last year marked the first time the country's non-oil foreign trade crossed the Dh2 trillion mark.
China, Asia's largest economy, was the UAE's top trading partner last year, with trade between the two countries at Dh264.5 billion.
It was followed by India (Dh180.9 billion), Saudi Arabia (Dh135.2 billion) and the US (Dh110 billion).
The UAE, the Arab world's second-largest economy, is also working towards signing 26 comprehensive economic partnership agreements as it seeks to further attract more investment, Minister of Economy Abdulla bin Touq said this month.
The country is also aiming to eliminate or reduce tariffs, remove unnecessary trade barriers, increase market access and set up investment and trade ventures with its partners.
“With trade facilitated through our Jebel Ali hub increasing considerably in 2022, Jafza continues to take the lead in achieving national goals,” said Mr bin Damithan.
China and India remain key trade and economic partners for the free zone, Jafza said.
While the number of newly registered Chinese companies in Jafza increased four times last year, new registrations of Indian companies jumped by 30 per cent from 2021.
DP World’s India-UAE Trade Bridge, and economic partnerships such as the UAE-India Cepa deal have increased customers’ confidence in expanding their reach through Jebel Ali, Jafza said.
Non-oil trade between the UAE and India rose to about $50 billion since the agreement was signed a year ago, putting it on track to achieve its $100 billion goal by 2030, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said last month.
“Initiatives such as trade bridges, alongside multimodal connectivity and access to DP World’s global portfolio for end-to-end logistics and supply chain solutions have only enhanced the attractiveness of Jafza to business owners,” said Mr bin Damithan.
During the past 10 years, Jafza has registered a 13-fold increase in logistics customers, while the vehicle and transport segment recorded a compound annual growth rate of 26 per cent, the free zone said.
The increased reliance on manufacturing, logistics and e-commerce has also opened new market opportunities for retailers and general traders, and created demand for transport companies to handle the movement of goods through the free zone, it said.
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E77kWh%202%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E178bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E410Nm%0D%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E402km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh%2C150%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ETBC%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Global state-owned investor ranking by size
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Norway
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Canada
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Scorebox
Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
Our Time Has Come
Alyssa Ayres, Oxford University Press
RACE CARD
4.30pm: Maiden Dh80,000 1,400m
5pm: Conditions Dh80,000 1,400m
5.30pm: Liwa Oasis Group 3 Dh300,000 1,400m
6pm: The President’s Cup Listed Dh380,000 1,400m
6.30pm: Arabian Triple Crown Group 2 Dh300,000 2,200m
7pm: Wathba Stallions Cup Handicap (30-60) Dh80,000 1,600m
7.30pm: Handicap (40-70) Dh80,000 1,600m.
Lewis Hamilton in 2018
Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
The%20specs
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Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
