Dubai’s Jebel Ali Free Zone (Jafza) recorded a 19 per cent year-on-year increase in trade to Dh454.7 billion ($123.8bn) in 2021, as its proximity to Jebel Ali Port and Al Maktoum International Airport helped the free zone to facilitate the flow of goods during a challenging year.
The free zone, operated by DP World, registered an increase in trade despite ports worldwide facing congestion because of Covid-related lockdowns and other restrictions, it said in a statement on Wednesday.
Jafza also recorded an increase of nearly 19 per cent in the number of new companies registered in 2021, bringing the total to more than 9,000.
More than 25 per cent of new companies were in retail and general trading, the highest representation in Jafza.
This was followed by companies in the electronics and electrical sector with a nearly 10 per cent increase, and the vehicle and transport sector which had a more than 9 per cent rise in numbers.
Sectors in the free zone that recorded "significant improvements in trade" include the electrical and machinery sector, followed by construction materials, consumer electronics, and auto parts and spares.
The trade growth is especially significant "considering the challenges that reshaped global supply chains", said Abdulla bin Damithan, chief executive and managing director of DP World UAE and Jafza.
"Even as the pandemic disrupted trade operations, we succeeded in maintaining business continuity for our clients and us because of our investments in technology and advanced infrastructure," he said.
"These enabled smooth operations and placed us ahead of our competition. Building on our success, we will continue investing in digital platforms alongside our partners to ensure seamless cargo flows.”
The UAE has been boosting its trade volumes as it rebounded strongly from the pandemic-induced slowdown on the back of government measures and higher oil prices.
The country's non-oil trade rose 17 per cent to about Dh1.053 trillion in the first half of the year, from the same period in 2021, according to government data.
This is the first time the country's non-oil trade exceeded Dh1tn, the data showed.
In June, Jafza also opened Yiwu Market, the first smart free zone market in the Middle East, which was set up in line with the UAE's aim to facilitate trade by easing supply chain shortages after the pandemic.
Catering to the retail and wholesale industries, it is part of the first phase of the Dubai Traders Market, a 550-hectare marketplace within Jafza.
Jafza also offers Dubai Trade, an integrated e-platform for traders and logistics companies, which allows them to access data from the global supply chain.
The digital service provides information related to various commodities from production sources and offers instant quotes to help cargo owners secure the best deals.
DP World, one of the world's largest port operators, posted a record profit in the first half of 2022, driven by growth in cargo.
Profit attributable to owners of the company, before separately disclosed items, increased 52 per cent in the first six months to June to $721 million from $475m in the first half of 2021.
The company handled 39.5 million TEU (twenty foot equivalent units) across its global portfolio of container terminals in the first half of this year, up more than 2 per cent annually, as global trade picked up.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
UAE currency: the story behind the money in your pockets
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
