Wooing emerging economies
The emirate of Dubai has introduced what it has termed a ‘World Logistics Passport’, to create incentives for the industry to make better use of the emirate’s logistics infrastructure and to direct goods flows through Dubai. The focus is on countries and enterprises from Asia, South America and Africa.
Representatives from Dubai are usually also on the scene when politicians and managers from across the globe meet for their annual shindig in Davos at the end of January – the World Economic Forum (WEF). This year’s delegation was headed by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and the prime minister of the UAE. He was accompanied by representatives of the terminal operator DP World and of the aviation enterprise the Emirates Group. The desert contingent presented Dubai’s latest logistics master plan – its ‘World Logistics Passport’ (WLP) – in Switzerland’s snowcapped Alpine peaks.
Trade up by 10%
This instrument has been designed to enable companies and logisticians doing business through Dubai to run more efficient processes between DP World, Emirates and the service provider Customs World. The WLP, which has been active as a pilot project since July last year, has already proved its mettle, according to the delegation from Dubai. The trade volume of the companies involved has already risen by 10%.
Companies from emerging economies in Asia, Latin America and Africa are in the WLP’s spotlight; the measure is expected to drive up trade between them too. According to the WTO this trade is currently worth around USD 4.28 trillion a year, or more than half of all exports. The WLP has been drawn up as a loyalty programme; it offers incentives to use Dubai’s logistics facilities.
States are also amongst the WLP’s target groups. They can make use of the know-how that the emirate has built up for itself in the logistics field, and in the process improve their own processes and infrastructure. “We want to improve logistics services and increase our share of international trade,” as Sultan Bin Saeed Al Mansoori, the United Arab Emirates’ economics minister, stated in Davos.
The WLP is a part of a major emirati project entitled the ‘Dubai Silk Road’. It aims to enhance the already strong position of the Gulf metropolis as a global trading centre between east and west.
Dubai seeking new partnerships
Emirates chairman Ahmed bin Saeed Al Maktoum took part in a panel discussion with representatives from various emerging economies, in which he stated that Dubai intends to enlarge its global presence through partnerships with other trading centres. Big data and other new technologies will play an important role in these endeavours.