Dubai exports targets high growth markets amid slowdown

17 March, 2019 12:00 AM printer

Dubai: Dubai Exports is targeting high growth markets such as Africa and Central Asia, when the rest of the world is witnessing a slowdown.

The export promotion agency of the Dubai Department of Economic Development has been targeting markets whose economic growth was in excess of 7 per cent, a far cry from the world economy, which is growing at just a little above 3 per cent. And even the targets for 2019 are lower. The Organization for Economic Co-Operation & Development (OECD) expects the world economy would grow 3.3 per cent in 2019 and 3.4 per cent in 2020, report agencies.

“The average global economy may be facing a slowdown but that is not true of all the markets that Dubai Exports is targeting. Opening such markets offers our companies new opportunities and avenues to grow their business despite the economic slowdown in the developed world,” Mohammad Al Kamali, Deputy CEO, Dubai Exports, told Gulf News in an interview.

Kamali pointed out that Africa is full of opportunities with young population and high mobile penetration. Over half of all Africans are under 20, and are rapidly moving to cities with more than 40 per cent now living in urban areas.

He gave an example of Cote d’Ivoire in West Africa. “Greater urbanisation offers UAE companies better reach to target young and upwardly mobile potential consumers. The rise of technology has meant that the number of mobile subscribers in Africa exceeds 800 million and therefore allowing companies greater access to consumers,” Kamali said.

“Dubai Exports has been extremely successful in the Chinese market and this has been supported by the events held in the country, which include Sial China. Also, Dubai Exports has a trade office in Hong Kong to support UAE firms to enter the highly lucrative Chinese market,” he added.

Dubai Exports opened an office in 2017 in Hong Kong to establish and develop strong relations with business and government decision makers in Hong Kong and China.