His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, emphasized that the Dubai trade sector remains a pivotal engine driving the emirate’s economic advancement and global prominence. In a world characterized by increasing competition, this sector is essential to Dubai’s evolution as a global commercial center, fostering diversification, innovation, and economic resilience, he stated.
Importance of trade in Dubai’s economy
“Trade is the lifeblood of Dubai’s economy and a crucial pillar of its growth as a leading global city,” Sheikh Hamdan remarked. “Decades of collaboration with the trading community and international partners have allowed us to transform challenges into opportunities and raise Dubai’s profile on the global trade map.”
Vision for Dubai’s trade sector
His Highness’s statements were made during a meeting with a group of businessmen, traders, and investors at Za’abeel Majlis in Dubai. The robust performance of the Dubai trade sector exemplifies the vision and developmental strategies of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which have positioned trade as a crucial catalyst for sustainable development. This vision is encapsulated in the objectives of the Dubai Economic Agenda D33, which seeks to double Dubai’s foreign trade to AED25.6 trillion and incorporate 400 cities as key trading partners by the year 2033.
Commitment to trade growth and infrastructure
Sheikh Hamdan reiterated that Dubai has consistently embraced a progressive economic strategy focused on diversifying income streams, with trade acting as a foundational element of this vision. He also reaffirmed the emirate’s dedication to promoting trade growth through robust partnerships with the private sector. Dubai aims to further enhance its trade-enabling infrastructure, strengthen partnerships, forge new collaborative linkages, align legislative frameworks with international standards, and leverage digital transformation alongside advanced technologies to elevate trade efficiency.
Optimism for future trade achievements
His Highness further expressed optimism regarding Dubai’s capacity to achieve unparalleled levels of growth through its collaborations, propelled by its strategic foresight, meticulous planning, and innovative approaches. He also underscored that Dubai’s extraordinary foreign trade performance is a reflection of the emirate’s pragmatic vision and well-defined objectives. Sheikh Hamdan stated that the Dubai trade sector significantly contributes to job creation, boosts competitiveness, broadens market access, and unveils new opportunities for business expansion. He reiterated Dubai’s commitment to equipping its partners with the necessary tools, resources, and support to tap into emerging markets and solidify the emirate’s status as a premier global trade gateway.
Distinguished attendees at the gathering
The gathering was also graced by His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council, along with several Sheikhs, ministers, and senior dignitaries from Dubai.
Innovations in solar energy discussed
During the meeting, H.H. Sheikh Hamdan bin Mohammed attended a presentation by Ben Nowack, Co-Founder and CEO of Reflect Orbital, who discussed groundbreaking advances in space-based solar energy solutions. Nowack detailed Reflect Orbital’s innovative strategy of delivering sunlight from orbit for solar farms and large-scale lighting applications after sunset. Utilizing a constellation of in-space reflectors, the company proposes a transformative method to prolong the availability of solar energy and light beyond daylight hours.
Moreover, in his presentation, Nowack underscored the vast potential of harnessing sunlight to improve humanity’s energy resources and living conditions. He pointed out key advancements that have made space-based solar solutions viable. Notable investments in space transportation have made reaching space more cost-effective and practical, while solar energy has become the fastest-growing and most economical energy technology worldwide. Reflect Orbital’s inaugural satellite aims to provide nighttime illumination across extensive regions.
