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THE ECONOMY - TRADE

UAE-South Korea joint Commission calls for activation of bilateral agreements

Posted on 08/05/2012

The third meeting of UAE-South Korea joint economic committee concluded in the UAE capital Abu Dhabi yesterday with a call to activate all the bilateral agreements between them. The meeting, co-chaired by UAE minister of economy Sultan Bin Saeed Al Mansouri and S.Korea's Minister of Strategy and Finance Jae Wan Bahk, renewed the resolution to further develop the relations into wider horizons in the coming phase. The meeting was attended by senior executives from various government sectors ...  >>MORE

UAE Korea trade reaches 22 billion dollars in 2011

Posted on 08/05/2012

Sultan bin Saeed Al Mansouri, Minister of Economy has said that trade exchange between UAE and the Republic of South Korea last year reached to 22 billion dollars as compared to 17.7 billion dollars in 2010. During UAE-South Korea joint Commission meeting here yesterday at Fairmont Bab Al Bahr Hotel, Al Mansouri pointed out to the development of economic and trade relations between the two sides in light of the directives of the leaderships of the two countries to strengthen bilateral ties. He ...  >>MORE

UAE emerges as second largest investment destination for South Korea

Posted on 07/05/2012

The two-way trade between Korea and United Arab Emirates is picking up steam rapidly this year surpassing last year's figure of US$20 billion when UAE is gearing up to diversify its non-oil industrial sector, South Korean Minister of Strategy and Finance Bahk Jaewan said. He pledged to reinforce cooperation in areas where Korea's strength can be well harmonised with the UAE's policy direction which is also aimed at bolstering knowledge-based economy expressing hope that increased trade ...  >>MORE

Made in UAE exhibition to help boost trade, industry

Posted on 07/05/2012

The inaugural ‘Made in UAE' exhibition will help boost trade and also increase industrial sector's share in the country's gross domestic product, or GDP, according to top government officials. At present, the contribution of the industrial sector to the GDP stands at 14 per cent and the UAE has chalked out plans to increase this to 25 per cent in the next 15 years, focusing on specific industrial fields such as petrochemical, food and value-added industries, among others. On its part, ‘Made ...  >>MORE

UAE and Algeria discuss measures to strengthen bilateral trade relations

Posted on 06/05/2012

Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, who led the UAE delegation to Algeria, signed the joint statement of the 10th Joint Committee Meeting between the two countries with Karim Joudi, Algerian Minister of Finance in the presence of senior officials from both sides. Al Mansoori has met the Algerian Prime Minister Ahmed Oyehia, at his office. They discussed ways to strengthen bilateral trade relations between the UAE and Algeria and remove obstacles facing investment projects ...  >>MORE

DWTC achieves 7% rise in exhibiting companies

Posted on 06/05/2012

The Dubai World Trade Centre (DWTC) yesterday reported a year-on-year spike in event-related traffic with over 1.65 million visitors attending major trade fairs in 2011. The DWTC also reported a 7 per cent increase in exhibiting companies from over 120 countries. "As financial prudence and austerity continue to be worldwide priorities, our focus in 2011 was to build on the strength of Dubai's stability and provide an immensely secure networking base connecting not just international ...  >>MORE

VP calls for exemption of goods, items of people with special needs from custom duties at GCC level

Posted on 01/05/2012

Goods and special items of people with special needs have been exempted from custom duties at the level of the Gulf Cooperation Council for Arab States (GCC), according to special initiative from Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. The kind gesture aims to ease burden on this category, and in appreciation to the role of people with special needs in comprehensive development. Sheikh Mohammed has instructed the Dubai Customs ...  >>MORE

DP World reports 10% increase in container volumes in Q1- 2012

Posted on 01/05/2012

DP World Limited on Monday reported an increase of 9.5% in gross volumes in the first quarter of 2012 handling 13.8 million TEU (twenty-foot equivalent units) across its global portfolio of marine terminals. Excluding the contribution from new capacity, like for like growth was 7.4%, according to DP World Chairman Sultan Ahmed Bin Sulayem in a press release. "Excluding the contribution from new capacity, like for like growth was 7.4%," he added. "This growth was driven by an excellent ...  >>MORE

UAE showcases its investment potential and growth opportunities in Hanover

Posted on 26/04/2012

Hanover, Germany - Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, inaugurated the UAE Investment Forum as part of the UAE's dedicated pavilion at Hannover Messe, the international industrial and technology fair regarded as one of the world's largest industrial and technology events, being held from April 23 to 27, 2012, in Hanover, Germany. The UAE Investment Forum will serve as a window into the investment potential and growth opportunities offered by the country for foreign ...  >>MORE

Lubna discusses trade and investment ties with German officials

Posted on 26/04/2012

Hanover, Germany - Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade yesterday received Prime Minister of Lower Saxony, David McAllister at UAE Pavilion's headquarter at the Hanover International Industrial Exhibition 2012 in Germany. During the meeting which was attended by Mohammed Omar Abdullah, the Undersecretary of the Department of Economic Development (DED) and a number of senior officials, they reviewed trade and investment ties and ways to boost them as well as ...  >>MORE

Lubna leads UAE delegation to 2012 HANNOVER MESSE

Posted on 24/04/2012

Hannover - Sheikha Lubna Al Qasimi, Minister of Foreign Trade has led a business and governmental delegation to 2012 HANNOVER MESSE the world's most important technology event. Represented by 23 governmental, governmental and private institutions and companies, the UAE is taking part in the world's most important technology event which will showcase ground-breaking innovations in the context of 8 international flagship fairs. The minister and other senior officials toured the venue of the ...  >>MORE

UAE trade surplus put at US$86.2bn in 2011

Posted on 24/04/2012

Strong oil prices boosted the UAE's trade surplus to one of its highest levels of around US$86.2 billion in 2011 while the current account balance also surged above 10 per cent of GDP, according to official data. Exports of goods climbed to an all time high of around US$265 billion in 2011 while imports reached US$179.3 billion, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF). The surge in exports boosted the country's trade surplus by around 36 per cent from 63.5 billion ...  >>MORE

World Trade Centre Abu Dhabi WTCA's latest member in global network

Posted on 20/04/2012

New York - On the occasion of its Board Meeting held in San Diego, CA, the World Trade Centres Association (WTCA) is pleased to confirm the latest development in its global network: World Trade Centre Abu Dhabi. The World Trade Centre Abu Dhabi will join nearly 330 World Trade Centres located in nearly 100 countries around the world, which share the common purpose of facilitating and developing two-way, international trade and business. "For more than 40 years, the WTCA network has served as ...  >>MORE

Dubai foreign trade reached record 1.1 trillion dirhams in 2011

Posted on 19/04/2012

Dubai's foreign trade climbed to a record 1.1 trillion dirhams (US$299 billion) in 2011, up 22 percent from the previous year, according to the customs authority. Imports increased 21 percent to 442 billion dirhams, while exports rose 44 percent to 98 billion dirhams. Re-export trade climbed 18 percent to 161 billion dirhams, the authority said. H. H. Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said the record surge in the volume of Dubai foreign trade " reflects ...  >>MORE

Dubai Chamber members' exports and re-exports register 7.8% growth in Q1 2012

Posted on 18/04/2012

The Q1 data released by Dubai Chamber of Commerce and Industry recently clearly shows that Dubai's economy is firmly back in the saddle and ready to make giant strides. The first quarterly report highlighting the 7.8% rise in the value of exports and re-exports by members in comparison to Q1 of 2011 confirms the status of the trade sector including exports and re-exports as one of the frontrunners of Dubai's economic growth. The first quarterly report of 2012 reveals that the value of Dubai ...  >>MORE

UAE stays favourite country among Gulf nations: Survey

Posted on 10/04/2012

The UAE remains favourite country among Gulf nations for attracting expatriate talent and the region continues to create jobs despite Arab Spring in 2011, according to a latest survey findings. The UAE strengthened its position as the most popular destination among Gulf-based expatriates, with Dubai overwhelmingly remaining the most attractive city, according to the survey by Dubai-based online recruitment firm, GulfTalent.com. Qatar also joined the club of prime destinations for ...  >>MORE

Mohammed bin Rashid calls on GCC to ease restrictions on cross-border trade

Posted on 10/04/2012

Gulf nations will be better able to build a stronger and more competitive bloc once restrictions on cross-border trade are eased, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said yesterday. Sheikh Mohammed called for the GCC to remove obstacles to cross-border trade in order to strengthen the region's economies, saying that it was important for the Gulf nations to do away with procedures that hinder trade and economic ...  >>MORE

Non-oil export from Abu Dhabi surges in January

Posted on 04/04/2012

The first issue of the new monthly report on non - oil merchandise trade through the ports of Abu Dhabi during the current year showed a surge in exports. The Statistics Centre - Abu Dhabi (SCAD) released the report reflecting the Centre's keenness to support decision makers and the business sector through the provision of accurate, up-to-date and reliable statistics on the indices of non-oil foreign merchandise trade which entered or exited the territory of the Emirate of Abu Dhabi through ...  >>MORE

WTO highlights UAE's Importance in Global Trade

Posted on 02/04/2012

Geneva - The World Trade Organisation [WTO] has underlined, in the conclusion of the 2nd Trade Policy Review [TPR] of the United Arab Emirates at the WTO's headquarters in Geneva, the important role the UAE plays in global trade and in the multilateral trading system, expressing its hope for more prosperity and success for the UAE in building a more advanced knowledge-based economy and in strengthening its role in the organisation to further strengthen the foundations of the multilateral ...  >>MORE

Abu Dhabi starts e-licence from April 8

Posted on 02/04/2012

The Department of Economic Development (DED) in Abu Dhabi is due to start the process of issuing electronic trade licences on Sunday April 8. All clients will have to submit required documents in electronic format in future. Mohamed Moneef Al Mansouri, acting executive director of the Commercial Affairs Division at DED, said this measure is being introduced to speed up the process of issuing trade licences in Abu Dhabi. He said this measure will help reduce the procedures for issuing a ...  >>MORE

Sharjah non oil foreign trade grew Dh89 billion in 2011, up by 32 per cent

Posted on 01/04/2012

Non oil foreign trade of the Emirate of Sharjah at all the land, sea and air ports, including the free zones, grew in 2011 by 32 per cent to Dhs89 billion compared to Dhs67.5 billion in 2010, according to the statistical reports released by the Department of Seaports and Customs in Sharjah. Engineer Rashid Al Leem, Director General of the Department of Seaports and Customs said the statistical reports of 2011, show the imports surged from 24 per cent to Dhs41.3 billion in 2010 compared to ...  >>MORE

Lubna talks with WTO chief over UAE trade policies

Posted on 29/03/2012

Geneva - Shaikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, held talks yesterday with Pascal Lamy, Director-General of the World Trade Organisation (WTO) over the second review of the trade policies and practices of the United Arab Emirates. The basis for the review is a report by the WTO Secretariat and a report by the Government of the United Arab Emirates. All WTO members are reviewed, the frequency of each country's review varying according to its share of world trade. ...  >>MORE

Dubai to issue investors instant trade licences

Posted on 25/03/2012

The Dubai Department of Economic Development (DED) is planning to issue instant trade licences to investors under a new ‘120 days hassle free licence' initiative that will be launched this year. The move, which will allow investors to have their licences issued immediately, will drastically simplify the investment and business registration process, depending on the risk factors of the intended business activity. The UAE has improved its rank in Ease of Doing Business to 33 in 2012, up ...  >>MORE

UAE's trade relations with South Korea to grow stronger

Posted on 19/03/2012

South Korea is fast emerging as a key trade and investment partner of the UAE, with the huge potential for future economic partnerships signifying a strategic shift in the country's economic relations with fast growing Asian economies, according to Standard Chartered. A relationship built solely on trade — oil from the UAE and electronics and cars from Korea — has become much more strategic in the last 10 years, Standard Chartered executives said in Dubai yesterday. "South Korean firms ...  >>MORE

Sheikha Lubna discusses strengthening economic and trade cooperation with Latvia

Posted on 12/03/2012

Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, yesterday received at the Ministry of Foreign Trade's headquarters in Abu Dhabi Valdis Dombrovskis, the Prime Minister of the Republic of Latvia, Daniels Pavluts, the Latvian Minister of Economy, Maris Selga, the Ambassador of the Republic of Latvia in the UAE, and the accompanying delegation. Both parties touched on a number of issues pertaining to bilateral relations between the two countries and the mechanisms of strengthening ...  >>MORE

Non-oil foreign trade of Abu Dhabi Emirate Dh139.4 billion in 2011

Posted on 06/03/2012

The volume of non oil foreign trade for the Emirate of Abu Dhabi in terms of value stood at Dh139.4 billion in 2011, up by 27.7 percent, compared with Dh109.2 billion for the same period in 2010, according to the statistical report issued by the Section of Statistics at the Directorate of Customs in Abu Dhabi. Non oil Abu Dhabi exports during the last year touched Dh11.5 billion, dropping by one per cent, compared to Dh11.6 billion in corresponding period in 2010. The report also shows that ...  >>MORE

UAE non-oil trade hits Dh759.8 billion during first 10 months of 2011

Posted on 01/03/2012

UAE non-oil foreign trade in the first 10 months of 2011 surged to Dh759.8 billion showing an increase of Dh137.3 billion in comparison to the same period in 2010. Federal Customs Authority (FCA) initial statistical data indicates a year-on-year (YoY) increase of 22 percent in UAE's non-oil foreign trade from January to the end of October, 2011. The data for the first 10 months of 2011 indicate a non-oil foreign trade increase from Dh622.5 billion in 2010 to Dh759.8 billion in 2011 showing ...  >>MORE

Exports from Dubai crosses worth of Dh3 billion

Posted on 29/02/2012

The total value of exports from Dubai realised through Dubai Exports, the export promotion agency of the Department of Economic Development, crossed AED3 billion in 2011, as exporters in Dubai continued to penetrate new markets and diversify their product range. The export sector performance in 2011 marks a significant achievement for Dubai Exports and its strategy of enhancing the export capabilities of local companies. Of the 42 export transactions facilitated by Dubai Exports during the ...  >>MORE

UAE remains largest Arab market

Posted on 23/02/2012

The UAE retained its position in 2010 as the largest market in the Arab world, with its imports of goods and services accounting for nearly 28 per cent of the total Arab imports, according to official data. But the country remained second to Saudi Arabia in terms of exports despite an increase in its exports of goods and services in 2010, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF). The AMF, an IMF-style regional establishment affiliated to the Cairo-based Arab ...  >>MORE

UAE trade to reach Dh2.4 trillion in 2015

Posted on 19/02/2012

The UAE's trade is projected to soar to Dh2.4 trillion in 2015. Official data showed imports by the UAE, the second largest Arab economy after Saudi Arabia, could reach Dh1.06 trillion while exports could rise to Dh1.34 trillion. In 2012, the country's trade is projected to touch Dh1.81 trillion, including about Dh979 billion in exports, according to figures provided by Jamal bin Thaniya, deputy chairman of Dubai's DP World. Speaking at Dubai's Economic Forum, he said the emirate's non-oil ...  >>MORE

Record-breaking export and import volume solidifies United Arab Emirates' position

Posted on 14/02/2012

According to statistics released by the United States (US) Department of Commerce, the United Arab Emirates (UAE) was the single largest export market for US goods in the Middle East in 2011 - the third straight year that the UAE has held the top position. Last year, total trade volume between the UAE and US rose to US$18.3 billion, a 43 percent increase over 2010. The 2011 figure represents the highest ever trade volume between the two countries, and was fuelled by a surge in exports from ...  >>MORE

UAE-US trade reaches record high of US$18.3b

Posted on 12/02/2012

The volume of trade between the United States (US) and the United Arab Emirates (UAE) reached a record high of US$18.34 billion in 2011, recent data showed. Increased trade and investment across several key economic sectors including manufacturing, infrastructure, and technology drove the rise in last year's economic activity. According to the newly released 2011 US export statistics by the Department of Commerce, the UAE remains a key export destination and the single largest export ...  >>MORE

Volume of trade exchange between UAE, Korea touches US$23 billion in 2011

Posted on 31/01/2012

The trade exchange between the UAE and South Korea stood at US$23 billion in 2011. The Korean exports to the UAE were US$2.27 billion from January to April last year up by 53 per cent. While the UAE exports to South Korea in corresponding period were US$4.58 billion up by 14. 4 per cent. The UAE is one of the major markets to the South Korean Companies. The volume of contracts granted to the Korean companies in the UAE touched US$25. 600 billion in 2010 compared to US$16.800 billion in 2009, ...  >>MORE

Sheikha Lubna meets US trade official

Posted on 29/01/2012

Washington, D.C. - Minister of Foreign Trade Shaikha Lubna Al Qasimi met with the United States Trade Representative (USTR) Ron Kirk in Washington and discussed with him continued cooperation in the avenues of trade and investment. The minister, who met with the US official during her visit to the US, was accompanied by UAE Ambassador in Washington Yussuf Mana Al Otaiba and the UAE Commercial Attaché Saud Al Nowais. They held talks on economic cooperation between the two countries and ...  >>MORE

A record high for Dubai Chamber members' exports and re-exports in 2011

Posted on 23/01/2012

Dubai Chamber of Commerce and Industry members' exports and re-exports in 2011 made a record for achieving the highest figures in its history of operations. It also proved that the trade sector is once again the frontrunner of Dubai's economic growth. The Annual Report 2011 released by Dubai Chamber yesterday indicates that the total value of its members' exports and re-exports last year was Dh246 billion which is 14.5% higher compared to the 2010 level reflecting the importance of trade in ...  >>MORE

UAE and Polish ministers discuss trade and energy cooperation

Posted on 18/01/2012

Cooperation between the UAE and Poland on trade, economy and investments was discussed Tuesday by Minister of Foreign Trade of the UAE Sheikha Lubna Al-Qasimi and visiting Polish Deputy Prime Minister '&' Minister of Economy Waldemar Pawlak. In remarks at the meeting, Sheikha Lubna stressed that the UAE's economy sees fresh growth. The UAE's development plans aim at building a sustainable economy that focuses on industry, research, education and exploring new sectors such as renewable energy ...  >>MORE

Abdullah bin Zayed: UAE-Iraq trade exceeded US$4.5 in 2011

Posted on 17/01/2012

Trade exchange between the UAE and Iraq continues to grow and has exceeded US$4.5 billion last year despite the global economic crisis, H.H Sheikh Abdullah Bin Zayed Al-Nahyan, Minister of Foreign Affairs of the UAE said at a joint , at a joint press conference with his Iraqi counterpart Hoshyar Zebari in Abu Dhabi. Sheikh Abdullah also condemned the recent terrorist acts in Iraq and reiterated the UAE's support for Iraq's stability and security. For his part, Zebari hailed the UAE's decision ...  >>MORE

UAE, US sign MoU for launching economic policies forum

Posted on 16/01/2012

Dr Anwar Mohammed Gargash, Minister of State for Foreign Affairs, received yesterday a US delegation led by Undersecretary of State for Economic, Business, and Agricultural Affairs Robert Hormats. Dr. Gargash and Mr. Hormats discussed a number of topics of mutual concern. The two sides signed a memorandum of understanding on economic policies dialogue between the UAE Ministry of Foreign Affairs and US State Department. The MoU provides for an annual platform for joint coordination on ways ...  >>MORE

UAE is interested in taking its economic partnership with US to new heights: Lubna

Posted on 16/01/2012

The UAE is very interested in further boosting its cooperation with the US particularly in trade and investment and opening up new avenues of collaboration in future in lighting of the available, diverse opportunities in these two sectors, Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade, said yesterday. She underlined during talks with visiting US Under Secretary of State for Economic, Business, and Agricultural Affairs Robert Hormats the importance of the role the Small and ...  >>MORE

UAE non-oil trade hits Dh676.3 billion during first 9 months

Posted on 16/01/2012

UAE non-oil foreign trade has been on the go for Qs 1,2 '&' 3, 2011 compared to the same period of the previous year. Federal Customs Authority (FCA) initial statistical data indicates a year-on-year YoY 23% increase in UAE's non-oil foreign trade from January to the end of September, 2011. According to FCA statistical data for Qs 1,2 '&' 3, 2011 indicate a non-oil foreign trade increase from Dh556.1 billion in for the same period in 2010 to Dh676.3 billion in 2011; i.e., an Dh120.2 ...  >>MORE

Lubna Al Qasimi stresses depth of UAE-Asian countries' cooperation ties

Posted on 15/01/2012

Hyderabad - Sheikha Lubna Al Qasimi, Minister of Foreign Trade has stressed the strength and depth of the cooperation ties between the UAE and Asian countries, especially with India. Addressing the Partnership 2012 Summit, organised by the Confederation of Indian Industry and Government of Andhra Pradesh in Hyderabad City, she underscored the significance of increasing and diversifying the trade and investment cooperation ties among the South countries to further enhance the economic and ...  >>MORE

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Quick List

UAE-South Korea joint Commission calls for activation of bilateral agreements


UAE Korea trade reaches 22 billion dollars in 2011


UAE emerges as second largest investment destination for South Korea


Made in UAE exhibition to help boost trade, industry


UAE and Algeria discuss measures to strengthen bilateral trade relations


DWTC achieves 7% rise in exhibiting companies


VP calls for exemption of goods, items of people with special needs from custom duties at GCC level


DP World reports 10% increase in container volumes in Q1- 2012


UAE showcases its investment potential and growth opportunities in Hanover


Lubna discusses trade and investment ties with German officials


Lubna leads UAE delegation to 2012 HANNOVER MESSE


UAE trade surplus put at US$86.2bn in 2011


World Trade Centre Abu Dhabi WTCA's latest member in global network


Dubai foreign trade reached record 1.1 trillion dirhams in 2011


Dubai Chamber members' exports and re-exports register 7.8% growth in Q1 2012


UAE stays favourite country among Gulf nations: Survey


Mohammed bin Rashid calls on GCC to ease restrictions on cross-border trade


Non-oil export from Abu Dhabi surges in January


WTO highlights UAE's Importance in Global Trade


Abu Dhabi starts e-licence from April 8


Sharjah non oil foreign trade grew Dh89 billion in 2011, up by 32 per cent


Lubna talks with WTO chief over UAE trade policies


Dubai to issue investors instant trade licences


UAE's trade relations with South Korea to grow stronger


Sheikha Lubna discusses strengthening economic and trade cooperation with Latvia


Non-oil foreign trade of Abu Dhabi Emirate Dh139.4 billion in 2011


UAE non-oil trade hits Dh759.8 billion during first 10 months of 2011


Exports from Dubai crosses worth of Dh3 billion


UAE remains largest Arab market


UAE trade to reach Dh2.4 trillion in 2015


Record-breaking export and import volume solidifies United Arab Emirates' position


UAE-US trade reaches record high of US$18.3b


Volume of trade exchange between UAE, Korea touches US$23 billion in 2011


Sheikha Lubna meets US trade official


A record high for Dubai Chamber members' exports and re-exports in 2011


UAE and Polish ministers discuss trade and energy cooperation


Abdullah bin Zayed: UAE-Iraq trade exceeded US$4.5 in 2011


UAE, US sign MoU for launching economic policies forum


UAE is interested in taking its economic partnership with US to new heights: Lubna


UAE non-oil trade hits Dh676.3 billion during first 9 months


Lubna Al Qasimi stresses depth of UAE-Asian countries' cooperation ties