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THE ECONOMY - TRADE

Minister of economy underlines investment in Jordan

Posted on 10/04/2009

Minister of Economy HE Sultan Bin Saeed Al Mansouri said that UAE is keen on investing in various sectors in Jordan, especially in the fields of industry, tourism, property development and pharmaceuticals. In a statement made on the fringes of the Symposium on ' Investment Opportunities in the Hashemite Kingdom of Jordan', held at the Abu Dhabi Chamber of Commerce and Industry (ADCCI) today, the minister said that the economic environment in Jordan encourages foreign investment. Jordan has ...  >>MORE

Sales of Cooperative Societies stood at Dh4.585 billion in 2008

Posted on 08/04/2009

The Capital of Cooperative Societies in the UAE soared by over 10. 28 per cent to Dh580 million, up by Dh54.16 million at the end of 2008. According to the report released by the board of cooperative societies, the sales at the local market were up by 39. 18 per cent to Dh4. 585 billion, increased by Dh1. 290 billion compared to the sales in 2007. Majid Hamad Rahma Al Shamsi, Chairman of the Union Cooperative Society (UCS), lauded the support from President HH Sheikh Khalifa bin Zayed Al ...  >>MORE

Dubai to host first cotton trading centre

Posted on 07/04/2009

The Dubai Cotton Centre or DCC plans to start operations during the third week of April, following a three-month delay due to economic uncertainty, an executive told Reuters. The centre will be a redistribution and trading post for cotton from Uzbekistan en route to Asia. Storing large quantities of cotton in Dubai will help save up to 40 days of shipping time for Asian importers, Ashok Das, head of commodities at DCC, said on Monday. At present, Uzbek cotton for the same buyers is ...  >>MORE

India top trade partner of UAE

Posted on 26/03/2009

The Ministry of Foreign Trade said UAE's non-oil foreign trade rose by 33 per cent in 2007 compared to the previous year. It reached US$150.7 billion (Dh553bn). In a press conference at its new premises, the ministry said India came first as the volume of its foreign trade with the UAE rose to US$21.7 billion, followed by China (US$12.8bn) and the United States (US$9bn). The UAE's foreign trade focussed 56 per cent and 57 per cent for the year 2006 and 2007, respectively, on around 10 ...  >>MORE

UAE is one of Australia's largest trading partners in the ME: Sheikha Lubna

Posted on 24/03/2009

UAE Foreign Trade Minister HE Sheikha Lubna Al Qasimi, highlighted on Sunday the depth of relations between the UAE and Australia at the opening Dinner of the Australia-UAE Dialogue at Emirates Palace Hotel. "The UAE is one of Australia's largest trading partners in the Middle East, and its 13th largest overall. Considering our relative size, that is a particularly striking statistic", she added. Speaking at the opening Dinner of the Australia-UAE Dialogue, Sunday, Sheikha Lubna indicated ...  >>MORE

UAE plays increasingly significant role in world trade: Lubna

Posted on 22/03/2009

The UAE is playing an increasingly significant role in international trade despite the current financial crisis, stressed Minister of Foreign Trade Sheikha Lubna al-Qasimi. "The UAE ranks among the top 30 trading economies in the world and ranks first among Arab economies", al-Qasimi added in an interview with WAM. The interview is part of a plan for bolstering partnership among governmental entities in the UAE. The UAE Ministry of Foreign Trade has taken the lead in considering potential ...  >>MORE

UAE bans animal imports from Egypt

Posted on 17/03/2009

Imports of cloven-hoofed animals and all their products from Egypt to the UAE have been banned. Dr. Rashid Ahmad Bin Fahad, Minister of Environment, issued the decision based on reported cases of foot-and-mouth disease in Egypt. The Ministry of Environment and Water urged all UAE animal resources departments to coordinate to enforce the ban to prevent any spread of disease. The Ministry, in another decision, lifted the ban on imports of sheep, goats and cloven hoof animals from the UK, ...  >>MORE

DCCI members export goods worth Dh14.2bn

Posted on 16/03/2009

Goods worth Dh14.2 billion were exported by members of Dubai Chamber of Commerce and Industry (DCCI) in February, the organisation's monthly report said. About 46,000 certificates of origin were issued by the chamber to exporter members during the month. The report said 743 new members joined the chamber while 5,909 renewed their membership. The chamber welcomed 15 international business delegations comprising 346 visitors from Morocco, Korea, Japan, China, Italy, Indonesia, the United ...  >>MORE

UAE took third slot as world's largest supplier of propane

Posted on 09/03/2009

The UAE has emerged as the world's third largest supplier of propane on the heel of other OPEC members Saudi Arabia and Algeria, according to a Saudi economic report. 'Saudi Arabia took the lead as the global key producer controlling 20.2 per cent of the world propane exports in 2007, followed by Algeria with 10.5 per cent and the UAE at 8.7 per cent,' said a report by the Chamber of Commerce and Industry of Saudi Arabia's Eastern Region. Total global propane exports in 2007 stood at US$ 22.1 ...  >>MORE

Lubna Al-Qasimi visits Technical Training Institute in Armenia

Posted on 06/03/2009

Yerevan, Armenia - Foreign Trade Minister, Sheikha Lubna bint Khalid Al-Qasimi has visited the Technical Training Institute here in the Armenian capital as part of her state visit to the Republic of Armenia. Accompanied by the Armenian Economy Minister, Nerses Yeritsian and members of the economic and trade delegation accompanying her on the visit, Sheikha Lubna was taken round the various sections of the institute. She was later briefed by the Armenian Minister about Armenia's economy and ...  >>MORE

UAE, Armenia set to boost commercial cooperation

Posted on 06/03/2009

Yerevan - H.E. Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, met here yesterday with Tigran Sarkisyan, Prime Minister of Armenia, and discussed with him ways to enhance bilateral relations and cooperation, particularly in economic, commercial and investment fields. Sheikha Lubna conveyed to Sakisyan greetings of Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. During the meeting, Sheikha Lubna underlined ...  >>MORE

Abu Dhabi foreign trade surges 37.5 per cent to Dh102.8 billion in 2008

Posted on 03/03/2009

Abu Dhabi Department of Finance (DoF), the financial arm for the Government, announced that the Emirate's total foreign trade for 2008 increased to Dh102.779 billion, posting a sharp growth of 37.5 per cent over Dh74 billion reported in 2007, on imports, exports and re-exports of non-oil products. According to the report released by DoF for 2008, total value of imports for the full-year 2008 was Dh90.284 billion, up 42.6 per cent, over year 2007 import value of Dh63 billion. Abu Dhabi also ...  >>MORE

MOFT highlights prospects for enhanced UAE-US trade and economic cooperation

Posted on 27/02/2009

UAE Minister of Foreign Trade H.E. Sheikha Lubna Al Qasimi highlighted various prospects that could further enhance trade and economic cooperation between the UAE and the US. The Minister was addressing a special luncheon held on Wednesday sponsored by the US-UAE Business Council at the Vu Restaurant, Jumeirah Emirates Towers Hotel, Dubai. In her speech, the Minister affirmed the strong social, commercial and economic bonds existing between the UAE and the US. 'Today, the UAE has ...  >>MORE

UAE bans importation of live animals from China, Taiwan, Lebanon

Posted on 26/02/2009

Minister of Environment and Water, Dr. Rashid Ahmed bin Fahd, has issued a decree banning temporarily the importation into the country of all live split-hoof animals, their products and wastes from China, Taiwan and Lebanon. The ban, which will remain in force until further notice, followed the detection of foot and mouth disease in China, Taiwain and Lebanon. The minister urged the Animal Resource Department and other concerned organisational units of his ministry to coordinate efforts with ...  >>MORE

UAE lifts temporary ban on livestock import from Sudan

Posted on 25/02/2009

Minister of Environment and Water, Dr. Rashid Ahmed bin Fahd, issued yesterday a ministerial decree lifting the temporary ban on the importation of all types of live animals, their products and wastes from the Eastern and Central parts of Sudan. "Based on information released on November 4, 2008 by the World Organisation for Animal Health (OIE), which shows no new case of the Rift Valley disease was recorded in Sudan, and in view of general interest, the temporary ban on the importation of all ...  >>MORE

Country's non-oil exports surge 42%

Posted on 23/02/2009

The UAE's non-oil exports are growing at an unprecedented rate, confirming the country's success in achieving diversification, says the Ministry of Foreign Trade. "The rate of non-oil exports from the UAE has surged to 42 per cent of the total," Juma Mohamad Al Kait, Director of the ministry's Trade Negotiations and World Trade Organisation Affairs Department, told Emirates Business. "The increase in the percentage of non-oil exports is a major and unprecedented success for the country. The ...  >>MORE

UAE supplied fifth of Japan's oil imports in December 08

Posted on 11/02/2009

The United Arab Emirates supplied fifth of Japan's imports of crude oil during last December, according to a statistical report released by the Japanese Ministry of Economy, Trade '&' Industry. The report said the UAE supplied over 26 million barrels of crude oil to Japan in December, representing fifth of its total imports of 128 million barrels for that month. It also showed that 90 percent of the country's oil supplies were provided by Middle East which means that the region secures 30 ...  >>MORE

UAE world's 7th largest toy importing country

Posted on 30/01/2009

International toy manufacturers are interested in seeking new markets where the industry is still strong and lucrative, like that of the UAE's. UAE ranks 7th in the worldwide list of the top 10 toy importing countries, according to Epoc Messe Frankfurt, organisers of the Middle East Toy Fair. Elisabeth Brehl, Managing Director of Epoc Messe Frankfurt said: "This time last year, UAE was the 8th largest nation with toy import activities, but the latest market developments have boosted it to ...  >>MORE

Dubai's non-oil trade grows to reach Dh934.7bn in 2008

Posted on 29/01/2009

Dubai's non-oil foreign trade with the rest of the world grew 38pc in 2008 to Dh 934.7bn compared to Dh 678.5bn in 2007. The figures released by Dubai World's Statistics Department highlighted growth in trade by Dh 256.2bn. Commenting on the strong growth, Saeed Al Qaizi, Director of Procurement, Contracts and Statistics, Dubai World, said that Dubai's total foreign trade has maintained its steady growth pattern in 2008, reflecting the emirate's basic economic strength. 'Even during times ...  >>MORE

Dubai exports climb amid global downturn

Posted on 26/01/2009

Exports and re-exports enjoyed a 42 per cent leap in 2008, according to the Dubai Chamber of Commerce and Industry. Despite the financial situation in the rest of the world, goods exported and re-exported from Dubai hit Dh240 billion last year. The Dubai Chamber also emerged as the biggest issuer of certificates of origin in the world with an 11 per cent increase since 2007. Around 559,652 certificates of origin were issued in 2007. This figure rose to 624,066 in 2008. Hamad Buamim, Dubai ...  >>MORE

UAE, Libya to boost trade and investment cooperation

Posted on 22/01/2009

Foreign Trade Minister, Sheikha Lubna bint Khalid Al-Qasimi, received at her office in Abu Dhabi yesterday visiting Libyan Minister of Economy, Trade and Investment, Dr. Ali Al-Esawi and discussed with him bilateral relations and ways to boost them in the areas of trade and investment. The two officials also discussed boosting of cooperation between UAE and Libyan private sectors and businessmen through joint ventures in various areas of development. Sheikh Lubna noted that the UAE market has ...  >>MORE

Foreign Trade Minister discusses commercial cooperation with Dutch counterpart

Posted on 19/01/2009

H.E. Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, discussed yesterday with Frans Heemskerk, the Netherland's State Secretary for Foreign Trade, ways to enhance cooperation between the two countries, particularly in commercial and investment fields. The two sides reviewed means to benefit from the various facilities offered by the two countries to investors and ways to promote joint investments. Meanwhile, round-table talks were held later this evening between UAE and Dutch ...  >>MORE

ADCCI, Valladolid Chamber of Commerce sign MoU to boost cooperation

Posted on 19/01/2009

Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Chamber of Commerce of Valladolid yesterday signed a Memorandum of Understanding to further promote industrial and commercial cooperation and initiate regular exchange of data on markets and expand joint investments. The signing of the MoU took place yesterday in Abu Dhabi at a meeting chaired by Jos Rolando Alvarez. President of the Valladolid Chamber of Commerce and Industry who is leading a delegation of Spanish businessmen on a ...  >>MORE

Non-oil trade between India and the UAE grows 24% to US$29.02b

Posted on 19/01/2009

Non-oil trade between India and the UAE rose 24 per cent to US$29.02 billion in the 2007-2008 fiscal year, making UAE India's third-largest trading partner after the United States and China, latest figures provided to Gulf News by the Indian embassy in Abu Dhabi show. India's fiscal year runs from April to March. India's non-oil exports to the UAE in the last fiscal year rose to US$15.47 billion from US$13.61 billion, a year earlier. India's non-oil imports from the UAE during 2007-2008 were ...  >>MORE

UAE exports to Japan jump 60% in 10 months

Posted on 28/12/2008

Strong oil prices allied with costlier commodity to boost the UAE's exports to Japan by nearly 60 per cent in the first 10 months of 2008 to maintain its position as the second-largest Arab trade partner of the Asian giant. Official figures showed the Gulf country's exports to Japan, mostly crude oil, liquefied natural gas and aluminium, surged to an all-time high of US$32.85 billion (Dh120bn) during January-October from around US$26.17bn in the same period of 2007. Its imports from Japan ...  >>MORE

Increasing UAE exports to Uzbekistan discussed

Posted on 27/12/2008

UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi yesterday stressed that the UAE economy is solid could weather the current global financial crisis and the economic slowdown, thanks to the top leadership of the country. Al Qasimi further said the current crisis can be used as an opportunity for some countries with good economic growth rates to play a leading role in global economy. Al Qasimi made her remarks during a meeting today with Uzbek Minister of Foreign Economic Relations, ...  >>MORE

UAE top export destination for Singapore IT and telecom firms

Posted on 14/12/2008

The UAE tops the list of Middle East export destinations for Singapore's IT and telecoms companies, according to official figures. The Emirates accounted for 71 per cent of exports last year, says the Infocomm Development Authority of Singapore (IDA), a government body. The IDA is working closely with the public sector in the Middle East and many Singapore-based companies have already provided solutions and services in the region. They include CrimsonLogic, whose e-judiciary product is ...  >>MORE

Dubai's non-oil trade grows by 44.5% to Dh705 billion in January-September 2008

Posted on 14/12/2008

Dubai's non-oil foreign trade, including trade via free zones and customs warehouses, surged by 44.5 per cent during the first nine months of 2008 ending in September, compared to the corresponding period in 2007, the latest report by Dubai World's Statistics Department revealed. According to the report, Dubai's direct foreign trade recorded a growth by 51.2 per cent, with a corresponding rise of 33.4 per cent in the trade activity through other channels such as free zones and customs ...  >>MORE

Dubai exports to GCC countries still strong

Posted on 10/12/2008

Dubai's exports to major markets, affected by the credit crunch, could fall in 2009, but trade with other countries such as India could cushion the impact, UAE-based exporters said. The amount of Dubai's exports in the third quarter, which stood at Dh56.6 billion, is still higher than last year's Dh45.3 billion. However, a quarterly comparison showed that total exports of firms listed with the Dubai Chamber of Commerce and Industry declined slightly by 1.7 per cent in September from Dh57.6 ...  >>MORE

UAE is Japan's second largest crude supplier

Posted on 01/12/2008

Japan's imports of UAE crude oil reached 26.6 million barrels during last October, representing 22.4 percent of the country's total imports of crude oil. According to a statistical report released by Japanese Ministry of Economy, Trade '&' industry, Saudi Arabia emerged as Japan's largest crude supplier during October with 38 million barrels, followed by the UAE, Iran, Qatar and Kuwait respectively. The report said that Japan's crude imports dropped during that month to 118.9 million barrels, ...  >>MORE

UAE and China trade growing 34% annually

Posted on 27/11/2008

Commercial relations between the UAE and China have witnessed big growth over the last few year with an annual growth rate of 34 per cent, said Mohammed Ahmed bin Abdul Aziz Al Shehi, Undersecretary of Ministry of Economy. "The total non-oil commercial exchange rose from US$4 billion (Dh14.68bn) in 2003 to US$13bn in 2007, an annual growth rate of 34 per cent," he said. Chinese companies registered in the UAE Ministry of Economy total 31 and there are another 900 companies in the UAE's free ...  >>MORE

Dubai exports increase 25% to Dh57bn

Posted on 19/11/2008

The value of exports and re-exports shipped by members of the Dubai Chamber of Trade and Industry in the third quarter of 2008 has totalled Dh56.6 billion. This was 25 per cent higher than the Dh45.3bn registered during the same period in 2007. However, the figure represented a 1.7 per cent decline from the Dh57.6bn recorded in the second quarter of the year. Aref Obaid Al Muhairi, Director General of the Dubai Statistics Centre, said the year-on-year increase was the result of the support ...  >>MORE

UAE exports set to reach Dh758b as GDP climbs

Posted on 18/11/2008

The UAE's exports for 2008 are forecast to reach Dh757.8 billion, up from an estimated Dh607.7 billion in 2007, while its import levels this year are forecast to reach Dh491.7 billion, the Oxford Business Group said in 'The Report: Abu Dhabi 2008', released here on Monday. The UAE's GDP in 2007 reached Dh729.7 billion, according to the Ministry of Economy. The report said the country's overall current account balance is forecast to improve to Dh241.8 billion in 2008, compared with Dh153.1 ...  >>MORE

Dubai's rice trade value leaps by 155% in 1st half 2008

Posted on 10/11/2008

Rice trade in Dubai has made a quantum leap in terms of value during the first six months of 2008, achieving a remarkable 155.3 per cent rise compared to the same period of last year. Figures released by the Statistics Department of Dubai World also showed that the growth is by 42.2 per cent in terms of volume over the same period. According to the department figures, the total value of Dubai's import and re-export of this vital commodity reached Dh3.043 billion (about US$829 million) during ...  >>MORE

UAE and China forge diamond links

Posted on 09/11/2008

China and the UAE have linked up for a massive push into the diamond and jewellery trade. Hundreds of delegates from around the world gathered in Dubai yesterday for the first Middle East-China Diamond and Jewellery Summit at the Dubai Multi Commodities Centre (DMCC). The two-day conference aims to boost relations between China and the Middle East across the entire jewellery and diamond industry. Participants gathered with a common objective to capitalise on the strengths of these emerging ...  >>MORE

Japanese exports to UAE surge on rising demand for machinery

Posted on 06/11/2008

Fuelled by rising demand for transport equipment and electrical machinery, Japan's exports to the UAE climbed by 33.1 per cent to US$8 billion (Dh29.4 billion) in 2007, compared to US$6 billion in 2006. Overall, commerce between the two countries surged by 7.2 per cent, from US$37.6 billion in 2006 to US$40.3 billion in 2007, according to statistics released by the Japan External Trade Organisation (Jetro) in Dubai. The UAE was Japan's largest market for export products among the Gulf ...  >>MORE

Dubai's polished diamond trade reaches US$5.29 billion in first half 2008

Posted on 02/11/2008

Dubai's total trade of polished diamonds reached US$5.29 billion at the end of the first six months of 2008, the Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced yesterday. Polished diamond imports to the emirate grew by 99 per cent during the first six months of 2008, to reach US$2.94 billion from US$1.48 billion during the same period in 2007. Exports rose by 153 per cent to reach US$2.35 billion from US$929 million during the same period in ...  >>MORE

Dubai-France non-oil trade rises to Dh7.47 billion in six months

Posted on 29/10/2008

Bilateral non-oil trade between Dubai and France increased by 26.7 per cent in the first half of 2008, compared with that of the same period in 2007. The figures released by the Statistics Department of Dubai World showed that trade between the two countries amounted Dh7.47 billion (about US$2billion) during the first six months of this year, while it was Dh5.9 billion during the same period last year — an increase by Dh1.57 billion. The increase in trade reflects the strong relations ...  >>MORE

Imports of GCC through UAE touch Dh36 billion

Posted on 23/10/2008

Total of GCC imports through UAE ports and borders soared to Dh36 billion from 2003 to 2007, according to Mohammed Khalifa bin Fahad Al Muhairi, director general of the Federal Customs Authority (FCA). He added that the clearance committee endorsed the custom duties charged against the imports until 2007. It transferred them fully to the members, adding that the transfer of the custom duties to members "is in line with the commitment of the FCA to make unified customs experience a success." ...  >>MORE

Lubna Al Qasimi receives French Minister

Posted on 22/10/2008

UAE Minister of Foreign Trade, Sheikha Lubna Al Qasimi, yesterday received a French delegation headed by French Minister of State, Anne-Marie Idrac and discussed with her ways to boost strategic and economic ties between the two countries to cross the current $6.3 billion bilateral trade level. They also discussed ways to expedite the signing of a vital free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and the European Union (EU). The visit was part of a four-day tour of ...  >>MORE

UAE Minister of Trade discusses ways to enhance economic cooperation with Slovakia

Posted on 22/10/2008

UAE Minister of Foreign Trade H.E. Sheikha Lubna Al Qasimi has yesterday received a delegation from the Slovak Republic headed by State Secretary of the Ministry of Foreign Affairs Diana Strofova. Both ministers discussed ways to enhance strategic and economic cooperation and sustain the terms and goals of trade agreements made previously between their two countries. State Secretary Strofova was accompanied by Peter Zsoldos, Slovak Ambassador to the Gulf and the Middle East, and Peter Bator, ...  >>MORE

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Quick List

Minister of economy underlines investment in Jordan


Sales of Cooperative Societies stood at Dh4.585 billion in 2008


Dubai to host first cotton trading centre


India top trade partner of UAE


UAE is one of Australia's largest trading partners in the ME: Sheikha Lubna


UAE plays increasingly significant role in world trade: Lubna


UAE bans animal imports from Egypt


DCCI members export goods worth Dh14.2bn


UAE took third slot as world's largest supplier of propane


Lubna Al-Qasimi visits Technical Training Institute in Armenia


UAE, Armenia set to boost commercial cooperation


Abu Dhabi foreign trade surges 37.5 per cent to Dh102.8 billion in 2008


MOFT highlights prospects for enhanced UAE-US trade and economic cooperation


UAE bans importation of live animals from China, Taiwan, Lebanon


UAE lifts temporary ban on livestock import from Sudan


Country's non-oil exports surge 42%


UAE supplied fifth of Japan's oil imports in December 08


UAE world's 7th largest toy importing country


Dubai's non-oil trade grows to reach Dh934.7bn in 2008


Dubai exports climb amid global downturn


UAE, Libya to boost trade and investment cooperation


Foreign Trade Minister discusses commercial cooperation with Dutch counterpart


ADCCI, Valladolid Chamber of Commerce sign MoU to boost cooperation


Non-oil trade between India and the UAE grows 24% to US$29.02b


UAE exports to Japan jump 60% in 10 months


Increasing UAE exports to Uzbekistan discussed


UAE top export destination for Singapore IT and telecom firms


Dubai's non-oil trade grows by 44.5% to Dh705 billion in January-September 2008


Dubai exports to GCC countries still strong


UAE is Japan's second largest crude supplier


UAE and China trade growing 34% annually


Dubai exports increase 25% to Dh57bn


UAE exports set to reach Dh758b as GDP climbs


Dubai's rice trade value leaps by 155% in 1st half 2008


UAE and China forge diamond links


Japanese exports to UAE surge on rising demand for machinery


Dubai's polished diamond trade reaches US$5.29 billion in first half 2008


Dubai-France non-oil trade rises to Dh7.47 billion in six months


Imports of GCC through UAE touch Dh36 billion


Lubna Al Qasimi receives French Minister


UAE Minister of Trade discusses ways to enhance economic cooperation with Slovakia