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THE ECONOMY - TRADE

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

DMCC launches Dubai Cotton Centre

Posted on 20/10/2008

Dubai Multi Commodities Centre (DMCC) announced yesterday the establishment of Dubai Cotton Centre (DCC), a new trading arm and a fully owned subsidiary of DMCC, which will consolidate Dubai's position as a key link in the global cotton supply chain between Central Asia particularly Uzbekistan and the cotton consuming economies in the wider Asian market. The newly established DCC also signed a framework agreement with Uzprommashimpeks (UPM), a renowned major exporter under the Uzbekistan ...  >>MORE

Dubai’s non-oil trade with Asean countries increases 30.4 Per Cent

Posted on 09/10/2008

The non-oil trade between Dubai and the Association of South-East Asian Nations (Asean) countries, which includes Malaysia, Thailand, Singapore, Indonesia, Vietnam, the Philippines, Myanmar (Burma), Cambodia, Brunei and Laos, accounted for Dhs23 billion in the first half of 2008, compared to Dh17 billion recorded during the same period of 2007. This amounted to a growth rate of 30.4 per cent. Dubai's imports from Asean during the period grew by 28.4 per cent, while exports showed an increase ...  >>MORE

UAE's imports from Pakistan rise 50% to US$1.8b

Posted on 04/10/2008

The UAE's imports from Pakistan increased 50 per cent this year compared with the previous year, according to trade figures from the Pakistani Commercial Office in Dubai. Imports increased from US$1.2 billion in 2007 to US$1.8 billion in 2008. The UAE was the largest importer from Pakistan in the Arab region. The Arab region imported goods worth US$3.36 billion in the July 2007-May 2008 period, an increase of 40.4 per cent from the year before. Mansour Bajwa, commercial counsellor for ...  >>MORE

UAE imports from EU nations show double-digit decline

Posted on 29/09/2008

Imports to the UAE from major European Union markets witnessed a double-digit decline for the past two years, according to statistics by Dubai World. The 2007 external trade statistics for Dubai shows that imports from the UK to the UAE declined from more than 8.1 billion Euros in 2005 to 5.3 billion Euros the following year, a decline of 35 per cent. A further decline of 25 per cent was posted in 2007, an import value of 3.9 billion Euros. Imports from Finland to the UAE likewise declined ...  >>MORE

UAE non-oil trade with US soars 35pc to US$8.9b

Posted on 28/09/2008

The UAE non-oil trade with the US, one of the major trading partners of the Emirates, showed an impressive growth of over 35 per cent up to July this year, according to official US statistics. According to the data compiled by the US Census Bureau, the total non-oil trade between the two countries during the first seven months (Jan-July) of 2008 remained at US$8.924 billion, compared with US$6.594 billion in the same corresponding period of 2007. The cumulative volume of non-oil trade ...  >>MORE

Dubai Trade boosts UAE's ranking in World Bank's 'Doing Business Report'

Posted on 26/09/2008

Dubai Trade, the innovative online service provider and business facilitator, has been recognized by the World Bank as a significant factor in the UAE's improved ranking in the revised 'Doing Business Report' for 2008 and the latest report for 2009. The data, prepared with Dubai Trade's key stakeholders on the export and import procedures, timelines and costs, was described by the World Bank to be of 'utmost quality, which is key to the success of the entire report'. The submitted report led ...  >>MORE

UAE lifts ban on Somali sheep, goats

Posted on 18/09/2008

The ban on imports of sheep and goats from Somali cities of Bosaso and Barbara was lifted yesterday by a resolution by Minister of Water and Environment Dr. Rashid Ahmed Bin Fahad. Accordingly, any sheep and goat shipments from the said Somali areas have to be coming directly from the designated quarantines. The resolution demands the castration of male sheep and goats, an import licence, a certificate of origin, health certificate issued by relevant veterinarian authorises stating that the ...  >>MORE

Yemen-UAE trade projected to reach 446b YR

Posted on 16/09/2008

A Yemeni government report has predicted a surge in the country's two-way trade with the UAE in 2008 from its current volume of 422 billion Yemeni Riyal to 446 billion. The report said the UAE was considered Yemen's top trade partner. Yemen's imports from the UAE are expected to reach 347 billion Riyals during this year, compared with 330 billion Riyals in 2007. – Emirates News Agency, WAM ...  >>MORE

UAE, Chile discuss trade and investment cooperation

Posted on 15/09/2008

The UAE and Chile discussed trade and investment cooperation when Foreign Trade Minister, Sheikha Lubna al-Qasimi received in Abu Dhabi yesterday Chilean Deputy Foreign Minister, Alberto Van Klaveren, and discussed with him ways to boost joint cooperation and means of increasing the volume of trade exchange and investment between the two countries. Sheikha Lubna said the UAE, which is witnessing comprehensive development, had become a major hub for foreign investment and international ...  >>MORE

UAE emerges as top supplier to Yemen

Posted on 09/09/2008

The UAE emerged as a top supplier to Yemen in terms of commodities of source of origin in 2007, official figured revealed. 'The UAE topped the list of major ten exporters to Yemen for the five running year. Yemen imported goods worth YR 365.9 billion last year, according to figures released by the Yemeni Central Statistics Bureau. The figures showed that Saudi Arabic came second with imports totalling YR 139.3 billion. – Emirates News Agency, WAM ...  >>MORE

DMCC to buy and sell Asian cotton

Posted on 09/09/2008

In a major shift from its usual role of regulating commodities trading, the Dubai Multi Commodities Centre (DMCC) is moving into buying and selling Asian ¬cotton. DMCC has set up a new trading platform called the Dubai Cotton Centre (DCC), through which DMCC is expected to buy and sell about 200,000 tonnes of Uzbekistan cotton during its first year of operation. The DCC will be a fully owned subsidiary of DMCC. It is expected to sign contracts with Uzbekistan's export agency in October, which ...  >>MORE

Dubai non-oil trade up by 54% in H1

Posted on 08/09/2008

Dubai's non-oil direct foreign trade jumped by 54.3 per cent during the first half of 2008 ending in June compared to the same period in 2007, latest report by Dubai World's Statistics Department has revealed. According to the report, Dubai's direct foreign trade recorded a massive first-half jump by Dh104.4 billion (around US$ 28.4 billion), to reach Dh296.6 billion (around US$ 80.8 billion), compared to Dh192.2 billion (US$ 52.3 billion) achieved last year during the same period. Saeed Al ...  >>MORE

UAE second in trade among Arab nations

Posted on 03/09/2008

A surge in its oil sales allied with a steady growth in imports and non-oil exports to catapult the UAE to the second largest trading nation in the Arab World in 2007, official figures showed on Monday. The UAE's trade totalled US$275.1 billion (Dh1.01 trillion) in 2007, accounting for 22.2 per cent of the total Arab commercial exchange of US$1.234trn although its population of 4.5 million accounts for just 1.4 per cent of the total Arab population, showed the figures by two Arab League ...  >>MORE

Seoul top Capital investor

Posted on 03/09/2008

Foreign investment worth Dh21 billion came into Abu Dhabi in 2007 through 11,258 investors, said the Abu Chamber of Commerce and Industry (ADCCI) yesterday. In a report detailing the top 20 foreign investments in the emirate last year, the ADCCI said South Korea was the top contributor with investments of Dh900 million from six investors. Turkey came in second, with Dh273m for seven investors and Oman was third with 27 investors ploughing in Dh113m. A single Vietnamese investor brought in ...  >>MORE

UAE, China to focus on bilateral jewellery trade

Posted on 02/09/2008

The Chinese jewellery industry recorded sales of $26 billion in 2007, growth of over 11 per cent from 2006, said one top official from Hong Kong. "The forthcoming Middle East Diamond and Jewellery summit will provide our members the opportunity to discover a new emerging market, while at the same time giving them a platform to develop new business relationships, "said Lawrence Yung Yi Ma, President, Diamond Federation of Hong Kong. Bilateral diamond and jewellery trade between the Middle ...  >>MORE

UAE is the second largest investor in Sudan - Study

Posted on 28/08/2008

The economic relations between Sudan and UAE witnessed accelerated development during the last five years, UAE becoming the second largest investor in Sudan after China with a total investment of about USD7 billion. The bilateral trade between the two countries also grew annually by more than 30 pc, a study by Dubai Chamber of Commerce and Industry (DCCI) showed. Sudan's economy is booming on the back of the increase in oil production, high oil prices, and large inflows of foreign direct ...  >>MORE

Japan seeks UAE’s sovereign investments

Posted on 28/08/2008

Tokyo is looking to attract Sovereign Wealth Funds (SWFs) in the UAE to make long-term investments in Japan, particularly in sectors offering high returns, as both countries stress the importance of human and economic development. The investments shall be in the form of joint ventures on financial services, photovoltaic or solar power, water desalination, energy-saving IT products, biotechnology and real estate, according to Japan's Hiroyuki Ishige, Vice-Minister for International Affairs, ...  >>MORE

DP World hosts high-level Shanghai delegation

Posted on 27/08/2008

DP World, Dubai World's flagship global marine terminal operator, hosted on Tuesday a 17-member high-level civic delegation from Shanghai, China, led by His Excellency Han Zheng, Mayor of Shanghai. The high-profile visit included meetings and talks with senior DP World and Dubai World officials and a tour of Nakheel's island developments. The delegation's visit, which underlined the rapidly growing economic ties between Dubai and China, was part of a familiarisation tour aimed at getting ...  >>MORE

Abu Dhabi’s external trade up 36.6 per cent

Posted on 21/08/2008

Abu Dhabi's external trade in July 2008 rose by 36.6 per cent over the same period in 2007 as the emirate emerges as a new trading hub in the region, said the General Administration of Customs Abu Dhabi. The overall trade volume was Dh8.59 billion in July this year against Dh6.289 billion for July 2007. According to the statistics, imports during July 2008 reached Dh7.492 billion compared to Dh5.141 billion in the same period in 2007 registering an increase of 46 per cent. Non-oil exports ...  >>MORE

Dubai defies global downturn as value of trade increases by 50%

Posted on 21/08/2008

In the first half of 2008, the value of exports and re-exports rose to £15 billion (Dh103.8 billion), a 50 per cent jump compared to the £10 billion in the same period last year. In the current climate of economic uncertainty, the outlook is still very positive for Dubai's trade sector, according to a report just released by the Dubai Chamber of Commerce and Industry (DCCI). In addition to overall growth, exports alone increased by 36 per cent to £4.9 billion compared to the same period ...  >>MORE

FCA denies reports on plans for tax hike on tobacco to 200pc level

Posted on 21/08/2008

UAE's Federal Customs Authority (FCA) has asserted that it has no plans to increase tobacco tax to a 200pc level. Deputy Director General of the FCA Saeed Bin Khalifa Al Marri dismissed reports suggesting a 200pc tax hike as false, and said that it is not among the responsibilities of the Authority to take such decisions. Clarifying statements made at a press conference on Tuesday at the FCA headquarters, Al Marri said that tobacco tax was mentioned in the course of speaking about the Customs ...  >>MORE

New customs law to unify rules by 2009

Posted on 20/08/2008

The UAE's Unified Customs Law is all set to come into force in the country by the end of 2009, a senior official has said. Saeed Khalifa Al Marri, Federal Customs Authority's (FCA) Deputy Director-General, told Emirates Business that the body will soon set up a committee to start unification procedures. This will include standardising all the country's customs departments to apply the new, common law. Al Marri said the differences in customs rules in different parts of the country are due to ...  >>MORE

GCC spends US$12bn a year on food import: Arab expert

Posted on 19/08/2008

With spendings of Arab Gulf Cooperation Council (GCC) on food crossing USUS$ 12 billion every year, regional and global changes make it necessary for the for member states to invest in the field of agriculture in Africa, as the prices of foodstuffs have risen by 75 % since 2000, according to an Arab expert on modern agricultural technology. Speaking at a lecture organised by the Centre of Information Affairs in Abu Dhabi on Monday on "The Prospects of the GCC states' Agricultural Investment ...  >>MORE

Dubai Chamber joins three International Quality Organisations

Posted on 19/08/2008

Dubai Chamber of Commerce and Industry (DCCI) has become a member of three international authorities for quality and excellence thanks to its ambitious strategy and relentless efforts to improve its corporate image and performance to provide the highest quality of services and facilities to its members and the business community in Dubai. The quality organisations which granted its membership to Dubai Chamber included the Belgium-based European Foundation for Quality Management (EFQM) which is ...  >>MORE

UAE exports to South Africa at Dh2.3b

Posted on 17/08/2008

Exports from the UAE to South Africa reached Dhs2.3 billion in 2007, whilst exports from South Africa to the UAE reached almost Dh2.7 billion in the same period. The Dubai Export Development Corporation (DEDC) has explored bilateral trade opportunities at a meeting with the South African Missions in UAE. The discussions were attended by Abba Omar, Ambassador; Excellency Agnes Nyamande-Pitso, Consul General; Saed Al Awadi, Chief Executive Officer, EDC, and other officials. "DEDC is working ...  >>MORE

ADCCI website attracts 45 million visitors in seven months

Posted on 13/08/2008

The number of visitors to the official website of Abu Dhabi Chamber of Commerce and Industry (ADCCI) during the last seven months stood at 45.6mn, marking a substantial increase over the same period during last year. Visitors from abroad constituted nearly 60pc of the total number of visitors, according to figures released by ADCCI. Deputy Director of the Clientele Services Division at ADCCI Mohammed Ahmed Al Nuaimi said that the website is considered one among the forerunners on the national ...  >>MORE

UAE imports from Japan hit US$8b

Posted on 13/08/2008

Japan's exports to UAE surpassed to US$8 billion mark for the first time, in 2007. Exports rose by 33.1 per cent to 8,052.66 million in 2007, compared to US$6,050.10 million in 2006. A remarkable increase in the demand for machinery and equipment in the UAE could be seen as a major reason for this surge in exports. Around 96 per cent of Japan's exports to the UAE are classified as manufactured products. The remaining 4 per cent is constituted of foodstuff, raw materials and mineral fuels. ...  >>MORE

UAE leads GCC on importers list

Posted on 09/08/2008

The UAE has become the first Arab country to enter a top 30-nation list of world's largest services importer, according to official figures. The UAE was also the only Arab country among the top 30 importers of goods in 2007 after overtaking Saudi Arabia, which exited that list last year, showed figures by Kuwaiti-based Inter-Arab Investment Guarantee (IAIGC), an Arab League affiliate. Both Gulf countries were also on the list of the world's top exporters of goods following a sharp increase in ...  >>MORE

UAE, Japan bilateral trade during 2007

Posted on 07/08/2008

Japan's exports to the United Arab Emirates surpassed the US$8billion mark for the first time, in 2007. Exports rose by 33.1 % to 8. 052:66 billion in 2007, compared to US$6. 050.10 billion in 2006. A remarkable increase in the demand for machinery and equipment in the UAE could be seen as a major reason for this surge in exports. According to the press release issued by Japan External Trade Organisation (JETRO), on the UAE-Japan trade "Around 96% of Japan's exports to the UAE are classified ...  >>MORE

Abu Dhabi, Nigeria discuss economic cooperation

Posted on 04/08/2008

Ways to further promote trade and economic relations between Abu Dhabi and Nigeria yesterday were discussed by Director General of Abu Dhabi Chamber of Commerce and Industry (ADCCI) Mohammed Rashid Al-Hamli and Nigerian Ambassador to the UAE Alhaji Bashir Yuguda. At the meeting which took place in Abu Dhabi, the two sides also discussed Abu Dhabi's potential imports of Nigerian construction iron bars produces as per the standards set by the Gulf Cooperation Council (GCC). Al-Hamli called on ...  >>MORE

UAE-France trade records US$6.3 billion in 2007

Posted on 29/07/2008

UAE's trade with France has witnessed a significant rise to reach a total of US$6.3 billion last year. Import accounted for 79% of the total amount while export and re-export accounted for 21%, according to a report issued by the Dubai Chamber of Commerce and Industry. The report says that UAE's import from, export and re-export to France from 2003 to 2007 had witnessed a growth of 11% and 31% respectively. It says in 2006 Dubai's non-oil trade (Not including free zones) accounted for 60% of ...  >>MORE

DPE issues report on Abu Dhabi foreign trade in Q1

Posted on 27/07/2008

Foreign trade of the Abu Dhabi emirate surged in the first quarter of 2008 to over Dh22.5 billion from Dh17.67 billion in corresponding period last year. "The foreign trade surged in the Abu Dhabi emirate due to its strategic geographical location among GCC countries, its vicinity to East Asia countries and array of trade facilities, as well as commercial regulations in the UAE", said Department of Planning and Economy (DPE) in Abu Dhabi. The report released by the planning and statistics ...  >>MORE

ADCCI, Switzerland discuss economic cooperation

Posted on 22/07/2008

Swiss Ambassador to UAE Wolfgang Amadeus Bruelhart, lauded level of services provided by the Abu Dhabi Chamber of Commerce and Industry (ADCCI) to investors and businesspersons. "There are many Swiss Companies interested to invest in Abu Dhabi emirate alongside the existing ones", he added, indicating that the Swiss companies get support from competent authorities in the emirate, particularly from the ADCCI. He said that the Swiss companies and businesspersons were looking forward to ...  >>MORE

UAE's non-oil foreign trade hits Dh1.8 trillion in five years

Posted on 17/07/2008

UAE's non-oil foreign trade reached about Dh1.8 trillion during the period from 2003 to 2007, according to the Federal Customs Authority. Imports accounted for Dh1.2 trillion while exports and re-exports stood at Dh3.1.billion and Dh3.4 billion respectively. According to Mohammed Khalifa bin Fahd Al Muhairi, Director General of the Federal Custom Authority, UAE foreign trade by value rose by 109%, that is, from Dh3.209 billion in 2003 to Dh563 billion in 2007. This translates to Dh353.7 ...  >>MORE

Abu Dhabi’s foreign trade grows 28.4pc in H1 2008

Posted on 16/07/2008

Abu Dhabi ‘s foreign trade grew 28.4 per cent to Dh46.641 billion in the first half of the year, against Dh36.336 billion in the corresponding period, as emirates emerges as an alternative trading hub in the region. According to latest figures tabulated by Abu Dhabi Customs, imports during the first half of 2008 reached Dh40.145 billion compared to Dh30 billion, in the same period in 2007, an increase of 31 per cent. The three nations led by Saudi Arabia, Japan and USA were top exporters to ...  >>MORE

UAE team tours EU countries to bolster joint cooperation in exports control

Posted on 07/07/2008

A UAE delegation is currently visiting Germany and a number of EU countries to get first hand information about exports control mechanisms and energize joint customs cooperation. The tour, which comes amid growing trade exchange between the UAE and EU, a major trade partner, aims at boosting joint cooperation and coordination in areas of customs and exports control regimes. Trade exchange between the UAE and Europe reached Dh157 billion last year with UAE imports accounting for Dh132 billion ...  >>MORE

UAE takes part at Asian International Investment, Property Show 2008

Posted on 26/06/2008

The first Asian International and Property Show 2008 kick started in Korean capital Seoul Wednesday, with huge participation from UAE, Europe, USA and Canada. The conference, which will be held from June 25-27, aims at boosting international investment cooperation in property development areas in Asia, which is currently experiencing qualitative shift in regard to investment volumes. The event was inaugurated by UAE Foreign Trade Minister Sheikha Lubna Al Qasimi and Senior Korean officials. ...  >>MORE

UAE investments in Algeria to reach US$50b

Posted on 25/06/2008

UAE Minister of Economy (MoE) H.E. Sultan bin Saeed Al Mansouri has predicted that the country's investments in Algeria will reach US$ 50 billion within the few coming years. Al Mansouri made the remarks after the opening session of the 6th UAE-Algerian Joint Commission meeting being held from June 24 to June 25, 2008, in Algiers, Algeria. He said that the UAE committee members discussed with their Algerian counterparts means to expand cooperation and joint investments in industry, services, ...  >>MORE

UAE Foreign Trade Minister to join AIPIS opening ceremony

Posted on 23/06/2008

Sheikha Lubna Al Qasimi, Minister of Foreign Trade of the United Arab Emirates, is scheduled to participate in the opening ceremony of the Asian International Investment '&' Property Show (AIPIS), which will open on June 25 at the COEX in Seoul for a three-day run, along with members of diplomatic corps accredited to Seoul including UAE Ambassador to Korea Abdulla Al-Maainah and senior officials of Korean government and business leaders here. Organized by Index Holdings in cooperation with ...  >>MORE

Lubna, Japanese delegation discuss joint cooperation

Posted on 19/06/2008

UAE Foreign Trade Minister HE Sheikha Lubna Al Qasimi, discussed yesterday at the ministry in Abu Dhabi means of upgrading bilateral economic ties with the visiting Japanese delegation headed by Japanese Deputy Finance Minister. She stressed the significance of bolstering relations between the two countries, particularly in commercial, investment, industrial and renewable energy areas, citing qualitative steps scored by the UAE in the sector of clean energy when it set up Masdar Company. ...  >>MORE

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Quick List

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


DMCC launches Dubai Cotton Centre


Dubai’s non-oil trade with Asean countries increases 30.4 Per Cent


UAE's imports from Pakistan rise 50% to US$1.8b


UAE imports from EU nations show double-digit decline


UAE non-oil trade with US soars 35pc to US$8.9b


Dubai Trade boosts UAE's ranking in World Bank's 'Doing Business Report'


UAE lifts ban on Somali sheep, goats


Yemen-UAE trade projected to reach 446b YR


UAE, Chile discuss trade and investment cooperation


UAE emerges as top supplier to Yemen


DMCC to buy and sell Asian cotton


Dubai non-oil trade up by 54% in H1


UAE second in trade among Arab nations


Seoul top Capital investor


UAE, China to focus on bilateral jewellery trade


UAE is the second largest investor in Sudan - Study


Japan seeks UAE’s sovereign investments


DP World hosts high-level Shanghai delegation


Abu Dhabi’s external trade up 36.6 per cent


Dubai defies global downturn as value of trade increases by 50%


FCA denies reports on plans for tax hike on tobacco to 200pc level


New customs law to unify rules by 2009


GCC spends US$12bn a year on food import: Arab expert


Dubai Chamber joins three International Quality Organisations


UAE exports to South Africa at Dh2.3b


ADCCI website attracts 45 million visitors in seven months


UAE imports from Japan hit US$8b


UAE leads GCC on importers list


UAE, Japan bilateral trade during 2007


Abu Dhabi, Nigeria discuss economic cooperation


UAE-France trade records US$6.3 billion in 2007


DPE issues report on Abu Dhabi foreign trade in Q1


ADCCI, Switzerland discuss economic cooperation


UAE's non-oil foreign trade hits Dh1.8 trillion in five years


Abu Dhabi’s foreign trade grows 28.4pc in H1 2008


UAE team tours EU countries to bolster joint cooperation in exports control


UAE takes part at Asian International Investment, Property Show 2008


UAE investments in Algeria to reach US$50b


UAE Foreign Trade Minister to join AIPIS opening ceremony


Lubna, Japanese delegation discuss joint cooperation