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THE ECONOMY - TRADE

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

Emirates has lowest trade barrier in GCC

Posted on 19/06/2008

The UAE has the lowest trade barrier among the Gulf countries with an average tariff of 2.96 per cent under the most favoured nation status agreements, the World Bank said in its World Trade Indicators. The UAE has been ranked 13th in the bank's Trade Tariff Restrictiveness, above some of the major global economic powers such as Canada, Australia, Malaysia and other Gulf Co-operation Council countries. None of the other GCC states could make it to the top 20 list. Hong Kong and Singapore ...  >>MORE

UAE scores in trade enabling

Posted on 19/06/2008

The UAE tops the region in The Global Enabling Trade Report 2008, which aims to present a cross-country analysis of the large number of steps facilitating trade. Released yesterday by the World Economic Forum for the first time and covering 118 economies worldwide, the report ranks East Asian economies Hong Kong and Singapore as the global top two, followed by Sweden and Norway. Canada, Denmark, Finland, Germany, Switzerland and New Zealand complete the listing of the top 10 countries. The UAE ...  >>MORE

Sharjah reports record growth in foreign trade

Posted on 17/06/2008

Sharjah's foreign trade saw record growth in 2007, reporting a growth rate of 47.5 percent over the previous year, amounting to Dh 43.5 billion in revenues - a significant increase in the average annual growth reported between 2003 and 2006. Sharjah Economic Development Department (SEDD) attributed this growth to the increased revenues resulting from import and re-export activity. Import revenues jumped 41.3 percent to Dh 26.7 billion in 2007, up from Dh 16.8 billion in 2005 and Dh 18.9 ...  >>MORE

Dubai free zones post Dhs96b non-oil foreign trades in '07

Posted on 17/06/2008

During the seminar, attended by more than 70 Jafza companies, DEDC and Jafza revealed that in 2007, Dh96.1 billion total exports and re-exports were obtained from Dubai's free zones compared to Dh82.6 billion in 2006. Jebel Ali Free Zone (Jafza) companies have contributed 77.60 per cent in the 2007 non-oil foreign trades through Jafza, reaching Dhs74.6 billion. This is a 29.4 per cent increase compared to Dh57.6 billion in 2006, revealed during the seminar conducted by the Dubai Export ...  >>MORE

UAE traders importing rice from Thailand

Posted on 15/06/2008

Traders in the United Arab Emirates are securing more rice supplies from Thailand, causing its rice exports to soar by 135 per cent. Thai Consul-General Pasan Theparak told Khaleej Times that from January to April this year, UAE imports had reached US$19.4 million or an increase of 135 per cent as compared to only US$8.3 million during the corresponding period last year. Earlier, Gulf food importers were quoted as saying that they would not wait for India to lift its export ban on rice, ...  >>MORE

7th Session of UAE-German Joint Commission kicks off in Berlin

Posted on 10/06/2008

Minister of Economy of the United Arab Emirates (UAE) Eng. Sultan Al Mansouri said both Germany and UAE are interested in exploring ways for mutually beneficial cooperation. This, he added, is particularly evident in the large number of bilateral cooperation agreements that were signed in recent years including, inter alia, the encouragement and protection of business and investment, prevention of double taxation, and a Memorandum of Understanding in the fields of economy, trade and technical ...  >>MORE

UAE to transfer Dh169.2m as customs tariff

Posted on 09/06/2008

The Federal Customs Authority in the UAE has completed measures to transfer the equivalent of Dh169.2 million to other GCC countries. The amount represents the value of customs tariff levied on goods that entered those countries via customs outlets in the UAE, said Director-General Mohammed Khalifa bin Fahad Al Muhairi. This brings to Dh1.315 billion the total of customs tariff transferred by the authority over the period January 1, 2003 until the end of 2006. Al Muhairi said the total value ...  >>MORE

Ministry of Foreign Trade, FCCI discuss trade issues

Posted on 09/06/2008

UAE Minister of Foreign Trade and Chairman of the Federation of the Chambers of Commerce and Industry (FCCI) and Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI) Salah Al-Shamsi in a meeting discussed cooperation and partnership between the public and private sectors to the best national interest of the UAE to further cement its economic boom. At the meeting, Al-Shamsi gave a comprehensive presentation on developments which has direct influences on the UAE's markets. Among those ...  >>MORE

Economy minister to lead delegation to joint UAE-German committee meeting

Posted on 08/06/2008

Economy minister, Sultan bin Saeed Al Mansouri, will lead the UAE delegation to the 7th joint meeting of the UAE-Germany economic, trade and technical cooperation committee. The two-day meeting opens on June 9 in the German capital, Berlin. According to the Economy Ministry's Undersecretary, Mohammed Ahmed bin Abdul Aziz Al Shihhi, who is also member of the delegation, the joint committee meeting will discuss a number of issues of mutual interest, including investment, economic cooperation, ...  >>MORE

UAE is Finland's most important trade partner outside EU: Vayrynen

Posted on 05/06/2008

With two-way trade expected to hit Dh 5 billion in 2008, the UAE is Finland's most important trade partner outside the European Union, according to Paavo Vayrynen, Minister for Foreign Trade and Development in Finland. Speaking to WAM, Vayrynen said his country was keen to bolster the already strong ties with the UAE . "As of now, I can say that our relations with the UAE are witnessing a qualitative leap. Being a major centre for re-export of Finnish products, the UAE is undoubtedly our ...  >>MORE

UAE imports from Germany at Dh33.6b

Posted on 05/06/2008

German exports to the UAE valued at Dh33.6 billion in 2007, it is the fourth largest exporter to the emirates after China, India and Japan. Europe's largest economy and the most important logistics hub, Germany, is the biggest strategic partner to the UAE, according to the German Federal Minister of Finance. Peer Steinbrueck, who was accompanied by a high-powered delegation comprising officials from the Ministry of Finance and the media, was speaking during a fact-finding visit to the UAE ...  >>MORE

India is Dubai's top trade partner

Posted on 03/06/2008

With the two-way non-oil trade with Dubai hitting a record high of US$19 billion in 2007, India has emerged as the top export and re-export destination of the emirate and second largest source of imports. Consul General of India Venu Rajamony, describing the surging bilateral trade as a reflection of the growing economic ties between the world's two booming economies, said in the first quarter of 2008, India went a step ahead to capture the top ranks in all three categories — Dubai's largest ...  >>MORE

UAE, France discuss promotion of trade relations

Posted on 02/06/2008

UAE Minister of Foreign Trade Sheikha Lubna al-Qasimi and Jean-Louis Bianco, MP and former Minister of Social Affairs and Integration have discussed ways to further promote trade and investment relations between the two countries. Bianco is leading a delegation from the French National Assembly (Parliament) on a current visit to the UAE. Sheikha Lubna said the UAE is keen on continuously boosting those relations in the best interests of the UAE and French peoples. The UAE's investment ...  >>MORE

Lubna, Uzbek official hold talks

Posted on 29/05/2008

UAE Foreign Trade Minister and Uzbek First Deputy Prime Minister and Finance Minister Rustam Azimov, discussed in Tashkent removal of impediments, which curb boost of mutual trade, and ways of activating the inked agreements between the UAE and Azerbaijan. Azimov said his country "is keen to bolstering joint cooperation with the UAE". He demonstrated the UAE's investment projects at the Uzbek market, citing Mubadala, Dubai Holding, Dubai Investment, Masdar, International Petroleum Investment ...  >>MORE

UAE, Uzbek first meeting of joint ministerial committee held

Posted on 29/05/2008

The UAE and Uzbek first joint ministerial committee session, was convened Wednesday in Tashkent under chairmanship of UAE Foreign Trade Minister HE Sheikh Lubna Al Qasimi and Uzbek First Deputy Prime Minister and Finance Minister Rustam Azimov. The meeting was attended by senior officials from both countries. Sheikha Lubna stressed at the meeting that the "two countries are keen to boost joint relations to level of instructions and ambitions of the leadership and peoples in the UAE and ...  >>MORE

UAE-Azeri committee concludes meetings

Posted on 28/05/2008

The UAE-Azeri joint ministerial committee concluded its first meeting chaired by UAE Foreign Trade Minister HE Sheikha Lubna Al Qasimi and Azeri Economic Development Minister Heyder Babayev. The meetings, which were held in Azeri capital, Baku, aimed at bolstering bilateral relations and boosting economic and investment cooperation between the UAE and Azerbaijan. Sheikha Lubna signed the minutes of meetings on behalf of the UAE in presence of the UAE delegation and Azeri officials. She said ...  >>MORE

First quarter exports of Dubai Chamber members climb to a record high

Posted on 28/05/2008

Exports of 6,592 members of Dubai Chamber of Commerce and Industry (DCCI) in the first quarter of 2008 reached a record high of Dh49 billion, posting a year-on-year growth of 36 % from the Dh36 billion for the same quarter of 2007. Compared to the Dh47 billion exports in the last quarter of 2006, the figure represented a 6 % increase, according to the Economic Bulletin of the chamber. 'The GCC countries remained to be the largest recipient of Dubai exports, with 45 % of total exports valued at ...  >>MORE

UAE participates in the EU-GCC annual meeting

Posted on 27/05/2008

The 18th regular EU-GCC meeting kicked off Monday evening in Brussels. Minister of State for Foreign Affairs HE Dr. Anwar Mohammed Gargash headed the UAE delegation to the meeting, which is held annually at ministerial and senior officials' level. The meeting is expected to discuss a number of issues including the ongoing negotiations for free trade between European Union and GCC countries, stability in Iraq, the Middle East peace process, the Iranian nuclear programme, human rights issues and ...  >>MORE

Malaysian Palm Oil exports to the UAE expected to cross 400,000 MT in 2008

Posted on 27/05/2008

Malaysian palm oil exports to the UAE are expected to cross 400,000 metric tons (MT) in 2008, according to latest studies by the Malaysian Palm Oil Council (MPOC). The optimistic projection poses outstanding opportunities for Malaysian palm oil exporters currently participating at the first 'Malaysia-UAE Palm Oil Trade Fair and Seminar' (POTS), which was opened Monday by H.E. Eng. Hamad Buamim, Director General, Dubai Chamber of Commerce and Industry (DCCI). The two-day event, which has been ...  >>MORE

Dubai's non-oil foreign trade surges 46pc in Q1 to Dh214bn

Posted on 27/05/2008

Dubai's non-oil foreign trade volume (including free zones and customs warehouses), jumped 46 per cent in the first quarter of 2008, reaching Dh 214 billion (around US$58.3 billion), against Dh 146.5 billion (US$39.9 billion) registered during the same period in 2007. During the period under review, Dubai's exports recorded a phenomenal growth, soaring by 79 percent, while re-exports went up by 73.5 per cent and imports grew by 49.7 percent. The latest statistics, compiled and released by ...  >>MORE

King of Spain opens UAE-Spain business forum

Posted on 26/05/2008

His Majesty King Juan Carlos of Spain opened Sunday the Emarati-Spanish Business Forum at the Emirate Palace Hotel. The event is being organised by Economic and Commercial Office of Spain in UAE, the Spanish Institute for Foreign Trade (ICEX) and the Spanish Confederation of Entrepreneurial Organizations (CEOE), together with important Emirati authorities and institutions. The meeting is aimed at projecting Spain as a foreign investor, with a high degree of liberalization in its economy and a ...  >>MORE

Abu Dhabi’s 2007 non-oil exports reach Dh3.7 billion

Posted on 26/05/2008

Non-oil exports from the Abu Dhabi have reached Dh 3.7 billion in 2007. While Abu Dhabi's re-exports touched Dh 2.4 billion highlighting the growing role of Abu Dhabi as a vital trading hub, according to a report published by the Customs Administration at the Abu Dhabi Department of Finance (DoF). The report includes import, export and re-export data on Abu Dhabi's top ten trading partners. Qatar (Dh 873.7 million), China (Dh 518.4 million) and Saudi Arabia (Dh 500 million), rank as the top ...  >>MORE

GCC logistics market to double growth on back of energy boom

Posted on 26/05/2008

The GCC logistics market is set to double its growth in the coming years, say senior analysts and players. Moves to increase supplies of oil to meet ever-increasing global demand and the positioning of the region as a major international hub are expected to be the key driving forces for an increase in logistics market. "The regional logistics and transportation markets are about to reach a turning point," David Christmas, Managing Director, Middle East, for DHL Exel Supply Chain Management, ...  >>MORE

UAE has become a logistic hub for global trade - Turkish Trade Minister

Posted on 25/05/2008

Turkish Foreign Trade Minister Kursad Tuzmen said that UAE has become a prime logistic centre for global trade. Speaking to Emirates News Agency (WAM) on the sidelines of the UAE-Turkish Business Forum currently being held in Ankara, Tuzmen also said that both public and private sectors in Turkey are looking forward to becoming partners in colossal projects in the UAE. A delegation from the UAE Federation of Chambers of Commerce and Industry headed by ADCCI Chairman Salah Salem Al Shamisi is ...  >>MORE

UAE emerged as top importer and exporter in Arab trade with Belgium

Posted on 22/05/2008

The UAE emerged as the major Arab importer from and export to Belgium in 2007, according to the annual report by the Arab-Belgium-Luxemburg Chamber of Commerce (ABLCC). 'Total Arab World's imports from Belgium grew 47.7 per cent in 2007 in comparison with 2006. The UAE led the list of Arab importers with imports surging to 6.1 billion Euros in 2007 from 4.1 billion in the previous year,' the report showed. Saudi Arab came second importing goods worth 913 million Euros. Belgium, the report ...  >>MORE

UAE underlines importance of Arab-Sino relations

Posted on 22/05/2008

The UAE has underlined the importance of Arab-Sino relations, noting that the two sides stand to benefit from a strong economic and cultural partnership. Addressing the third Arab-Chinese Cooperation Forum, which opened in Manama yesterday, Dr. Anwar Gargash, Minister of State for Foreign Affairs, said Arab countries and China have long enjoyed close relations, which, he said, should now be broadened at various levels. The UAE official cited trade, investment and cultural ties as the most ...  >>MORE

India number two exporter to the UAE

Posted on 21/05/2008

A sharp drop in the dirham against major currencies because of the ailing US dollar propelled India to the second position in the list of exporters to the country for the first time since the UAE was created 37 years ago. Official figures showed China was the top exporter to the UAE in 2007, while India became the second supplier of goods to the Gulf country for the first time after its exports to the UAE rocketed by nearly seven times in five years. From only Dh9.2 billion in 2002, the UAE's ...  >>MORE

Gulf states to ensure smooth flow of goods

Posted on 20/05/2008

Gulf states are planning to unify specifications of foodstuffs and other products to ensure smooth implementation of their landmark common market that was launched at the start of this year, the UAE minister of economy said on Monday. Sultan bin Saeed Al Mansouri said the UAE and its partners in the six-nation Gulf Co-operation Council have adopted nearly 3,600 international specifications and would add an average 1,000 to the list every year. "The GCC's general strategy involves the ...  >>MORE

Finnish exports to UAE stand at Dh4.6 billion

Posted on 17/05/2008

Finnish Ambassador to UAE Matti Lassila, said the Finnish exports to the UAE stood at Dh4.6 billion last year. They surged over the recent years, particularly in regard to the communication equipment and paper products. He told Emirates News Agency (WAM) in an interview that the " UAE wise leadership managed to attain economic prosperity and build a strong stable country based on the heritage and culture", adding that his country was keen to bolster friendly relations and cooperation with the ...  >>MORE

Trade surplus to surge to US$73 billion

Posted on 15/05/2008

Driven by higher oil revenues, the UAE's current account balance is projected to grow by a record US$24.2 billion or 58 per cent in 2008 to US$65.9 billion while the country's balance of trade is poised to surge 60 per cent to US$72.5 billion in 2008, the International Monetary Fund (IMF) said. In 2007, UAE's current account balance —the sum of the balance of trade (exports minus imports of goods and services), net factor incomes (such as interest and dividends) and net transfer payments ...  >>MORE

UAE-Japan trade up 45% to US$13.91b

Posted on 13/05/2008

Trade between the UAE and Japan registered outstanding growth over the first quarter of the current year with the overall value of trade between both countries growing by nearly 45 per cent to US$13.91 billion (Dhs51.1 billion) over the first three months of this year compared to US$9.59 billion (Dhs35.2 billion) over the corresponding period last year. According to the data of the Japan External Trade Organisation (Jetro), the UAE's exports to Japan jumped by 43 per cent to US$11.43 billion ...  >>MORE

French investments in the Emirates reach Dh3bn

Posted on 11/05/2008

France has invested more than Dh3 billion into oil, banking and other investments in the UAE to become one of the Gulf country's largest economic partners, a Gulf official said on Thursday. Trade between the UAE and France exceeded Dh12bn last year, while about 309 French companies operate in Dubai alone, said Abdul Rahim Naqi, secretary-general of Federation of GCC Chambers of Commerce and Industry. "France's investments in the UAE exceed Dh3bn," he said in a statement sent to Emirates ...  >>MORE

Lubna receives Boeing International President

Posted on 08/05/2008

Sheikha Lubna Al Qasimi, Minister of Foreign Trade received in Abu Dhabi yesterday Shephard W. Hill President, Boeing International. Sheikha Lubna and Hill discussed a wide-range of issues, including UAE-US relations, investments, trade and technology. Cooperation between UAE airlines and Boeing was also discussed. The UAE, said Sheikha Lubna, is keen to bolster its strong and vibrant relations with the US to include new projects and areas. "The UAE is a leading market in the aviation ...  >>MORE

UAE, China discusses boost trade relations

Posted on 08/05/2008

Foreign Trade Minister Sheikha Lubna Al-Qasimi and a Chinese delegation led by Wang Kpoing, head the municipal council of Hongro city discussed investment opportunities offered by different sectors of the UAE economy. At the meeting which took place in Abu Dhabi yesterday, Sheikha Lubna and the Chinese delegation also discussed cooperation between the UAE and China in light of the recent visit to China by Vice President and Prime Minister of UAE and Ruler of Dubai H.H Sheikh Mohammed bin Rashid ...  >>MORE

Tax on goods by end of the year

Posted on 07/05/2008

The UAE will be ready to introduce a system of value added tax (VAT) by the end of the year. Abdul Rahman al Saleh, the executive director of Dubai Customs, said the "infrastructure” for an Emirates-wide taxation system would be put in place between October and December. Dubai Customs was commissioned by the Government two years ago to look into a potential VAT and is finalising the strategy. If implemented, it would be the first time VAT, which is applied to the sale of goods and services and ...  >>MORE

Sheikha Lubna: Government's vision drives business environment development

Posted on 05/05/2008

The Swiss Business Council Dubai has recently hosted a joint business luncheon for local and European members of the Swiss Business Council and representatives from the Austrian Trade Commission at the Shangri-La Hotel in Dubai. During the event, H.E. Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade (MoFT), delivered a speech outlining the UAE's strategic vision and plan, with H.E. Abdulla Bin Ahmed Al Saleh, Undersecretary - MoFT, calling for sustained cooperation between all parties. ...  >>MORE

UAE Foreign Trade Minister, Japanese officials hold meeting

Posted on 05/05/2008

UAE Minister of Foreign Trade Sheikha Lubna Al-Qasimi and Japanese Government and private sector representatives led by Takayoshi Taniguchi, Japan's Senior Vice-Minister for Internal Affairs and Communications, on Sunday discussed mutual collaboration in information and communications technology (ICT). The UAE Minister reiterated the UAE's interest in wider relations with Japan towards a full-fledged economic partnership. She stressed the need for expanding relations between the two countries ...  >>MORE

Abu Dhabi's foreign trade up to Dh36 billion in H1 of 2007

Posted on 01/05/2008

Foreign Trade in Abu Dhabi during the first half of 2007 rose to approximately Dh36 billion, thereby achieving an increase by almost 46% comparing to the first half of the previous year, which was Dh25 billion, according to official figures. 'Imports rose in the first half of 2007 by 44.6% of the total foreign trade value aggregating to almost Dh31 billion compared to Dh21 billion in the first half of 2006,' said a statistical report issued by the Abu Dhabi Department of Planning and Economy ...  >>MORE

UAE remains Russia’s major trade partner in Gulf region

Posted on 27/04/2008

The UAE remained to be Russia's major trading partner in the Gulf region, with 2006 trade in services with the UAE reaching Dh2.3 billion (US$636.9 million), or 96.3 per cent of the total Dh2.4 billion (US$661.2 million) with all the Gulf Co-operation Council member states. The growth was sustained from the 2005 record, which showed that trade in services between the UAE and Russia amounted to Dh1.9 billion (US$509.6 million), or more than 97 per cent of Dh1.93 billion (US$525.3 million) with ...  >>MORE

UAE Foreign Trade Ministry, US trade delegation hold meeting

Posted on 23/04/2008

The United Arab Emirates (UAE) is keenly interested in taking steps and enacting legislations that would further boost economic growth and streamline performance as well as bolster relations with the world, stressed UAE Minister of Foreign Trade Sheikha Lubna Al-Qasimi. The UAE, she added, has made quantum leaps towards knowledge-based economy that recognizes the place of knowledge and technology and contribute to the bridging the gap with the modern world. The Minister made her remarks at a ...  >>MORE

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Quick List

Lubna, Japanese delegation discuss joint cooperation


Emirates has lowest trade barrier in GCC


UAE scores in trade enabling


Sharjah reports record growth in foreign trade


Dubai free zones post Dhs96b non-oil foreign trades in '07


UAE traders importing rice from Thailand


7th Session of UAE-German Joint Commission kicks off in Berlin


UAE to transfer Dh169.2m as customs tariff


Ministry of Foreign Trade, FCCI discuss trade issues


Economy minister to lead delegation to joint UAE-German committee meeting


UAE is Finland's most important trade partner outside EU: Vayrynen


UAE imports from Germany at Dh33.6b


India is Dubai's top trade partner


UAE, France discuss promotion of trade relations


Lubna, Uzbek official hold talks


UAE, Uzbek first meeting of joint ministerial committee held


UAE-Azeri committee concludes meetings


First quarter exports of Dubai Chamber members climb to a record high


UAE participates in the EU-GCC annual meeting


Malaysian Palm Oil exports to the UAE expected to cross 400,000 MT in 2008


Dubai's non-oil foreign trade surges 46pc in Q1 to Dh214bn


King of Spain opens UAE-Spain business forum


Abu Dhabi’s 2007 non-oil exports reach Dh3.7 billion


GCC logistics market to double growth on back of energy boom


UAE has become a logistic hub for global trade - Turkish Trade Minister


UAE emerged as top importer and exporter in Arab trade with Belgium


UAE underlines importance of Arab-Sino relations


India number two exporter to the UAE


Gulf states to ensure smooth flow of goods


Finnish exports to UAE stand at Dh4.6 billion


Trade surplus to surge to US$73 billion


UAE-Japan trade up 45% to US$13.91b


French investments in the Emirates reach Dh3bn


Lubna receives Boeing International President


UAE, China discusses boost trade relations


Tax on goods by end of the year


Sheikha Lubna: Government's vision drives business environment development


UAE Foreign Trade Minister, Japanese officials hold meeting


Abu Dhabi's foreign trade up to Dh36 billion in H1 of 2007


UAE remains Russia’s major trade partner in Gulf region


UAE Foreign Trade Ministry, US trade delegation hold meeting