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THE ECONOMY - TRADE

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

FCA, China discuss custom cooperation

Posted on 22/04/2008

UAE Federal Customs Authority (FCA) has discussed with the Chinese delegation ways of boosting customs and trade relations. Mohammed Khalifa bin Fahad Al Mehairi, Director General of the FCA said that "China is one of the most important trade partners to the UAE amid surge of mutual trade between the two countries", adding that the statistical report presented by the Chinese delegation headed by Deputy Customs Minister, show the trade exchange between the two countries rose to US$20 billion in ...  >>MORE

UAE and Russia sign WTO protocol

Posted on 21/04/2008

The UAE and Russia yesterday signed a protocol at the end of bilateral talks on Russian accession to the World Trade Organisation (WTO). The agreement was signed on behalf of the UAE by Sheikha Lubna Al Qasimi, Minister of Foreign Trade and on behalf of Russia by Finance Minister Alexei Kudrin. Commenting on the agreement, Sheikha Lubna hailed the agreement as a landmark deal, adding that it would boost bilateral trade cooperation. The protocol also opens a new chapter in the UAE-Russian ...  >>MORE

Abu Dhabi Customs records 37 per cent growth in non-oil external trade

Posted on 21/04/2008

Abu Dhabi Department of Finance (DoF) Customs Administration has recorded an increase in non-oil sector external trade by 37.5 per cent in 2007 compared to 2006. The export, re-export and import volume grew to AED 74. 763 billion in 2007 from Dh54. 366 billion in 2006. "The growth in external trade reflects the developmental dynamic of Abu Dhabi," said Saeed Al Muhairi, vice director of the Abu Dhabi Customs Administration He added that the accurate figures presented with clarity will be a ...  >>MORE

UAE and Macedonia prepare for enhanced economic cooperation

Posted on 19/04/2008

UAE Minister of Foreign Trade HE Sheikha Lubna bint Khalid Al Qasimi and the Macedonian Minister of Foreign Investment, Gligor Tashkovich discussed on Thursday bilateral relations between UAE and the Republic of Macedonia, and the ways for enhancing them in the fields of economy, trade and investment. Tashkovich expressed his hope that Macedonia and UAE will soon sign a trade and investment agreement. The meeting was attended by the Undersecretary of the ministry of economy Abdullah bin Ahmed ...  >>MORE

UAE placed among the top 30 in global trade

Posted on 17/04/2008

The UAE's share in global trade rose by US$41 billion (Dh150.4bn) to US$275bn in 2007 compared to US$234bn in the previous year, placing the nation in the global top 30, according to the World Trade Organisation's (WTO) latest report on global trade. In spite of record high oil prices that increased value, the country was ranked 24th in 2007 among global exporters, compared to the previous year's 22nd. Its share of global exports reduced marginally from 1.2 to 1.1 per cent, accounting for ...  >>MORE

UAE and Macedonia discuss boosting trade ties

Posted on 16/04/2008

The UAE Minister of Economy, Sultan bin Saeed Al Mansouri, yesterday met representatives of the Government of the Republic of Macedonia led by Gligor Tashkovich, Minister of Foreign Investment, to discuss the enhancement of trade relations between the United Arab Emirates and the Republic of Macedonia. The meeting, which took place at the Al Majlis Hall of the Emirates Palace, Abu Dhabi, was also attended by Khalid Ghanim Al Ghaith, Assistant Undersecretary - Economic Affairs and International ...  >>MORE

UAE-Austria trade doubled in 2005-2006

Posted on 31/03/2008

A study conducted by Dubai Chamber for Commerce and Industry, published yesterday on its economic bulletin said During the period 2005-2006, UAE's exports to Austria almost doubled from 25.3 million in 2005 to 53.1 million euro in 2006. On the other hand, UAE's imports from Austria increased by 48.5 % during the same period. It also said Dubai contributed much to the UAE foreign trade with Austria. In 2002, Dubai total trade with Austria totalled almost 91 million euro, increasing to 261.9 ...  >>MORE

Foreign trade doubled in three years

Posted on 31/03/2008

Foreign trade almost doubled between 2003 and 2006, rising to Dh415.9 billion, said the deputy director general of the Federal Customs Authority (FCA) Saeed bin Khalifa Al Marri. The FCA is currently working on a strategic plan to unify customs procedures at all entry and exit points in the country. Al Marri said the customs authority would conduct a detailed study of local departments to assist in the standardisation of all procedures. However, he added, the rate of discrepancy in customs ...  >>MORE

Lubna unveils plans to boost trade

Posted on 30/03/2008

The UAE's newly formed Ministry of Foreign Trade has unveiled extensive plans aimed at helping the country in its bid to become the trading hub of the Middle East. Speaking in her new role as Minister of Foreign Trade, Sheikha Lubna Al Qasimi on Thursday said the three-year development plan – called the ‘UAE Government Strategy' – is set to enhance the approach to foreign trade by addressing key issues such as minimum standards for work environment. The government will also focus on ...  >>MORE

UAE, Turkey discuss details of Custom Agreement

Posted on 27/03/2008

Officials from the UAE and Turkey held talks in Abu Dhabi yesterday to hammer out details of a custom duty agreement due to be signed soon. According to Mohammed Khalifa, this agreement is significant because Turkey is a strategic trade partner to the UAE. "We have been directed by our top political leadership to strengthen trade ties with Turkey which is a strategic trade partner to the UAE. The agreement which we are now negotiating stems from a shared conviction that custom duty violations ...  >>MORE

RAK investments top Dh15bn mark

Posted on 26/03/2008

Investment in projects under construction in Ras Al Khaimah has topped the Dh15 billion mark, a senior official has revealed. The total includes Dh2bn in the industrial sector, said Dr Khater Massaad, CEO of Ras Al Khaimah Investment Authority (Rakia). He said industry was at the heart of the development of the emirate's economy. The authority has leased eight million square metres of land for industrial use and has attracted a diverse mix of industries financed by European, Arab, Southeast ...  >>MORE

Dubai-China trade rises by 47 percent reaches Dh71.2 billion in 2007

Posted on 23/03/2008

Trade between Dubai and China, which has been increasing steadily over the past five years, soared to a 47% high in 2007 (a value of Dh22.7 billion - about US$6.18 billion). Dubai World's Statistics Department figures showed that there has been an increase in non-oil trade between the two countries from Dh48.4 billion (around US$13.18 billion) in 2006 to Dh71.2 billion (around US$19.4 billion) in 2007. This reflects a very positive trend in the economic relations between Dubai and China over a ...  >>MORE

UAE committed to non-proliferation, combating money laundering: Minister of Foreign Trade

Posted on 18/03/2008

UAE Minister of Foreign Trade H.E Sheikha Lubna Al-Qasimi stressed that the UAE is committed to international efforts to combat money laundering and trading in dual-use strategic materials. "The UAE is also committed to non-proliferation efforts", she stressed. Sheikha Lubna was speaking at a meeting in Abu Dhabi with a 15 US Congressmen's assistants currently on a visit to the UAE. She underscored the strengthening of relations between the UAE and the US based on the common interests of both ...  >>MORE

Lubna calls for transparency and clarity at Brussels Forum

Posted on 17/03/2008

Brussels - HE Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, led the UAE delegation to Brussels Forum on state-owned investment funds which concluded its session on Sunday. The forum was attended by Belgian Prime Minister, French Foreign Minister, president of the World Bank, minister and high-ranking officials from US, Europe and other developed countries besides a number of US congress and European commission members. Addressing the conference, Sheikh Lubna said, "Sovereign ...  >>MORE

Economy Minister receives US business delegation

Posted on 17/03/2008

Economy Minister HE Sultan Saeed Al Mansouri received in Abu Dhabi yesterday a delegation from the European-American Business Council, headed by its President & CEO Michael C. Maibach. Al Mansouri welcomed the delegation members and discussed with them means to bolster US investments in the UAE. He gave an overview of the economic developments in the UAE and the country's efforts to increase Foreign Direct Investments (FDIs) to the country. In 2006, the UAE wooed over 19 billion USD in FDIs. ...  >>MORE

Dubai-Uzbek chambers inks cooperation agreement

Posted on 15/03/2008

Top officials of Dubai Chamber of Commerce & Industry and Uzbekistan on Thursday signed an Agreement of Cooperation on the sidelines of the Uzbek delegation's visit to the UAE. Headed by Elyor M. Ganiev, Minister for Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan, the delegation was received by Abdul Rahman Saif Al Ghurair, 1st Vice Chairman of Dubai Chamber. Al Ghurair and HE Alisher Shaykhov, Chairman, Uzbekistan Chamber of Commerce & Industry, signed an ...  >>MORE

GCC imports via UAE hit Dh32bn

Posted on 10/03/2008

The total value of imports entering GCC countries via UAE ports and customs outlets between January 2003 and September 2006 was Dh32 billion. And the total customs duties collected by the UAE on behalf of the GCC countries in the same period amounted to Dh1.6bn, said Saeed bin Khalifa Al Merri, Deputy Director-General of the Federal Customs Authority (FCA). Saudi Arabia's share was Dh573 million, Oman's was Dh448.7 million, Qatar's was Dh296.8m, Kuwait's was Dh158.8m and Bahrain's was Dh77.7m. ...  >>MORE

Lubna, Australian official hold talks

Posted on 09/03/2008

Canberra - UAE Foreign Trade Minister HE Lubna Al Qasimi held series of meetings with the Australian officials during her official visit to the Australian capital Canberra, heading high ranking delegation. The talks focused on strengthening relations between the UAE and Australia in the fields of economy, trade and investment. Sheikha Lubna met with Australian Trade Minister Simon Crane in Canberra, where they discussed means of boosting economic and trade cooperation and how to benefit from ...  >>MORE

UAE imports of US hardwood products up

Posted on 09/03/2008

UAE imports of US hardwood products are projected to grow to US$25 million in 2008, according to a recent study by the American Hardwood Export Council (AHEC). The organisation said this growth will be mainly driven by lumber imports, expected to account for 60 per cent (US$15 million) of the entire US hardwood shipments to the country. According to previously published reports by United States Census Bureau, US hardwood exports to the Middle East and North Africa region grew by 32.3 per cent ...  >>MORE

UAE, New Zealand issue a joint communiqué on trade, economy

Posted on 08/03/2008

Wellington - The United Arab Emirates and New Zealand issued a joint communiqué at the end of the second Joint Ministerial Commission (JMC) on bilateral relations, economic, commercial and investment fields, at New Zealand's capital Wellington. UAE Foreign Trade Minister HE Sheikh Lubna Al Qasimi signed on the UAE side, while New Zealand Minister for Foreign Trade Hon Phil Goff signed on behalf of New Zealand. Commenting after signing the communiqué, Sheikh Lubna said in a statement that "non ...  >>MORE

World's 6th largest economy plans permanent commercial centre in UAE, Arab countries

Posted on 24/02/2008

Brazil and other Latin-American countries are considering plans to set up a commercial centre in the UAE and other Middle Eastern countries to establish a gateway for mutual investments in construction, real estate, clean energy, alternative energy and food industry, unveiled Ahmed Yassine, President of the Trade Exterior Chamber of Brazil-Arabian Gulf and North Africa (Golfobras). Planned as a permanent exhibition of products from Brazil and Latin America, the exhibition will be set up first ...  >>MORE

Foreign Trade Ministry, JBIC discuss stronger cooperation

Posted on 19/02/2008

UAE Minister of Foreign Trade Sheikha Lubna Al-Qasimi and Senior Executive Director of the Japan Bank for International Cooperation (JBIC) Fumio Hoshi on Monday discussed ways to further promote the UAE-Japan relations as well as increase Japanese investments in the UAE. Sheikha Lubna called on Japanese corporations to benefit from investment opportunities offered by the competitive advantage of the UAE's open market. She further urged for the signing of a free trade agreements between the ...  >>MORE

UAE, Chile to boost trade, investments

Posted on 19/02/2008

UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi and Eduardo Frei Ruiz-Tagle former President of Chile and the current President of the Senate of Chile yesterday discussed ways to further bolster relations and cooperation between the two countries. At a meeting here in Abu Dhabi, the two sides also discussed ways to increase Chilean agricultural and animal investments in the UAE. The UAE Minister called on Chilean investors and corporations to benefit from what she said is an ideal ...  >>MORE

Lubna, British delegation discuss bilateral relations

Posted on 18/02/2008

UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi, hailed the UAE-British relations when she received yesterday at the ministry, the British delegation headed by William Hague, MP and Minister of Foreign Affairs in the Shadow Conservative Party Government. The two officials discussed the bilateral relations between the UAE and the United Kingdom and means of boosting the economic cooperation, particularly in the sectors of trade, investment, the foreign investment fund and the latest ...  >>MORE

UAE, Turkey pledge to boost cooperation

Posted on 17/02/2008

Ankara - The joint UAE, Turkish ministerial committee meetings concluded last Friday in Turkish capital Ankara, with emphasis on boosting economic growth and strategic partnership between the two countries. The UAE side was led by Economy Minister Sheikha Lubna Al Qasimi, while the Turkish was led by Turkish Finance Minister Kemal Unakitan. The two ministers signed the communiqué in presence of senior officials representing the two countries. Commenting after signing the communiqué, Lubna said ...  >>MORE

Joint UAE-Turkish committee begins meeting in Ankara

Posted on 16/02/2008

Ankara - The joint UAE-Turkish Ministerial Committee Meeting opened yesterday with both sides reiterating their commitment to bolster bilateral relations, particularly in the area of trade and investments. The UAE side is led by Sheikha Lubna Al Qasimi, Minister of Economy while the Turkish side is headed by Kemal Unakitan, Minister of Finance. In her opening remarks at the meeting, Sheikha Lubna underlined the importance attached by the UAE to its relations with Turkey, noting that both ...  >>MORE

RAK, Georgia pledge to boost economic ties

Posted on 14/02/2008

H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, today held talks with H.E. Lado Gurgenidze, Prime Minister of Georgia, and an accompanying high level delegation who called on him at the Al Dhait Palace here. During the meeting, the two leaders held wide- ranging discussions which focused on expanding trade and investment cooperation. Both sides pledged to make further efforts to boost economic cooperation between Ras Al Khaimah and Georgia. Welcoming the ...  >>MORE

RAK records 8.89pc increase in foreign trade

Posted on 14/02/2008

Foreign trade in the emirate of Ras Al Khaimah rose by 8.89 pc during 2007 in comparison to the preceding year. Director General of RAK Ports and Customs Mohammed Abdullah Al Mahrazi said that the total value of imports stood at Dh6.2 billion while the exports were valued at Dh2.2b. He added that Japan topped the list of exporting countries to the emirate, followed by Indonesia, China, Germany and India. Saudi Arabia was the single largest importer from the emirate, followed by Kuwait, Qatar, ...  >>MORE

Dubai and Spain to consolidate business ties

Posted on 08/02/2008

Dubai Chamber of Commerce and Industry director-general Hamad Buamim and Salvador Santos Campo, president of the Madrid Chamber of Commerce and Industry, signed a memorandum of understanding on Thursday. The agreement consolidates economic relations between the two nations and sets framework for cooperation with the prospect of joint ventures, equity investment with better coordination among business communities. Buamim said the agreement will strengthen ties in the construction sector as ...  >>MORE

Lubna, Hong Kong delegation explore investment opportunities

Posted on 31/01/2008

UAE Economy Minister Sheikha Lubna Al Qasimi explored investment opportunities Wednesday with Hong Kong official delegation headed by Donald Tsang, chief executive of the Hong Kong Executive Authority. The-25-delegation members represent, officials, chief executives and managers of companies and corporations in Hong Kong. Lubna briefed the delegation about the economic development in the UAE and progress scored by the national economy last year, adding that the UAE "economy witnessed in 2007 ...  >>MORE

Lubna calls on Ukrainians firms to enhance investments in the UAE

Posted on 29/01/2008

UAE Minister of Economy Sheikha Lubna Al Qasimi yesterday called on Ukrainian companies to enhance their investments in the UAE, taking advantage of the conducive climate that is prevalent in the country. "The UAE has created a congenial business climate in terms of legislation and business opportunities. This glaring fact has attracted many international firms to the country and we hope that our Ukrainian friends will similarly take advantage of this benign climate", said Sheikha Lubna in ...  >>MORE

Philippines and UAE to enhance trade ties

Posted on 28/01/2008

A memorandum of understanding signed by the Dubai and Philippine chambers of commerce and industry was the highlight of Philippine President Gloria Arroyo's visit to Dubai. Under the agreement, the two countries are expected to strengthen and expand trade, economic, scientific, technological and business cooperation by organising conferences, seminars, study tours, exchange programmes for trade groups and trade fairs. Statistics released by the Dubai Chamber of Commerce and Industry (DCCI) ...  >>MORE

Dubai's non-oil foreign trade rises 29.6% to Dh678.5bn

Posted on 27/01/2008

Dubai's total non-oil foreign trade, including direct, free zone and customs warehouse, grew by 29.6% in 2007, defying a grim warning by the World Trade Organization (WTO) of a slower global economic growth during the period. Statistics compiled and released by Dubai World's Statistics Department show Dubai's direct exports in 2007 registered an increase of 48% year on year, while direct imports rose by 35%. Sultan Ahmed Bin Sulayem, Chairman, Dubai World, said: "2007 has been a phenomenal ...  >>MORE

UAE is key commercial gateway for GCC countries

Posted on 27/01/2008

A total of Dh22 billion worth of goods have entered the GCC through UAE customs since the introduction of the GCC customs union, a top official has said. Saeed bin Khalifa Al Merri, Deputy Director-General of the Federal Customs Authority in the UAE, said statistics on inter-GCC trade show the UAE is the most important commercial gateway for all GCC countries. In a press conference in Abu Dhabi on Friday, Al Merri said the UAE has covered 70 per cent of the clearance until the end of 2007 ...  >>MORE

Dubai's non-oil exports rise 43% to Dh168b

Posted on 24/01/2008

Non-oil exports of Dubai increased a record 43 per cent to Dh167.9 billion last year, giving a boost to the emirate's ongoing economic diversification efforts, according to official statistics yesterday. Iran was the number one destination with the value of exports being Dh35.9 billion, followed by Saudi Arabia at Dh31 billion. More than three-fourth of the emirate's exports went to Gulf Cooperation Council (GCC) countries and Iran, the Dubai Chamber of Commerce and Industry said. The value ...  >>MORE

Sheikha Lubna opens JIB's representative office

Posted on 22/01/2008

Under the patronage of Sheikha Lubna Al-Qasimi, UAE Minister of Economy, and Amer Al Hadidi, Jordanian Minister of Industry & Trade, a representative office for the Jordan Investment Board has been inaugurated in Abu Dhabi to enhance the economic and investment relations between the two countries. Turki Al Khraisha, Hashemite Kingdom of Jordan's Ambassador in UAE, many Jordanian VIPs and diplomats, and UAE and Jordanian investors attended the inauguration. The representative office of Jordan ...  >>MORE

UAE-US enjoy robust economic relationship: study

Posted on 15/01/2008

The United States and the United Arab Emirates (UAE) enjoy a robust trade and investment relationship, much of which now has little direct relationship to UAE oil exports, according to a study. "The UAE-US trade relationship is one of the fastest growing U.S. economic partnerships, both globally and especially in the Gulf region", said the study published here today by the US-UAE Business Council. Written by Dr. Michael Moore, Director of the Institute for International Economics at The ...  >>MORE

ADCCI members up 12.5 % in 07

Posted on 08/01/2008

By the end of 2007, members of Abu Dhabi Chamber of Commerce and Industry (ADCCI) rose 12.5 per cent to 63,000 from 56,000 in the previous year. Mohammed Al Nuaimi, assistant ADCCI director general for information technology and membership relations, said Abu Dhabi had 42,741 members compared to 20,259 in Al Ain. Sector-wise, he explained the trade sector came first with 42,048 licenses, followed by the professional sector at 18,222, vocational at 2,090, industrial at 426 and creativity at ...  >>MORE

Dubai Customs Clarifies Information on the second phase of VAT

Posted on 26/12/2007

After the false information circulating among several media outlets regarding the Value Added Tax (VAT) Study Project in the UAE which mislead the public opinion, Dubai Customs Clarifies the following: Dubai Customs launched last November the second phase of the Value Added Tax (VAT) Study Project, in order to apply on time the proposed system for the tax. The second phase includes the transition from the study of the best global practices to the implementation stage of the project. This phase ...  >>MORE

Dubai's exports grew 28% annually in past five years

Posted on 17/12/2007

Dubai's exports grew an average rate of more than 28 per cent annually during the past five years, according to the latest statistics from Dubai Chamber. Iran topped the list of export markets, with a share of 15 per cent. In terms of growth, however, the market was growing at a rate that is about seven percentage points lower than the 28 per cent average annual growth of total exports. India came second, with a share of 11 per cent. Average annual growth, however, was much higher at 71 per ...  >>MORE

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Quick List

UAE Foreign Trade Ministry, US trade delegation hold meeting


FCA, China discuss custom cooperation


UAE and Russia sign WTO protocol


Abu Dhabi Customs records 37 per cent growth in non-oil external trade


UAE and Macedonia prepare for enhanced economic cooperation


UAE placed among the top 30 in global trade


UAE and Macedonia discuss boosting trade ties


UAE-Austria trade doubled in 2005-2006


Foreign trade doubled in three years


Lubna unveils plans to boost trade


UAE, Turkey discuss details of Custom Agreement


RAK investments top Dh15bn mark


Dubai-China trade rises by 47 percent reaches Dh71.2 billion in 2007


UAE committed to non-proliferation, combating money laundering: Minister of Foreign Trade


Lubna calls for transparency and clarity at Brussels Forum


Economy Minister receives US business delegation


Dubai-Uzbek chambers inks cooperation agreement


GCC imports via UAE hit Dh32bn


Lubna, Australian official hold talks


UAE imports of US hardwood products up


UAE, New Zealand issue a joint communiqué on trade, economy


World's 6th largest economy plans permanent commercial centre in UAE, Arab countries


Foreign Trade Ministry, JBIC discuss stronger cooperation


UAE, Chile to boost trade, investments


Lubna, British delegation discuss bilateral relations


UAE, Turkey pledge to boost cooperation


Joint UAE-Turkish committee begins meeting in Ankara


RAK, Georgia pledge to boost economic ties


RAK records 8.89pc increase in foreign trade


Dubai and Spain to consolidate business ties


Lubna, Hong Kong delegation explore investment opportunities


Lubna calls on Ukrainians firms to enhance investments in the UAE


Philippines and UAE to enhance trade ties


Dubai's non-oil foreign trade rises 29.6% to Dh678.5bn


UAE is key commercial gateway for GCC countries


Dubai's non-oil exports rise 43% to Dh168b


Sheikha Lubna opens JIB's representative office


UAE-US enjoy robust economic relationship: study


ADCCI members up 12.5 % in 07


Dubai Customs Clarifies Information on the second phase of VAT


Dubai's exports grew 28% annually in past five years