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THE ECONOMY - TRADE

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

Iran is top destination for Dubai exports

Posted on 17/12/2007

Iran has taken the top spot as Dubai's main export market, surpassing India and major European countries, a new report has revealed. The Islamic Republic accounted for a 15 per cent share of total exports from Dubai between 2002 and 2006, data released by the Dubai Chamber of Commerce and Industry (DCCI) yesterday showed. Iran imported goods worth Dh94.3 billion from Dubai's total exports of Dh621.4bn during the five-year period, however the market was growing at a lower yearly rate than the ...  >>MORE

UAE discusses strengthening of economic cooperation with US

Posted on 12/12/2007

United Arab Emirates and United States discussed here today the economic relations between the two countries and the ways to enhance them in various avenues. The discussions were held at a meeting between Undersecretary for economic sector at the Ministry of Economy Abdullah bin Ahmed Al Saleh and the Assistant Secretary of US Treasury Patrick O'Brien who is currently on a visit to the UAE at the head of a delegation. They reviewed the economic development in the UAE and the investment ...  >>MORE

Sharjah shines at UAE-France Partnership Forum

Posted on 25/11/2007

Through its participation in at the inaugural UAE-France Partnership Forum, the Sharjah Commerce and Tourism Development Authority, under the leadership of its chairman, Sheikh Sultan bin Ahmed Al Qasimi, has deftly exploited the opportunities presented by this event to further its vigorous campaign to promote Sharjah as an ideal tourist and business destination. Interest in Sharjah as a tourism and investment hub continues to grow, as evidenced by the healthy attendance of a press conference ...  >>MORE

UAE, France eager to bolster economic ties

Posted on 23/11/2007

Paris - Economy Minister Sheikha Lubna bint Khalid Al Qasimi met yesterday with Jean Arthuis, head of the Finance Commission of the French Senate and discussed with him ways to strengthen strategic ties and to boost economic cooperation between the two countries. The two sides also explored means to eliminate the obstacles affecting bilateral trade and cross investments in the two countries. Sheikha Lubna said that as a regional hub, the UAE provides plenty of opportunities and facilities to ...  >>MORE

Hamed bin Zayed opens UAE-France partnership exhibition

Posted on 23/11/2007

Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court and Chairman of the ZoneCorp, yesterday opened the UAE-France partnership exhibition, held at Le Carrousel du Louvre. The opening ceremony was attended by Economy Minister Sheikha Lubna bint Khalid Al Qasimi, Dominique Bussereau, French State Minister for Transport, Sheikh Sultan bin Tahnoun Al Nahyan, Chairman of Abu Dhabi Tourism Authority, Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Chairman of the Sharjah ...  >>MORE

UAE-France partnership forum inaugurated in Paris

Posted on 22/11/2007

Paris - The UAE-France Partnership Forum began yesterday at the UAE embassy in Paris, in presence of Sheikh Hamed bin Zayed Al Nahyan, Chief of the Court of Abu Dhabi Crown Prince and Chairman of Zones Corp, Sheikha Lubna bint Khalid Al Qasimi, Economy Minister and Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Chairman of the Sharjah Commerce and Tourism Development Authority. Saif Sultan Al Aryani, UAE Ambassador to France, welcomed the forum participants, including high ranking officials ...  >>MORE

Hamed bin Zayed to inaugurate UAE-France partnership forum in Paris

Posted on 20/11/2007

High-ranking government officials and corporate elite from the UAE and France will gather in Paris, from November 21-24, for the first UAE-France Partnership Forum. The forum will be held under the patronage Sheikh Hamed Bin Zayed Al Nahyan, Chief of the Court of Abu Dhabi Crown Prince and Chairman of Zones Corp, who will deliver the inaugural address. Sheikha Lubna Al Qasimi, the UAE Minister for Economy, will participate as a keynote speaker at the high profile event at Le Carrousel du ...  >>MORE

Relations with UAE thriving, not only in trade terms: Swedish Minister

Posted on 08/11/2007

Swedish Minister of Trade Ewa Bjorling reiterated her country's interest in expanding trade and economic relations with the UAE. Bjorling made her remarks in a statement to WAM at a reception hosted on Tuesday by the Swedish Embassy in Abu Dhabi, one day after she had inaugurated in Dubai the "Exporttraff Dubai" -Swedish Exporter's Middle East Conference which was organized by the Swedish Trade Council (STC) as part of the Swedish government's efforts to extend the country's global outreach. ...  >>MORE

UAE now major trade partner to Switzerland: Swiss Economy Minister

Posted on 08/11/2007

Switzerland exported goods to the UAE totalling more than 1.5 billion U.S. dollars last year and imported goods worth almost 540 million U.S. dollars, Swiss Minister of Economy Doris Leuthard has revealed. 'The trade volume reached about 2 billion U.S. dollars in 2006. Our exports have almost quadrupled in the last 10 years. This year, Swiss exports grew by 7.3% in the first eight months. More than 180 Swiss companies have already opened offices in the Emirates and a total of 650 Swiss ...  >>MORE

German official lauds UAE-Germany relations

Posted on 02/11/2007

"Current progress of the bilateral relations between the two countries (UAE and Germany) is attributed to the keen interest in and the willingness of leadership in both countries to enhance the relations in various fields to achieve better results to the best interest of peoples of UAE and Germany", stressed Federal German Minister of Defence Dr. Franz Josef Jung. "Germany remains highly committed to boosting economic and defence cooperation with UAE", the German told Emirates News Agency ...  >>MORE

Minister of Economy discusses cooperation with Italy

Posted on 30/10/2007

Sheikha Lubna Bint Khalid Al Qasimi, Minister of Economy discussed yesterday with a visiting Italian delegation avenues of cooperation in the field of digital economy. The delegation headed by President of Puntoit, Luigi Gambardella is on a fact finding tour in UAE. Puntoit is an Italian association established earlier in 1999 whose aim is to promote the development of creative and digital economy in Italy and the Europe as a whole. During the meeting, both sides reviewed the vast investment ...  >>MORE

UAE-US trade relations discussed

Posted on 26/10/2007

Washington - The UAE-US trade relations have been discussed by UAE Ambassador to the US Saqr Ghobash and Chairman of the Board of the Bilateral US-Arab Chamber of Commerce David Phillips. The meeting specifically focused on boosting trade relations between Houston City and Abu Dhabi City who previously singed a twinning agreement. An upcoming visit to the UAE by the Mayor of Houston in April next year was also discussed by Ghobash and Phillips. An invitation to give the keynote speech at a ...  >>MORE

Dh54.8 billion, volume of foreign trade of Abu Dhabi emirate in nine months

Posted on 23/10/2007

The foreign trade of Abu Dhabi emirate during the first nine months of this year rose to Dh54.8 billion compared to Dh38.9 billion in corresponding period last year due to unprecedented growth in different sectors in UAE in general and Abu Dhabi emirate in particular. Saeed Ahmed Al Muhairi, deputy director of the General Department of Customs in Abu Dhabi said in a statement that "the statistical reports released by the department show the imports value during the first nine months of this ...  >>MORE

Exports by Dubai traders soar to Dh40b

Posted on 14/09/2007

The value of exports by Dubai traders grew 40 per cent to Dh40 billion during the second quarter of the current year, up from last year's Dh29 billion, a latest report said. About 6,682 companies out of a 100,000 registered entities exported goods during the second quarter, the Dubai Chamber of Commerce and Industry (DCCI) said in its report. The value maintained the 10 per cent quarter-on-quarter growth recorded in the previous quarter. The GCC continued to be the largest market for ...  >>MORE

UAE 'must develop a policy to increase its global date exports'

Posted on 14/09/2007

The UAE must develop a strategy to increase the exports of its dates in the global market, the Dubai Chamber of Commerce and Industry (DCCI) said yesterday. The country ranked fourth in the value of dates produced for the global market in 2005, accounting for a 37 per cent share, according to a study released yesterday by the DCCI. But its share of date exports as a proportion of the total date trade was just five per cent, leading to demands for a clear export strategy. "Although the ...  >>MORE

New global risks require new way of thinking: Gergawi

Posted on 09/09/2007

Mohammad Al Gergawi, UAE Minister of State for Cabinet Affairs and Executive Chairman of Dubai Holding, said today that for organizations to be successful in the rapidly changing global economy, CEO's must develop a new set of capabilities to meet the challenges they will face. Speaking at the World Economic Forum being held in the Chinese city of Dalian, Al Gergawi said that future CEOs will have to combine the skills of top politicians and motivating leaders, as well as being excellent ...  >>MORE

Lubna calls for strong economic ties with Vietnam

Posted on 05/09/2007

Hanoi - Sheikha Lubna bint Khaled Al Qasimi, UAE Minister of Economy, called upon the Vietnamese business community to enhance economic ties with their counterparts in the UAE and benefit from the facilities, incentives and economic legal frameworks offered by the UAE to foreign investors for setting up joint ventures and improve their competitiveness. Sheikha Lubna delivered a speech at the opening of the UAE-Vietnam Business Forum which was organized yesterday by Dubai Chamber of Commerce & ...  >>MORE

DCCI completes preparations for Hanoi business meet

Posted on 04/09/2007

Dubai Chamber of Commerce and Industry(DCCI) has completed all the necessary preparations for the UAE-Vietnam business meet slated to run concurrently with the visit of H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to the Socialist Republic of Vietnam. Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce and Industry, heads a UAE businessmen delegation, representing the most vital economic sectors in the country, in an official visit to ...  >>MORE

Mohammad bin Rashid’s visit to boost UAE-Vietnam ties

Posted on 03/09/2007

The UAE's non-oil trade with Vietnam jumped four-fold to US$127 million in 2005 from US$37 million in 2000, a Dubai Chamber of Commerce and Industry (DCCI) study released yesterday said. Although this does not represent a huge volume, the figures hint at the potential for growth in bilateral trade - something the official visit of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is expected to achieve. Dubai Ports World ...  >>MORE

UAE-US trade declines 16%

Posted on 16/08/2007

DUBAI: Trade exchange between the UAE and the United States declined by 16 per cent to US$5.43 billion (Dhs19.9 billion) during the first half of this year compared with US$6.49 billion (Dhs23.81 billion) during the same period last year. According to the United States Bureau of Statistics, the value of the UAE's imports from the United States declined by 17 per cent to US$4.8 billion (Dhs17.62 billion) during the first half of this year, down from nearly US$5.8 billion (Dhs21.3 billion) ...  >>MORE

Abu Dhabi's foreign trade in 2006 soar to Dh281.7 billion

Posted on 08/08/2007

Foreign trade through the emirate of Abu Dhabi surged to Dh281.7 billion in 2006 up from Dh174.1 billion and 234.2 billon in 2004 and 2005 respectively, achieving an annual growth rate of 27.2% between 2004 and 2006, according to 2006 Abu Dhabi Foreign Trade Bulletin recently released by Abu Dhabi Planning and Economy Department. Imports through Abu Dhabi, accounting for 16.2% of total foreign trade of the emirate in 2006, reached Dh45.7 billion in 2006 compared with Dh33.1 and Dh35.2 billion ...  >>MORE

Abu Dhabi's government rating highest in Mideast

Posted on 06/08/2007

Abu Dhabi's Aa2 government rating is the highest in the Middle East along with those of the federal government of the UAE (Aa2), Kuwait (Aa2) and Qatar (Aa2), according to Moody's Investor Services. The credit rating agency said in a report that despite the strong economic fundamentals and long history of political stability, the emirate's ratings are constrained by factors such as geopolitical issues in the region and excessive concentration of the economy in the hydrocarbon sector. Other ...  >>MORE

UAE is Gulf's second largest foreign investment destination

Posted on 06/08/2007

Foreign direct investment flows into the UAE have been increasing steadily from the beginning of this decade. Currently the country is the second largest foreign investment destination in the Gulf after Qatar, according to a report by Dubai Chamber of Commerce and Industry (DCCI) The DCCI has based its study on data from Economist Intelligence Unit and International Monetary Fund. FDI in the UAE has been picking up since 2003. The stock of inward FDI as a ratio of the stock of outward FDI ...  >>MORE

US exports to UAE will soar this year

Posted on 29/07/2007

Get ready to see a lot more products that say 'Made in the USA'. Per capita, UAE residents spent roughly US$2,500 on US goods in 2006, and that is expected to rise 24 per cent in 2007, according to a recent report. The Institute for Research: Middle Eastern Policy, a US-based centre, said the UAE will remain the largest US trading partner in the Arab world for the third year running in 2007, importing an estimated US$14.75 billion worth of American goods. That means the UAE's share of the US$45 ...  >>MORE

Sharjah trade, tourism sectors grow

Posted on 25/07/2007

According to statistics released from the Sharjah Commerce and Tourism Development Authority, the trade and tourism sector has been witnessing a major leap with the construction of new shopping malls, hotels and hotel apartments to meet the emirate's growing demand and the increasing number of tourists. The figures showed that 15 new hotels were opened in the first half of 2007, bringing the total number of hotels in Sharjah to 89. About 1.3 million tourists visited the emirate in 2006, ...  >>MORE

USA lures 55 per cent of US$542b GCC surplus

Posted on 16/07/2007

The Gulf Cooperation Council (GCC) has invested more than 55 per cent of its current account surplus of US$542 billion accumulated through 2002-2006 in the United States, while Europe attracted 18 per cent or US$100 billion of the oil-rich region's surplus fund, a report by Institute of International Finance (IIF) said. The IIF, a global association of financial services firms with over 360 member institutions, said in its latest report that the geographical distribution of the accumulated ...  >>MORE

Growing UAE-UK business ties

Posted on 15/07/2007

Two major developments in the UAE business world have put the spotlight once again on the growing commercial relationship between the Emirates and the UK, a locally-based British business leader said today. Mark Beer, newly-elected chairman of the British Business Group in Dubai, welcomed new figures released by the Dubai Chamber of Commerce & Industry (DCCI) showing that the UAE was Britain's largest trading partner in the Gulf in 2006. Beer said that the increasing importance of these ...  >>MORE

Economic cooperation between Sharjah, Austria discussed

Posted on 11/07/2007

Sharjah Chamber of Commerce and Industry, SCCI, stressed Tuesday its keenness on cooperating with diplomatic missions in the UAE as part of its efforts to further cement existing relations between the UAE and respective countries and enhance the role the private sector plays in boosting investment partnerships. This came at a meeting today between Director General of SCCI Saeed Obaid Al Jarwan and Commercial Counsellor at the Austrian Embassy in Abu Dhabi Dr. Wolfgang Penzias who explored ...  >>MORE

UAE-Russian committee holds meeting

Posted on 11/07/2007

Moscow - The UAE -Russian committee began its first meeting at the premises of the Ministry of Economic Development and Trade in Moscow to discuss the bilateral relations between the two countries. The UAE delegation was headed by Tariq Al Haidan Acting Undersecretary of the Foreign Ministry, and the Russian side was presided by Alexander, Director of Foreign Relations in the Ministry of Economic Development and Trade. Al Haidan said "the relations between the two countries have witnessed ...  >>MORE

South Africa's Northern Cape Province seeks economic cooperation with UAE

Posted on 11/07/2007

The Under Secretary of Abu Dhabi Planning and Economy Department, Mohammed Omar Abdullah, yesterday briefed a visiting delegation from South Africa's Northern Cape Province about his Department's mission to develop and diversify the economy of the emirate. B.M. Seaman, member of the Province's Executive Council, South Africa, told reporters later that his present visit to the UAE aimed at promoting his country's investment opportunities and proposals for joint cooperation. He explained that ...  >>MORE

UAE top U.S. export market in ME: NUSACC

Posted on 08/07/2007

The United Arab Emirates imported more U.S. goods in 2006 than any other country in the Middle East. The UAE's purchase of US$11.9 billion worth of American merchandise provided a significant boost to U.S. manufacturers of a wide range of products, from commercial aircraft to oilfield equipment to automobiles, according to a recent report from the National U.S.-Arab Chamber of Commerce. The text of the report follows. U.S. exports to the UAE rose by over 40 percent between 2005 and 2006, more ...  >>MORE

Dubai is UK's largest UAE market, says DCCI report

Posted on 03/07/2007

Dubai has emerged as the largest market of the UK in the UAE, accounting for 66 per cent of the total £1 billion (Dh7.4bn) imports and 80 per cent of the £3.6bn (Dh26.64bn) exports from the UK. Much of the UK's surplus from trade with GCC resulted from trade with the UAE. The UK's imports from the UAE amounted to £1bn (Dh7.4bn), while total exports was valued at £3.6bn (Dh26.64bn), for a UK favourable trade surplus of about £2.5bn (Dh18.5bn), according to ...  >>MORE

Fujairah Chamber discusses cooperation with US

Posted on 22/06/2007

Fujairah Chamber of Commerce, Industry and Agriculture (FCCIA) discussed here yesterday avenues of cooperation between the emirate of Fujairah and United States in the fields of trade and economy. The discussions were made during a meeting between Director Board member of FCCIA Salem Obaid Al Salami and the President of National US-Arab Chamber of Commerce David Hamod. Deputy Director General of the Fujairah Chamber Sultan Obaid was also present. Salem Al Salami stressed the importance of ...  >>MORE

US-Arab Chamber releases special report on UAE

Posted on 21/06/2007

Washington - In recognition of the UAE's role as the number one export destination in the Middle East for the United States, the National U.S.-Arab Chamber of Commerce (NUSACC) released on Tuesday a first-of-its-kind Special Report on opportunities in the United Arab Emirates. The 40-page analysis in U.S.-Arab Tradeline ( http://www.nusacc.org/tluae/index.html )focuses on trade and investment opportunities in ...  >>MORE

UAE-Algerian joint committee meeting opens in Abu Dhabi

Posted on 13/06/2007

The UAE-Algerian joint ministerial committee began its fifth meeting in Abu Dhabi amid renewed commitment by both sides to bolster economic ties. The UAE side was headed by Sheikha Lubna Al Qasimi, Minister of Economy while the Algerian side was headed by her counterpart Karim Joudi. In her opening remarks, Sheikha Lubna described the meeting as "significant" in view of the commitment by both countries to create a viable economic partnership which will see expanded bilateral trade. "Our ...  >>MORE

UAE-Pakistan trade balance set to rise to over US$5 billion this year: UAE FM

Posted on 12/06/2007

Ridding on deep-rooted and close relations, the balance of trade between the United Arab Emirates and Pakistan now tops 4 billion dollars a year, and is expected to rise to over US$5 billion in the current year, according to UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan. 'There is very major investment by the UAE in Pakistan, both governmental and private, in a wide range of different sectors, all contributing to Pakistan's growth,' Sheikh Abdullah said. Speaking to the ...  >>MORE

UAE-Pakistan enjoy distinct bilateral relations

Posted on 12/06/2007

The UAE and Pakistan enjoy very distinct relations at all political, economic and social levels, thanks to the continuous support of President H.H. Sheikh Khalifa bin Zayed Al Nahyan and the strong foundation laid by the Late Sheikh Zayed bin Sultan Al Nahyan during the last four decades. Bilateral relations between the UAE and Pakistan were further given a big boost by some major high-profile exchange of visit between the leaderships of the two countries. Pakistani President, Pervez ...  >>MORE

Sharjah's foreign trade hit Dh29.5 billion

Posted on 11/06/2007

Sharjah's foreign trade has made a significant rise of 13% to reach Dh29.5 billion compared to last year's Dh26.1 billion, it was announced by Sharjah Economic Development Department (SEDD). The SEDD attributed that to the increase in import, which rose from Dh16.8billion in 2005 to Dh18.9 billion in 2006, representing a rise of 12.5 per cent. Re-export also grew by 12.1%, rising from Dh9.1 billion in 2005 to Dh10.2 billion in 2006. According to SEDD Director, Ali bin Salim al Mahmoud, the ...  >>MORE

Dubai is now third-largest re-export hub

Posted on 11/06/2007

A surge in Chinese exports to Dubai has boosted the emirate's position as the third largest re-export hub in the world after Hong Kong and Singapore, according to reports. Average annual growth rate of imports from China was 14 per cent from 1997 to 2005, while China's trade with the UAE grew 31.5 per cent in 2006 to US$14.2 billion. Lately, there has been a mushrooming in the "Dh2-Dh5" or "Dh5-Dh10" gift shops, which has eliminated a lot of products that are not price competitive. "Chinese ...  >>MORE

UAE and South Korea reach US$4 billion deals

Posted on 10/06/2007

Seoul - Private and Public sector institutions in UAE and South Korea reached deals worth US$4 billion at the end of the three-day UAE-South Korea Forum and Exhibition for Trade and Investment Opportunities. The marathon forum and exhibition attracted nearly two thousand industrialists and businessmen from Republic of South Korea. Chairman of Index Holding, the organizers of the largest business event in the country, Abdu Salam Al Madani said that by the time the forum concluded, the total ...  >>MORE

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Quick List

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


Iran is top destination for Dubai exports


UAE discusses strengthening of economic cooperation with US


Sharjah shines at UAE-France Partnership Forum


UAE, France eager to bolster economic ties


Hamed bin Zayed opens UAE-France partnership exhibition


UAE-France partnership forum inaugurated in Paris


Hamed bin Zayed to inaugurate UAE-France partnership forum in Paris


Relations with UAE thriving, not only in trade terms: Swedish Minister


UAE now major trade partner to Switzerland: Swiss Economy Minister


German official lauds UAE-Germany relations


Minister of Economy discusses cooperation with Italy


UAE-US trade relations discussed


Dh54.8 billion, volume of foreign trade of Abu Dhabi emirate in nine months


Exports by Dubai traders soar to Dh40b


UAE 'must develop a policy to increase its global date exports'


New global risks require new way of thinking: Gergawi


Lubna calls for strong economic ties with Vietnam


DCCI completes preparations for Hanoi business meet


Mohammad bin Rashid’s visit to boost UAE-Vietnam ties


UAE-US trade declines 16%


Abu Dhabi's foreign trade in 2006 soar to Dh281.7 billion


Abu Dhabi's government rating highest in Mideast


UAE is Gulf's second largest foreign investment destination


US exports to UAE will soar this year


Sharjah trade, tourism sectors grow


USA lures 55 per cent of US$542b GCC surplus


Growing UAE-UK business ties


Economic cooperation between Sharjah, Austria discussed


UAE-Russian committee holds meeting


South Africa's Northern Cape Province seeks economic cooperation with UAE


UAE top U.S. export market in ME: NUSACC


Dubai is UK's largest UAE market, says DCCI report


Fujairah Chamber discusses cooperation with US


US-Arab Chamber releases special report on UAE


UAE-Algerian joint committee meeting opens in Abu Dhabi


UAE-Pakistan trade balance set to rise to over US$5 billion this year: UAE FM


UAE-Pakistan enjoy distinct bilateral relations


Sharjah's foreign trade hit Dh29.5 billion


Dubai is now third-largest re-export hub


UAE and South Korea reach US$4 billion deals