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THE ECONOMY - TRADE

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

UAE investments in Korea US$1.1b: UAE Envoy

Posted on 06/06/2007

Seoul - UAE investments in Korea recorded US$1.15 billion, while Korea's cumulative investments in the UAE totaled US$192.2 million, according to Abudullah Mohammed Abdul Wahid Al Maena, UAE Ambassador to Seoul. In a message he made on the occasion of the ppening of the UAE-Korea Business Investment Opportunities Exhibition , COEX, to be held in Seoul on June 7-9, 2007, Al Maena said that the UAE-Korea Business Investment Opportunities Exhibition is the first of its kind to be held in Seoul. ...  >>MORE

Japan-UAE bilateral trade reaches US$37.64 billion in 2006

Posted on 06/06/2007

Japan's trade with the United Arab Emirates reached new heights in 2006 supported by the rise in the crude oil prices during the year, and an increase in Japan's export of machinery and equipments to the UAE. The value of Japan - UAE bilateral trade increased by 28.9 per cent to US$37.64 billion in 2006. Mineral fuels, including crude oils and petroleum gases as well as machinery and equipment, dominated the two-way trade with mineral fuels alone covering 83 per cent of the total trade. ...  >>MORE

Dubai-South Korean non-oil foreign trade

Posted on 03/06/2007

Trade relations between Dubai and South Korea have notably grown in the few last years. This can be clearly seen in the increase of number of exchanged visits and economic delegations between the two sides. Recent statistics show that non-oil foreign trade has grown by 8.75 percent in the year 2006 compared to the previous year. Trade exchange recorded notable increase this year to reach 6.828 billion dirham compared to 6.278 in 2006. Aluminium and its derivatives represent 82 percent of ...  >>MORE

Saudi non-oil exports to UAE hit Dh1.18b

Posted on 31/05/2007

The UAE topped the list of countries importing Saudi non-oil products in February, said a new report released by the central department of statistics of the Saudi ministry of planning and economy. The UAE non-oil imports from Saudi Arabia reached around 1.2 billion Saudi riyals (Dh1.18 billion), the report added. Kuwait comes second on the list, followed by China and then all other countries collectively with Saudi non-oil exports to them amounted to 428 million Saudi riyals, 410 million ...  >>MORE

Vast avenues of cooperation between UAE and South Korea - Al Tayer

Posted on 23/05/2007

Seoul - Addressing a large gathering of entrepreneurs and industrialists from UAE and South Korea on Monday, Chairman of the Dubai Chamber of Commerce and Industry Obaid Humaid Al Tayer said that entrepreneurship is the key to growth and invited the South Korean businessmen to work hand in hand with their UAE counterparts in order to bring about growth and prosperity for both the countries. He said that private enterprise and entrepreneurial acumen did play an important role in the economic ...  >>MORE

UK exports to the Middle East exceed US$ 19.9 billion in ‘06

Posted on 13/05/2007

Chairman of the British Business Group, Nick Dutt, has hailed this month's 'Britain in the Region' event as an ideal opportunity for British businesses established in the UAE to gain a foothold in markets across the Middle East. The BBG is taking part in the event on May 17, which has been organised by the British Embassy Dubai and UK Trade & Investment (UKTI) to give British businesses with a presence in the region an insight into other Middle Eastern and North African markets. UKTI, the ...  >>MORE

UAE-US trade drops 25%

Posted on 13/05/2007

Bilateral trade between the UAE and United States fell 25 per cent to US$2.67 billion (Dhs9.8 billion) during the first quarter of this year compared with US$3.54 billion (Dhs12.98 billion) during the same period last year. According to a statement by the US Department of Commerce, the UAE's imports from the US fell 26 per cent to US$2.36 billion (Dhs8.66 billion) during the first three months of this year compared with US$3.2 billion (Dhs11.76 billion) during the first quarter of 2006. ...  >>MORE

UAE's non oil trade up18.6 pct

Posted on 07/05/2007

The United Arab Emirates' non-oil foreign trade grew by 18.6 percent during 2006 to reach Dh 340.1 billion, compared with Dh 286.8 registered in 2005, according to a report published in the Journal of the Emirates Industrial Bank. The report said that the growth in UAE's external trade was helped by the rapid progress of the country's economy which prompted many regional and international institutions to consider enhancing commercial and economic ties with the UAE. It went on to say that ...  >>MORE

DWTC's gets busier with expansion into new industries

Posted on 29/04/2007

New figures released yesterday show that Dubai World Trade Centre (DWTC) retains its leading position in the region's event industry. DWTC-managed venues are set to host a total of 106 major events in 2007, and the group has already secured a number of new exhibitions that will push the total to an all-time high in 2008. Dubai's leadership position has been confirmed by research from MICE International and research consultant The Right Solution, which showed that, among a research ...  >>MORE

Japanese businessmen look forward to tapping UAE resources

Posted on 23/04/2007

More than 3,000 Japanese businessmen and around 200 of their peers from the United Arab Emirates will meet in Tokyo on Tuesday to explore investment opportunities in various free zones and business, financial and other sectors in the Arab Gulf country. UAE Minister of Economy Sheikha Lubna bint Khalid Al Qasimi heads of her country's delegation to the Forum and Exhibition of Investment Opportunities between the UAE and Japan, the largest gathering of its kind between the two countries. ...  >>MORE

Sharjah sees 19.9% growth rate

Posted on 22/04/2007

The Emirate of Sharjah was able to achieve significant economic gains via its plans for industrial and commercial augmentation and modernization last year, a consequence of newly implemented legislations for attracting greater foreign investment. Economic growth occurred both horizontally and vertically, indicating the success of the emirate's economic development plans in all of its sectors and segments. Sharjah has over the past year been able to achieve a GDP growth rate of 19.9% ...  >>MORE

UAE, China discuss stronger economic, trade relations

Posted on 20/04/2007

Beijing - UAE Minister of Economy Sheikh Lubna Al Qasimi and Chinese Commerce Minister Bo Xilai discussed yesterday at a meeting in the Chinese capital city of Beijing ways promote economic relations as well as boost joint investment and trade cooperation. Sheikha Lubna underlined the role Chinese companies play in development projects and investments in the UAE. "The UAE has succeeded in attracting more than 11 billion US dollars during 2005 and that accounts for a third of total ...  >>MORE

Sino-UAE trade hit US$14.2 billion: Official

Posted on 20/04/2007

Beijing - The UAE Foreign Minister's most recent visit to China and the UAE Economy Minister's current visit will further promote the UAE-China relations in different areas, said UAE Ambassador to China Mohammed Rashid Al-Bout. "China is one of the UAE's biggest trading partners. Trade between the two countries grew by 31.5% during 2006 reaching 14.2 billion US dollars." "The UAE is looking forward to establishing strategic partnership with China", he added. Al Bout made his remarks at a ...  >>MORE

UAE/German ties lauded at Abu Dhabi Industrial Forum in Hanover

Posted on 20/04/2007

Hanover - Hanover yesterday hosted the Abu Dhabi Industrial Forum, organised by the Arab/German Chamber of Commerce and Industry in collaboration with the UAE Embassy in Berlin and the Ministry of Economy, Labour and Transport of the German state of Lower Saxony. A number of dignitaries, including Walter Hirche, Lower Saxony's Minister of Economy, Labour and Transport and the state's Deputy Prime Minister, attended the forum, in which Abu Dhabi Emirate was represented by the Department of ...  >>MORE

Trade sector a vital pillar of healthy Dubai economy

Posted on 17/04/2007

Trade contributed Dh36.2 billion to the Dubai economy in 2006, representing the second most valuable activity after construction, a top official told a conference yesterday. At a seminar for and about the Dubai trading community, Hamad Mubarak Buamim, director-general of the Dubai Chamber of Commerce and Industry (DCCI) said that trade made up 21 per cent of the emirate's Dh168.8 billion GDP. "The GDP of Dubai's trading sector has increased remarkably from 2001 to 2006, reaching an average ...  >>MORE

World Bank says UAE has best trade plans in Mena

Posted on 16/04/2007

The UAE has the best policies governing international trade of any country in the Middle East and North Africa (Mena) region, according to a latest report by The World Bank. The World Bank's 2007 report titled Economic Developments and Prospects for the Mena region reveals the UAE scores 75 points out of a possible 100 for the current status of its trade policies, reflecting its 2006 placement in a worldwide order based on a variety of indicators. This places the UAE above the average ...  >>MORE

UAE ranked 22nd largest exporter

Posted on 13/04/2007

The UAE, with Dh510 billion (US$139 billion) worth of exports in 2006, ranked 22nd among the world's 150 member countries in terms of merchandise exports, according to the latest World Trade Organisation (WTO) report. The UAE's Dh510 billion exports represent 1.2 per cent of the world's Dh43.15 trillion merchandise exports last year. This represents 21.58 per cent of the Middle East's US$644 billion merchandise exports. This means the UAE exports more than a fifth of the Middle East's ...  >>MORE

UAE small businesses participate in Chinese Export Commodities Fair

Posted on 12/04/2007

70 UAE businessmen and businessmen will participate in The Chinese Export Commodities Fair (15-30 April), China's largest trade fair with the most complete variety of goods with the largest attendance and business turnover. "The UAE participation is aimed at giving the UAE investors and owners of small and medium businesses the opportunity to know first-hand one of the world's most important exhibitions, to network with Chinese producers and know the latest products which are marketable in ...  >>MORE

UAE-Malaysia trade hits Dh12.61b

Posted on 09/04/2007

Trade between the UAE and Malaysia increased 20.65 per cent last year to Dh12.61 billion from Dh10.45 in 2005, according to official Malaysian trade statistics. Malaysia's trade surplus for the corresponding period grew by 14.6 per cent. The UAE's top exports to Malaysia were crude oil and other petroleum products, while major imports from Malaysia were furniture, jewellery, machines, consumer electronics, palm oil and other manufactured goods, according to the Malaysia External Trade ...  >>MORE

UAE largest ME importer from Hong Kong

Posted on 03/04/2007

The UAE is Hong Kong's largest export market in the Middle East. Figures released by the Expo Centre Sharjah on Monday show that Hong Kong's total exports to the UAE grew by 7% to US$1,859 million during January-November 2006. Pearls, precious and semi-precious stones accounted for 16% of the total exports. Hong Kong will have the biggest pavilion in the 22nd MidEast Watch and Jewellery Show, to be held at Expo Centre Sharjah from April 25 - 29. Featuring more than 60 exhibitors, the ...  >>MORE

Japan's trade with GCC expanded by 33% in 2006

Posted on 03/04/2007

Japan's trade with Gulf Cooperation Council (GCC) continued to accelerate in 2006, reaching a total of JPY 13 trillion, for an expansion of 33% over the corresponding value in 2005, according to the Economic Bulletin of Dubai Chamber of Commerce and Industry. The increase was primarily due to soaring imports, reaching a new height of JPY 11.1 trillion. With Japan's exports to GCC remaining relatively stable, reaching a total of JPY 1.8 trillion, trade deficit was pegged at JPY 9.3 trillion ...  >>MORE

UAE and India sign five investment deals

Posted on 28/03/2007

New Delhi - During closing talks on Monday between Dr. Manmohan Singh, Prime Minister of India and His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, the former praised the UAE labour laws, regulations and legal infrastructure. Singh described the laws as proof of a hospitable country that prioritizes the safety, health, humanitarian and civil rights of its Indian and international workforce. Sheikh Mohammed presided over the ...  >>MORE

Mohammad lauded for enhancing trade ties between UAE and India

Posted on 28/03/2007

New Delhi - Trade between the UAE and India is on the verge of experiencing a large surge in the coming months. A large number of Indian companies are planning to enter into agreements with UAE-based companies, following an open invitation from His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, during his two-day visit to India. The visit, which concluded on Monday, has already started creating a positive ambience, the ...  >>MORE

Dubai's iron and steel trade rises by 32.5pc

Posted on 27/03/2007

Dubai's iron and steel trade registered a 32.5 per cent jump in 2006 compared to 2005, reflecting the construction boom that is underway in the UAE and across the Gulf region. According to a report compiled by the Statistics Department of Dubai World and released on Sunday , some 8.1 million tonnes of iron and steel worth Dh30.1 billion passed through Dubai's entry points during 2006, as against 6.6 million tonnes (worth Dh22.7 billion) a year earlier. The report said, "The sharp rise ...  >>MORE

Malaysian minister praises UAE market

Posted on 25/03/2007

The UAE is a lucrative and diverse market that Malaysia hopes will provide more exposure to its companies expanding overseas, says its trade minister. "The right positioning of Malaysian companies in major markets like Dubai will provide exposure to promote Malaysian products and services. I hope more companies will go to the UAE," said Rafidah Aziz, Malaysian Minister of International Trade and Industries, at the launching of the LCL Interiors showroom in Dubai yesterday. She said the ...  >>MORE

UAE-Malaysia to boost economic, investment, trade cooperation

Posted on 24/03/2007

The UAE is Malaysia's biggest West Asian trade partner and Malaysia is the favourite tourism destination for UAE nationals, said UAE Minister of Economy Sheikha Lubna Al Qasimi. on Thursday, Al Qasimi said her meeting with Malaysian Minister of Foreign Trade and Industry Rafida Aziz explored today venues of economic, trade and investment cooperation between their two countries. For her part, Aziz said trading volume between the UAE and Malaysia reached 3.2 billion US dollars, an increase by ...  >>MORE

UAE-Japan trade rises 25% to Dh138b

Posted on 19/03/2007

Trade between the UAE and Japan grew 24.5 per cent last year to Dh137.95 billion (US$37.59 billion), Japanese trade statistics showed. The balance of trade was overwhelmingly in favour of the UAE, which saw its exports to Japan rise by 24.56 per cent. The Japan External Trade Organisation (Jetro) said high oil prices contributed to much of the trade growth as Japan is a big buyer of UAE crude. Japan's total exports to the UAE were valued at US$6.04 billion in 2006 compared with US$4.86 ...  >>MORE

UAE, Malawi to boost trade, investment, tourism cooperation

Posted on 16/03/2007

Blantyre - Abu Dhabi Chamber of Commerce and Industry (ADCCI) is keen on developing cooperation with all economic and investment sectors in Malawi and across the world as well as on supporting the role of private sectors in boosting investment partnership, said ADCCI. Senior UAE and Malawi officials held two high-profile meetings as part of efforts to bolster the UAE-Malawi cooperation in all areas. The UAE delegation which comprises delegates of Abu Dhabi Fund for Development (ADFD), Abu ...  >>MORE

UAE-Germany trade up to Dh26 billion over next 2 years

Posted on 11/03/2007

Berlin - The trade volume between the UAE and Germany is expected to reach 5.2 billion euros (Dh26 billion) up from 3.7 billion euros over the next two years, stated the UAE ambassador to Germany Mohammed Ahmed Al Mahmoud. The deeply-rooted and strong political, economic and cultural relations between the UAE and Germany represent a strategic partnership that reflects the sincere willingness of the leaderships of the two countries to further boost cooperation in all areas, Al Mahmoud told ...  >>MORE

UAE, India trade jumps to US$10.9b

Posted on 27/02/2007

The India-UAE bilateral trade has increased a record 336 per cent in the past five years, Venu Rajamony, India's consul-general in Dubai, said on Monday. Rajamony said that the bilateral non-oil trade which was US$2.5 billion in 2002 has now shot up to US$10.9 billion. Of this imports from India to Dubai in the year 2006 were valued at US$6.4 billion, and exports to India were worth US$4.5 billion. Over 80 per cent of the trade between India and the UAE is routed through Dubai. For the ...  >>MORE

Trade deals to position UAE as economic hub

Posted on 25/02/2007

The UAE is negotiating eight free-trade agreements with key economic blocks that will have an impact on trade worth Dh388 billion, according to 2005 figures, and cement the country's position as the economic hub of the Middle East. The UAE, together with its GCC partners, is close to finalising a free-trade agreement (FTA) with the European Union, with the two groups due to meet for further talks in Brussels next week. Juma Al Kait, the director of World Trade Organisation affairs and ...  >>MORE

Canadian exports to the UAE hit US$509m in 2006

Posted on 25/02/2007

Canadian businesses in the UAE are expected to continue strong growth in 2007 following record exports to the UAE which reached US$509 million in 2006. The figures were announced during Canada Week 2007, a week-long celebration of Canadian culture and sports that took place from February 16 to 22 at the Fairmont Hotel in Dubai. AAKAR Developers extended its support to the event as sponsors and offered the Canadian Business Council a free office at its CBC Tower, which will be developed in ...  >>MORE

RAK and Georgia unveil Dh3b investment plans

Posted on 18/02/2007

Georgia and Ras Al Khaimah announced yesterday the establishment of a business partnership worth Dh3 billion aimed at tourism, shopping and real estate investments in Georgia. The initiative will also promote the transfer of management skills in the private sector. Speaking to Gulf News at the end of his two-day official visit to the UAE, Mikheil Saakashvili, President of Georgia, said the country is willing to imitate the UAE style in building businesses and creating an international ...  >>MORE

UAE-Korea investment exhibition to open in Seoul

Posted on 16/02/2007

Seoul - A press conference aimed at explaining the objectives of holding the 2007 UAE-Korea Business Investment Opportunities Exhibition in Seoul was held here on Thursday in the presence of major Korean media representatives. The event is scheduled for 7-9 June 2007 at COEX in downtown Seoul with the participation of leading corporates, governmental and non-governmental organizations from UAE to promote the economic and trade relations between UAE and Korea. Sheikha Lubna Al Qasimi, ...  >>MORE

Nominal UAE GDP rises 23% to Dh599b

Posted on 15/02/2007

The UAE's nominal gross domestic products (GDP) rose 23 per cent to Dh599 billion last year, according to a top government official. "Our economy is going ahead in leaps and bounds. Growth for the UAE has been 23 per cent in nominal terms for 2006 and GDP was Dh599 billion for 2006. This is another record year for the UAE," Mohammad Ahmad Bin Abdul Aziz, undersecretary for Planning at the Ministry of Economy told delegates at the Greece Business Forum yesterday. "Oil prices have reached ...  >>MORE

UAE, Japan celebrate 35 years of friendship

Posted on 11/02/2007

The UAE and Japan are celebrating 35 years of friendship this year. According to the Japanese Embassy in Abu Dhabi, on December 2, 1971, a day after signing the Federation Act, Japan was among the first countries to recognise the newly born UAE. Two years later, the UAE Embassy was opened in Tokyo and in 1974, the Japanese Embassy was established in Abu Dhabi. Political, economical and cultural relations between the two countries have been exemplary ever since. The UAE's great economic ...  >>MORE

UAE accounts for 25% of Middle East imports

Posted on 08/02/2007

The UAE is the largest importer in the Middle East accounting for 25 per cent of imports, and the second largest exporter, with 22 per cent of exports, according to studies. Dubai's seaport, currently the ninth busiest in terms of container traffic, was growing at a rate second only to Chinese ports. Dubai's non-oil trade accounted for 80 per cent of the UAE's total non-oil trade in 2006, paving the way for it to become the preferred destination for commodities trading in the region said Dr ...  >>MORE

Dubai firms’ exports increase 19 per cent

Posted on 08/02/2007

The value of goods exported by members of the Dubai Chamber of Commerce and Industry (DCCI) jumped to Dh117.4 billion in 2006, an increase of 19 per cent over the previous year, the Chamber said yesterday. While Iran continued to dominate in terms of value, most of the GCC member countries logged the highest rates of growth. Saudi Arabia remained the largest market in the GCC, but exports to Qatar witnessed maximum growth. The Kingdom accounted for Dh23.1bn of goods exported by DCCI ...  >>MORE

UAE is Germany’s most important trading partner

Posted on 06/02/2007

Angela Merkel, the German Chancellor, and President of the European Union (EU), has said that Germany considers the UAE one of its most important trading partners in the region particularly after signing the strategic partnership agreement between the two countries. She was delivering a lecture at the Emirates Centre for Strategic Studies and Research (ECSSR) in Abu Dhabi yesterday about the "Challenges for European Foreign Policy” and the relations between the UAE and Germany and the EU. ...  >>MORE

UAE's trade with Gulf states reaches Dh28.2b in 2005

Posted on 06/02/2007

Trade between the UAE, the second biggest Arab economy, and the GCC countries reached Dh28.2 billion in 2005, according to a latest report. This include Dh10.67 billion worth of imports, Dh3.49 billion worth of exports and Dh13.99 billion worth of re-exports. The total trade with GCC also include Dh11.56 billion worth of trade with Saudi Arabia, the largest Arab economy. This include Dh7.69 billion worth of imports and Dh3 billion worth of re-exports. "Among all trading partners of the ...  >>MORE

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Quick List

UAE and South Korea reach US$4 billion deals


UAE investments in Korea US$1.1b: UAE Envoy


Japan-UAE bilateral trade reaches US$37.64 billion in 2006


Dubai-South Korean non-oil foreign trade


Saudi non-oil exports to UAE hit Dh1.18b


Vast avenues of cooperation between UAE and South Korea - Al Tayer


UK exports to the Middle East exceed US$ 19.9 billion in ‘06


UAE-US trade drops 25%


UAE's non oil trade up18.6 pct


DWTC's gets busier with expansion into new industries


Japanese businessmen look forward to tapping UAE resources


Sharjah sees 19.9% growth rate


UAE, China discuss stronger economic, trade relations


Sino-UAE trade hit US$14.2 billion: Official


UAE/German ties lauded at Abu Dhabi Industrial Forum in Hanover


Trade sector a vital pillar of healthy Dubai economy


World Bank says UAE has best trade plans in Mena


UAE ranked 22nd largest exporter


UAE small businesses participate in Chinese Export Commodities Fair


UAE-Malaysia trade hits Dh12.61b


UAE largest ME importer from Hong Kong


Japan's trade with GCC expanded by 33% in 2006


UAE and India sign five investment deals


Mohammad lauded for enhancing trade ties between UAE and India


Dubai's iron and steel trade rises by 32.5pc


Malaysian minister praises UAE market


UAE-Malaysia to boost economic, investment, trade cooperation


UAE-Japan trade rises 25% to Dh138b


UAE, Malawi to boost trade, investment, tourism cooperation


UAE-Germany trade up to Dh26 billion over next 2 years


UAE, India trade jumps to US$10.9b


Trade deals to position UAE as economic hub


Canadian exports to the UAE hit US$509m in 2006


RAK and Georgia unveil Dh3b investment plans


UAE-Korea investment exhibition to open in Seoul


Nominal UAE GDP rises 23% to Dh599b


UAE, Japan celebrate 35 years of friendship


UAE accounts for 25% of Middle East imports


Dubai firms’ exports increase 19 per cent


UAE is Germany’s most important trading partner


UAE's trade with Gulf states reaches Dh28.2b in 2005