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THE ECONOMY - TRADE

UAE-UK business ties continue to expand in 2005

Posted on 05/12/2005

The UAE's exports to the UK have climbed further this year, as the two countries look to expand their burgeoning economic links. There has been an 18 per cent hike in goods being bought by UK-based businesses, according to the latest figures made available by the British Embassy's Commercial Section for the first eight months of this year. Exports went up to Dh5.7 billion (£902.4 million) from Dh4.8 billion (£767.5 million) for the corresponding period last year. Previously released ...  >>MORE

Large turnout expected in Abu Dhabi chamber polls

Posted on 05/12/2005

A large turnout is expected today for the first election of board members of the Abu Dhabi Chamber of Commerce and Industry, officials said. They said arrangements have been made for electronic voting and results would be announced soon after voting ends at 9pm. "All arrangements have been made for elections to take place in a smooth and efficient manner. For the first time in the country, voting will take place electronically and there is high transparency," said Ahmad Hassan Al Mansouri, ...  >>MORE

Chamber election campaigning hots up

Posted on 04/12/2005

A poster for candidate Khalfan Saeed Al Ka'abi displayed on a street in Abu Dhabi. Many of the 116 candidates contesting the elections have appointed public relations agencies to manage their campaigns for the December 5 elections to the board of the Abu Dhabi Chamber of Commerce and Industry. Candidates are canvassing to secure votes ahead of the Abu Dhabi Chamber of Commerce and Industry's board elections on Monday. Around 50,000 members of the chamber will elect 15 members 13 UAE ...  >>MORE

UAE trade with China set to cross Dh10b

Posted on 27/11/2005

Trade between the UAE and China is expected to hit Dh10 billion by the end of the year, said Sheikh Sultan, bin Mohammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah at the start of the Chinese Commodities Fair taking place here. The fair is China's largest in the region. "We have noticed a big difference between this year's event and the past in terms of participation, variety and quality of products," said Sheikh Sultan as he opened the event. Six hundred Chinese ...  >>MORE

UAE trade with Belgium boosted by two treaties

Posted on 19/11/2005

Two significant treaties signed last year by Belgium and the UAE will bolster trade and investments between the two countries, officials said. The treaty on Avoidance of Double Taxation and another on Investment Protection were signed last year. "These two important treaties were signed in March 2005 but they were ratified later in the year and now both treaties are in place. "Such treaties will definitely give trade and investments a big boost between the two countries," said Mohammad Al ...  >>MORE

Dubai's imports from UK jump 143%

Posted on 16/11/2005

Dubai's imports from the United Kingdom recorded a 143 per cent jump during the first eight months of the current year, making it Britain's largest trading partner in the Middle East and North Africa (Mena). "The UAE last year ranked the UK's 13th largest trading partner. This year, it is likely to become among the top ten," said Claire Evans, the UK's deputy consul general and head of Trade and Investment Britain's foreign trade and investment promotion body. "Our exports to the UAE are ...  >>MORE

US exports to Arab nations may touch new highs

Posted on 09/11/2005

With many Arab nations going ahead with their plans to sign free-trade agreements (FTAs) with the US, trade and industry associations are projecting extraordinary growth in US exports to the Arab world in the years to come, according to a Times of Oman report from Muscat on the MENAFN.com website. Key areas identified include financial services, construction/engineering, information and communication technology and consumer products. US exports to Arab countries may touch nearly US$38 ...  >>MORE

ADCCI announces names of contestants for Board of Directors

Posted on 08/11/2005

The Abu Dhabi Chamber of Commerce and Industry has today announced the names of its members who would contest in elections for membership of its Board of Directors, in accordance with Law No.27 of the year 2005. Out of the 140 contestants, 120 are UAE nationals and 20 foreigners. The nomination period which started last October ended last Tuesday,1 November, 2005, being the period of grace specified for eligible members to submit their names. As per Law No. 27, which stipulates the ...  >>MORE

Hong Kong invests heavily to make a mark in UAE

Posted on 08/11/2005

The Hong Kong Trade Development Council has invested between Dh5 million and Dh10 million in the second annual Hong Kong In Style exhibition to strengthen business ties with the UAE. Ninety per cent of companies who exhibited their goods in 2004 were in Dubai for the first time to test the market. Sixty per cent have returned to the region this year believing it to be a good business opportunity, said Jeff Ambjorn, director of the Council in the Middle East. Ambjorn said Hong Kong companies ...  >>MORE

Special website for ADCCI polls

Posted on 24/10/2005

The Abu Dhabi Chamber of Commerce and Industry announced today that a separate website (http://vote.abdudhabichamber.ae) and special election office had been opened to give out details and answer queries of the prospective candidates and voters. Ahmed Hassan Al Mansouri, ADCCI Deputy Director General and Chairman of the Election Committee, said that the new website contains all the details about the rules and ...  >>MORE

UAE, France discuss economic cooperation

Posted on 19/10/2005

Mohammed Omar Abdullah, the Director General of the Abu Dhabi Chamber of Commerce and Industry, ADCCI, received in Abu Dhabi yesterday at his office, Christian Leneh, the Chairman of the French Business Council, FBC. During the meeting, they discussed ways to boost trade and investment cooperation between private sector institutions from Abu Dhabi emirate and France. Abdullah said France was an important trade partner for the UAE, in general and Abu Dhabi, in particular, adding that trade ...  >>MORE

Abu Dhabi chamber details poll process

Posted on 18/10/2005

The board of the Abu Dhabi Chamber of Commerce and Industry yesterday gave details of its first election to choose a new board on December 5. "Each paid member will have one vote," said Mohammad Omar Abdullah, director-general of the chamber. "Expatriate candidates will be elected by expatriates, and national candidates by nationals. Women can run for the elections. The chairman of the board will be elected by elected members." According to an Abu Dhabi law, the chamber's board will have six ...  >>MORE

Trade volume between UAE, Switzerland jumps to Dh3 billion

Posted on 14/10/2005

The volume of trade between the UAE and Switzerland has soared to Dh3 billion by the end of first half of the year amid speculations that the figure will double by the year end. Wafa Hijawi, the Swiss commercial counsellor in Dubai, told WAM that the Dh3 billion volume of trade was an unprecedented rate ever reached within the economic cooperation between the two countries. 'The figure is set to touch as high as Dh6 million by the end of the year, thanks to the big boom in the UAE economy ...  >>MORE

Dubai's total trade grew 19 per cent after GCC Customs Union

Posted on 12/10/2005

The overall trade evaluation between Dubai and GCC countries shows that Dubai's total trade has grown by 19% ex-post the CU compared to 15% ex-ante the CU, according to a report in the Economic Bulletin of the DCCI. This is consistent with the economic theory arguing that market integration creates more trade and subsequently economic growth. In contrast, Dubai trade performance with GCC countries in terms of balance of trade in goods shows a worsening of -45% ex-post the CU compared to 33% ...  >>MORE

UAE has lowest tariff, says IMF

Posted on 12/10/2005

The UAE has one of the lowest tariff and non-tariff barriers among the IMF members according to the IMF UAE Country report. Compared to an average tariff of 19 per cent for the Middle East region in 1997, the UAE had an average tariff of eight per cent. In 2004, it had an average tariff of five per cent compared to the regional average of 12 per cent. The share of non-oil exports (including re-exports) to GDP has grown from less than 10 per cent in the early 1980s to more than 35 per cent ...  >>MORE

Imports from Singapore reach Dh7.3 billion

Posted on 10/10/2005

The UAE's imports from Singapore during the first seven months of 2005 reached a record high of Dh7.3 billion, leading to a net trade of Dh2.8 billion. While Singapore's exports to the UAE during the first seven months of 2005 was nearly double the value posted in 2004, Singapore's imports from UAE was sluggish, reaching only Dh4.4 billion for a decline of 3 per cent over the value for the same period in 2004. Jewellery and electronic items topped products Singapore exported to the UAE. ...  >>MORE

New law revamps Abu Dhabi chamber operations

Posted on 09/10/2005

Fifteen board members of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) are to be elected, according to a new law issued yesterday by the President His Highness Sheikh Khalifa Bin Zayed Al Nahyan in his capacity as ruler of Abu Dhabi. Law number 27 for 2005 on restructuring the ADCCI states the chamber is to be run by a 21-member board of directors. "Six of them, including two women, shall be appointed by means of an Emiri decree, while the remaining 15 members, including two ...  >>MORE

Turkey eyes US$6b trade by 2011

Posted on 30/09/2005

Turkey is pushing to increase its trade with the UAE to about $6 billion by 2011 through several initiatives, the Turkish Prime Minister said yesterday. Recep Tayip Erdogan said trade between the two countries had grown by 24 per cent in the last four years but it needs to climb higher. "Right now, trade between the UAE and Turkey is about $1 billion a year and we expect it to go up to $2 billion by end of 2006. And we hope it will rise higher to $6 billion in six years," he told the ...  >>MORE

Tunisian PM and ADCCI explore horizons of co-operation

Posted on 28/09/2005

Tunisian Prime Minister Mohammed Ghannouchi, who is currently on a visit to the UAE, has yesterday discussed with Saeed Saif bin Jabr Al Suwaidi, Chairman of Abu Dhabi Chamber of Commerce and Industry , ways and means of cooperation between UAE firms and institutions of the private sector with their Tunisian counterparts. Ghannouchi lauded the advanced level of relationship between the UAE and Tunisia saying "The UAE enjoys a tremendous commercial and economic reputation all over the world", ...  >>MORE

Trade between UAE and Iraq likely to touch Dh3b

Posted on 26/09/2005

Trade between the UAE and Iraq could reach the Dh3 billion mark by the end of the current year, according to a top Dubai government official. General cargo exported through the Dubai Ports Authority (DPA) to Iraq rose to 408,600 metric tonnes last year, up from 343,900 tonnes in 2002. The full year forecast for this year stands at 611,600 metric tonnes. Gulf News daily quoted Abdul Rahman Ghanim Al Mutaiwee, director general of the Dubai Chamber of Commerce and Industry (DCCI), as ...  >>MORE

Dubai-Canada trade up 36 per cent

Posted on 23/09/2005

Dubai's total non-oil foreign trade with Canada reached Dh921.7 million in 2004. According to statistics compiled by Dubai Chamber of Commerce and Industry (DCCI), total value of Dubai's imports from Canada reached Dh788.4 million during the year, while its total exported products worth Dh77.2 million to Canada besides re-exporting Dh56.1 million products to Canada last year, according to the Khaleej Times. Canada is one of the important trading partners of Dubai. In the last five years, ...  >>MORE

Dubai-UK trade increases by 90% in just six months

Posted on 19/09/2005

Trade between Dubai and the United Kingdom jumped 90 per cent in the first half of fiscal 2004-05. John Hawkins, British consul-general, said the value of trade increased from £1.1 billion (Dh7.3 billion) to £2.1 billion (Dh13.9 billion) during the period. He revealed the figures at a press conference in Dubai yesterday to announce the launch of the British Educational Suppliers Exhibition, which is supported by UK Trade and Investment. "Dubai is the UK's largest market in the Middle East ...  >>MORE

UAE-China trade rises 36 per cent in first quarter

Posted on 17/09/2005

Abdulrahman G. Al Mutaiwee the Director General of Dubai Chamber of Commerce and Industry DCCI received Simon Zhang , Counsellor at the economic and commercial section in the Consulate General of China in Dubai. Al Mutaiwee explained during the meeting the importance of commercial relations between Dubai and China which is one of the major commercial partners with Dubai and the UAE. He added the bilateral trade is growing quickly and both sides have great opportunities to grow more and ...  >>MORE

UAE's oil exports to Thailand will top US$4b

Posted on 17/09/2005

Thailand's imports of crude oil from the UAE will exceed US$4 billion this year, a senior diplomat said. "The UAE is the biggest supplier of oil to Thailand. The value of oil imports totalled US$3.8 billion in 2004. But in the first half of this year, imports have increased hugely and they will go over US$4 billion," said Somsakdi Suriyawongse, Thailand's Ambassador to the UAE. "Thailand also imports oil from other Gulf countries such as Saudi Arabia and Oman, but the UAE is the biggest ...  >>MORE

ADCCI launches new services for members

Posted on 12/09/2005

Abu Dhabi Chamber of Industry (ADCCI) has launched a package of new services as part of its strategic plan to provide services to its members, who are interested making investments in the emirate. Mohammed Omar Abdullah, Director General ADCCI, along with his team at a meeting told reporters that the awareness campaign on the services provided by the Chamber and offering new services would be part of the trade body strategy aimed at providing the services of the highest quality to the ...  >>MORE

India predicts higher tea exports to UAE

Posted on 10/09/2005

India, the world's biggest tea producer, expects to boost tea exports to the UAE. The country hopes to export 30 million kg in the next few years from about 25 million now, a top Indian tea official said. Naba Kumar Das, chairman of the Tea Board of India, said at a buyer-seller meeting in the city that exports to the region are also expected to rise following the lifting of the ban on imports of bulk tea by Iran and the reduction of Egypt's import duty. Indian tea varieties are also exported ...  >>MORE

Thailand exports to UAE growing rapidly

Posted on 06/09/2005

Thai exports to the UAE are nearing the half billion dollar mark, having touched the US$435.5 million in May 2005 an increase of 37.7 per cent compared to the same period in 2004. While impressive, the Thai Trade Centre Dubai is hoping to add to the product and service mix the country presently offers to the region, and greatly increase that next year. Thailand's total exports to the Middle East witnessed growth of 61.4 per cent, from US$832.6 million in 2004 to US$1026.9 million in 2005, ...  >>MORE

UAE investments in Pakistan touch 9 billion dollars

Posted on 05/09/2005

Islamabad - The United Arab Emirates has invested more than 9.5 billion US dollars in Pakistan during the last four years and its investment will reach 15 billion by 2007, according to UAE envoy in Pakistan. Pakistan's "The News" daily quoted Ali Mohammed Al Shamsi, UAE Ambassador in Islamabad as saying that Major UAE investment in Pakistan has been made in real estate including housing projects, construction of shopping malls and telecommunications. Al-Shamsi said the most sophisticated ...  >>MORE

DED issues 8,319 commercial licences in 2003-2004

Posted on 04/09/2005

According to statistics available from the Department of Economic Development (DED), in 2003-04 the Department issued more than 8,319 commercial licences, 2,388 professional licences , 232 Industrial licences , 147 tourism licences and 303 Intelaq licences reflecting the confidence in the Emirate's economy and the flourishing business activity. Moreover, during the period 1994 -2003, in view of the expanding activities of the DED, its revenues increased to around Dh 134.5 million and due to ...  >>MORE

Surge in UAE-Turkey trade

Posted on 29/08/2005

Ankara - The volume of trade between the United Arab Emirates and Turkey has increased significantly to over one billion US dollars, compared with only 302 million dollars in 1999, according to Abdul Rahman Al Shamsi, UAE Consul General in Istanbul. Al Shamsi was quoted by the Turkish daily 'Yeni Safak' as saying that the number of Turkish companies operating in the UAE jumped from 30 in 2001 to 80 companies in 2005. He, however, said that trade between the two countries was yet to reach the ...  >>MORE

Japanese investors eye UAE

Posted on 29/08/2005

There has been a significant increase in enquiries on opportunities of Japanese investment in the UAE in 2004, a trend that is continuing in 2005, according to Japan External Trade Organisation (Jetro) Dubai. The number of enquiries on investment opportunities in Japan from this part of the world has also been increasing, although the number is limited, according to a report in The Gulf Today. The number of trade enquiries and visits to Jetro Dubai has increased by 29.3 per cent to 2,383 in ...  >>MORE

Iranian investors pump Dh730b into UAE ventures

Posted on 21/08/2005

More than 400,000 Iranians are estimated to have moved Dh730 billion (US$200 billion) of capital into Dubai recently, mostly invested in the UAE's burgeoning real estate sector, according to Iranian sources. "Iran has been wishing for some time to transform its free zones into the business hub of the region, but then Dubai appeared on the scene and it was 'checkmate Iran'. Today, the country is sucking in Iranian capital both in real state and in business activities," a report released by ...  >>MORE

UAE imports surge to Dh185b in 2004

Posted on 21/08/2005

The UAE's imports exceeded Dh185 billion last year. The imports have grown rapidly over the past few years due to a constant growth in the non-oil economy, which accounted for more than a fifth of the UAE's total imports of goods, according to statistics by Arab Monetary Fund (AMF). Dubai handles about 73 per cent of UAE's total foreign trade. The emirate's total imports reached Dh116.5 billion in 2004 with 16 per cent growth in foreign trade, according to a report by Dubai Chamber of ...  >>MORE

Rise in Dubai non-oil trade with the US

Posted on 17/08/2005

Dubai foreign trade with the United States registered a big rise during the first half of 2005 with total imports from the U.S. rising by 60 percent, compared with the same period of last year. Adel Al Ashram, Senior Director of the Statistics Department at Dubai Ports, Custom and free zones Authority said that the estimated growth of Dubai non-oil trade with the U.S. by the end of this year is to reach 85%. Ashram said that the U.S. in 2004 ranked 4th on the list of Dubai main trade ...  >>MORE

Program, APICORP sign agreement

Posted on 17/08/2005

A line of credit agreement was signed yesterday between the Abu Dhabi-based Arab Trade Financing Program and the Arab Petroleum Investment Corporation, APICORP, a designated national agency of the program in the Kingdom of Saudi Arabia. Dr. Jassim Al Mannai, Chief Executive Chairman of the Board, signed the agreement on behalf of the Program, while Ahmed Said bin Hamad Al Nuaimi, Chief Executive Chairman of the Board, signed the agreement on behalf of APICORP. The line of credit granted to ...  >>MORE

UAE-US trade rises sharply in six months

Posted on 15/08/2005

A total of Dh16.1 billion was generated from trade between the UAE and the United States during the first six months of this year, according to a report by the US Trade Statistics Office. The figure represents a 101 per cent increase compared with the same period last year. The UAE imported Dh13.84 billion worth of goods and commodities from the United States, a 120 per cent increase compared to the previous year, the report said. UAE exports brought in Dh2.23 billion between the beginning of ...  >>MORE

DCCI adds 4,460 members in ’05

Posted on 13/08/2005

Dubai Chamber of Commerce and Industry (DCCI) said it had issued 4,460 memberships during the first five months of 2005. The statistics provided by the DCCI to Khaleej Times showed that the new licenses were issued by the Department of Economic Development (DED), Department of Tourism and Commerce Marketing, Jebel Ali Free Zone (JAFZA), Dubai Airport Free Zone, and Dubai Technology, Electronic Commerce and Media Free Zone. The most active place from where new licenses were issued was the ...  >>MORE

Abu Dhabi non-oil trade records 16.74% growth in the first half

Posted on 08/08/2005

Abu Dhabi's non-oil trade recorded a 16.74 per cent growth during the first half of the current year, reaching Dh21.05 billion compared to Dh18.03 billion recorded during the corresponding period of last year, according to Abu Dhabi Customs Department. This includes Dh16.87 billion worth of imports, up by 11.42 per cent from Dh15.14 billion imports recorded during the first half of 2004. Its half-yearly exports at Dh1.51 billion is about 10.81 per cent higher than last year¹s Dh1.36 billion. ...  >>MORE

Trade between UAE and Qatar rises

Posted on 08/08/2005

The UAE is the major consumer of Qatari commodities among the Arab states, according to data released by the Qatar Central Bank. The Gulf neighbour imported goods worth 1.1 billion Qatari riyals in 2003, according to Qatar Central Bank's last bulletin. Saudi Arabia ranked second with 599.8 million riyals. Exports to Arab countries in 2003 totalled 2.1 billion riyals. Qatar's exports totalled 48 billion riyals in 2003, showing steady growth compared to the previous two years. In 2001, ...  >>MORE

UAE import from France in Q1 stands at 529 million Euros

Posted on 07/08/2005

UAE's total import from France during the first quarter of this year stood at 529 million Euros, the country's export to France during the same period reached 83 million Euros, leading to a trade surplus of 446 million Euros in favour of France, according to a study conducted by the Dubai Chamber of Commerce and Industry, DCCI. The figures, the study said, reflects a fall in trade exchange between the two countries compared to figures recorded during the same period last year when import ...  >>MORE

Sharjah exports and re-exports grow 54%

Posted on 31/07/2005

The value of Sharjah's exports and re-exports hit Dh4.4 billion in the first half of this year compared to Dh2.8 billion recorded in the corresponding period of last year, a 53.9 per cent increase. Sharjah's exports increased 88.5 per cent during this period to Dh1.3 billion, according to a report issued by Sharjah Chamber of Commerce and Industry. Capital goods accounted for the maximum 67 per cent share in exports and re-exports. This sector notched up a 95 per cent increase to Dh2.9 ...  >>MORE

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Quick List

UAE-UK business ties continue to expand in 2005


Large turnout expected in Abu Dhabi chamber polls


Chamber election campaigning hots up


UAE trade with China set to cross Dh10b


UAE trade with Belgium boosted by two treaties


Dubai's imports from UK jump 143%


US exports to Arab nations may touch new highs


ADCCI announces names of contestants for Board of Directors


Hong Kong invests heavily to make a mark in UAE


Special website for ADCCI polls


UAE, France discuss economic cooperation


Abu Dhabi chamber details poll process


Trade volume between UAE, Switzerland jumps to Dh3 billion


Dubai's total trade grew 19 per cent after GCC Customs Union


UAE has lowest tariff, says IMF


Imports from Singapore reach Dh7.3 billion


New law revamps Abu Dhabi chamber operations


Turkey eyes US$6b trade by 2011


Tunisian PM and ADCCI explore horizons of co-operation


Trade between UAE and Iraq likely to touch Dh3b


Dubai-Canada trade up 36 per cent


Dubai-UK trade increases by 90% in just six months


UAE-China trade rises 36 per cent in first quarter


UAE's oil exports to Thailand will top US$4b


ADCCI launches new services for members


India predicts higher tea exports to UAE


Thailand exports to UAE growing rapidly


UAE investments in Pakistan touch 9 billion dollars


DED issues 8,319 commercial licences in 2003-2004


Surge in UAE-Turkey trade


Japanese investors eye UAE


Iranian investors pump Dh730b into UAE ventures


UAE imports surge to Dh185b in 2004


Rise in Dubai non-oil trade with the US


Program, APICORP sign agreement


UAE-US trade rises sharply in six months


DCCI adds 4,460 members in ’05


Abu Dhabi non-oil trade records 16.74% growth in the first half


Trade between UAE and Qatar rises


UAE import from France in Q1 stands at 529 million Euros


Sharjah exports and re-exports grow 54%