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THE ECONOMY - TRADE

Sweden's trade with UAE rebounds this year

Posted on 05/09/2004

Sweden's exports to the UAE have rebounded this year after plummeting in 2003 and imports have risen sharply, the latest figures released by the embassy here show. Trade suffered last year mainly due to the war in Iraq as other Scandinavian countries also deferred exports to this region. Swedish exports to the UAE, its second largest trading partner in this region after Saudi Arabia, fell to 2.096 billion crowns in 2003 compared to 3.066 billion crowns the preceding year, a drop of 32 per ...  >>MORE

UAE re-exports up 23pc in 2003

Posted on 24/08/2004

UAE has emerged as a strong re-exporter registering 23.3 per cent growth in the year 2003, with total value of Dh50.7 billion. Although imports into UAE have been steadily rising in recent years, a major cause of rise in gross imports is not import demand but demand for re-exports, according to Emirates Industrial Bank's research and survey. Currently, re-exports are growing at a much faster rate than imports and the growth in re-exports has increased since 1999. In the year 1999, UAE ...  >>MORE

China overtakes Japan, US as top exporter to UAE

Posted on 24/08/2004

China kept the heat turned up on its Gulf marketing blitz to overtake such industrial giants as the United States and Japan to become the top exporter to the UAE. India slipped back last year after steady growth in its exports to the UAE over the past few years, while a surge in the British pound against the US dollar lifted the prices of Britain's products and cut into its share of the UAE market. The decline in Britain's share benefited its main rivals in the regional market, with trade ...  >>MORE

UAE-Belgium bilateral trade on strong track

Posted on 21/08/2004

Two important treaties signed in the first half of this year will bolster trade and investment between Belgium and the UAE. Trade between the two countries has yet to reach its full potential although the latest figures indicate a positive trend. Belgium and the UAE signed a Treaty on Avoidance of Double Taxation and a Treaty on Investment Protection in March and they are awaiting ratification. "Both treaties are important in terms of attracting investment to Belgium and the UAE as well as ...  >>MORE

UAE ranked 30th among exporters

Posted on 18/08/2004

The UAE was ranked the world's 30th largest exporter of goods in 2003 and is expected to maintain its position as one of the top exporters this year due to strong oil prices. Figures by the Geneva-based World Trade Organisation (WTO) showed the UAE's exports of commodities totalled around US$58.1 billion last year to surpass the exports of most other developing countries and rank among major industrial nations. Last year's exports accounted for nearly 0.8 per cent of the world's total ...  >>MORE

UAE trade volume with US falls to Dh7.97 billion

Posted on 17/08/2004

The volume of trade exchange between UAE and US has gone down 12.5 per cent to dh7.97 billion against dh9.10 billion during the first six months of the year against the first half of 2003. The American Statistics Bureau has stated that UAE exports to US dropped 24.8 per cent from Dh2.25 in the first half of 2003 to Dh1.69 billion during the same period of the previous year. Likewise, UAE imports from US fell 8.6 per cent from Dh6.86 billion during the first half of 2003 to Dh6.28 billion ...  >>MORE

UAE dominates Arab capital exporters

Posted on 16/08/2004

The UAE has dominated the investment arena in the Arab world over the past 18 years, exporting nearly a quarter of the total inter-Arab capital. It has also emerged as one of the biggest recipients of Arab capital but was less attractive for foreign direct investment mainly because of restrictions on project ownership. Official Arab figures showed the UAE has pumped around US$8.22 billion in private investment into other Arab states between 1985 and 2003, accounting for nearly a quarter of ...  >>MORE

Chinese urged to use Dubai as trade hub

Posted on 15/08/2004

China is listed as the number one trade partner in the Dubai top ten import sources with a volume of imports as high as US$3.6 billion, which constitutes 12.2 per cent as China's share percentage of the total imports of Dubai in the year 2003. Dubai and China have maintained excellent trade and business relations during the recent years. Dubai Chamber of Commerce & Industry (DCCI) urged the top Chinese corporate body to go further in enhancing their existence in the local and regional ...  >>MORE

UAE-India non-oil trade rises to US$7 billion

Posted on 11/08/2004

Non-oil trade between the UAE and India totalled US$7 billion up to the fiscal year ended 31 March 2004, a growth of 50 per cent over the previous year, according to Indian ambassador Sudhir Vyas. 'Total Indian exports to the UAE grew 50 per cent to US$5.1 billion while its imports from its GCC partner were US$2.1 billion for same period under review,' Vyas said after talks yesterday with Obeid Al Tayer, Chairman of Dubai Chamber of Commerce and Industry (DCCI). The talks explored ways of ...  >>MORE

UAE to maintain trade hub status in region

Posted on 10/08/2004

The UAE will maintain its regional trade hub status in the long term on the back of a continued upsurge in re-exports currently growing at over 20 per cent, faster than imports, reveals a new study. Re-exports from the UAE are mainly to the other Gulf states but strong demand from Iraq will fuel re-exports in the years ahead. "Imports into the UAE have been rising steadily in recent years, but a major cause of the rise in gross imports is not import demand but demand for re-exports that are ...  >>MORE

RAK decree issued to cut tax and fees levied at checkpoint

Posted on 10/08/2004

Sheikh Saud Bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler, has issued an Emiri Decree cutting the tax and fees levied at the Ras Al Darah Road Checkpoint by 20 per cent. Officials at the Emiri Court said the new tax and fees scheme will be applied between the Omani territory of Musandam and Ras Al Khaimah. Meanwhile, in a new move to facilitate the movement of commercial and tourist vessels, the Ras Al Khaimah Customs and Ports Department has relaxed its procedures. ...  >>MORE

UAE's foreign trade put at Dh541.38b

Posted on 07/08/2004

The UAE's foreign trade last year reached Dh541.38 billion, which comprises exports worth Dh241.78 billion and imports worth Dh190.83 billion, creating a trade surplus of Dh50.95 billion, according to the Federation of UAE Chambers of Commerce and Industry (FUCCI). This includes Dubai's non-oil trade which last year reached Dh252.07 billion, up from Dh204.37 billion in 2002, according to the statistics provided by the Ports, Customs and Free Zone Corp (PCFC). The FUCCI has recently ...  >>MORE

Abu Dhabi non-oil trade stands at Dh 18 billion in H1

Posted on 03/08/2004

Abu Dhabi's foreign non-oil trade totalled Dh18 billion in the first half of the year, a growth of 22.1 per cent over the same half in 2003, according to official statistics. Abu Dhabi Customs Department said in a statement today exports fell to Dh 1.36 billion in the first six months of 2004 from Dh1.76, while re-exports rose to Dh1.52 billion from Dh837 million. 'Imports rose to Dh15.15 billion from Dh13.18 billion for the period under review,' the department added. (The Emirates News Agency, ...  >>MORE

Abu Dhabi's imports from US surge on weak dollar

Posted on 03/08/2004

Abu Dhabi's imports from the United States leaped by more than 22 per cent in the first half of this year as it bought more US products because of the weak dollar. The surge followed a steady decline in the emirate's imports from the US over the past two years as other key industrial countries continued to gain ground. Imports from most other western countries also recorded large increases in the first half of this year except those from Germany. Saudi Arabia emerged as the top exporter to Abu ...  >>MORE

Dubai's non-oil trade records strong growth

Posted on 31/07/2004

Dubai's foreign direct trade surged to Dh153 billion last year, growing at a rate of 21 per cent over the previous year's record Dh126 billion, according to the latest statistics released by the Dubai Chamber of Commerce and Industry (DCCI). According to separate statistics issued by the Ports, Customs and Free Zone Corp (PCFC), this is part of Dubai's overall trade, which last year amounted to Dh252.07 billion. The remaining Dh91.30 billion worth of trade was generated by the companies ...  >>MORE

UAE trade with France surges 18pc to Dh14.9b in 2003

Posted on 31/07/2004

Trade between France and the UAE grew 18 per cent last year to Dh14.95 billion (3.32 billion euros) from Dh12.67 billion (2.88 billion euros) in 2002, according to the French Commercial Council in Dubai. French exports to Dubai grew 69.1 per cent to Dh6.56 billion compared to the previous year's Dh3.88 billion, according to the Dubai Chamber of Commerce and Industry (DCCI). The growth in French exports was boosted by major purchases of transport equipment, particularly aircraft. After two ...  >>MORE

Vietnam seeks free trade agreement with UAE

Posted on 13/07/2004

Vietnam will seek a free trade agreement with the UAE once its trade with the UAE increases substantially from the current Dh440 million, according to Do Nhu Dinh, Vietnamese deputy minister for trade. Do Nhu Dinh yesterday opened the Vietnam Trade Centre in Dubai - its first in the region - at an event attended by Abdul Rahman G. Al Mutaiwee, director-general of the Dubai Chamber of Commerce and Industry (DCCI) and Jamal Majid Bin Thanaiah, managing director of the Dubai Ports Authority ...  >>MORE

FDI to play important role in diversification of UAE economy

Posted on 07/07/2004

Foreign direct investment, FDI, is likely to play a considerably important role in the diversification attempts of the UAE economy though UAE is not a major global player with respect FDI's, whether for inflows or outflows, according to a new study by the Journal of the Emirates Industrial Bank, EIB. "Important factors in attracting FDI are political stability, sound macro economic policies, positive welcoming attitudes, availability of skills, good infrastructure and low business transaction ...  >>MORE

UAE, Japan trade grows 14.6 pc in first four months

Posted on 07/07/2004

Trade exchange between the UAE and Japan rose 14.6 per cent in the first four months of 2004 to Dh 25.4 billion as against Dh 22.2 billion for the corresponding period in 2003, according to official figures. Latest statistics by Japan External Trade Organisation (JETRO) showed that UAE exports to Japan grew 11 per cent from Dh 18.2 billion to Dh 20.1 billion while its imports from its major Asian trade partner shot up 30.8 per cent from Dh 4 billion to Dh 5.3 per cent for the period under ...  >>MORE

55.3 per cent of establishments in Dubai of trading nature

Posted on 06/07/2004

The business sector is playing a major role in the economy of Dubai, taking up 55.3 per cent of the overall number of the private sector establishments, according to an economic survey conducted by the Dubai Municipality. The results of the survey, carried out in 2003, were made public today. A total of 37,248 economic establishments in Dubai, employing 595,878 workers, in 2002 were surveyed by the Municipality. "About 95.5 per cent of these establishments is based in urban Dubai," said ...  >>MORE

ADCCI, ESMA ink MoU

Posted on 06/07/2004

Strict conformity with quality principles in all spheres and adherence to the international norms of standardisation are the only way to increase the competitiveness of the national products in the local, regional and international markets, according to a senior official at Abu Dhabi Chamber of Commerce and Industry (ADCCI). "The total quality concept and standardisation procedures of international conformity are among the Chamber's primary concerns of the Abu Dhabi Chamber of commerce and ...  >>MORE

ADCCI members stand at 44,841 by end of June

Posted on 04/07/2004

The total number of members of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) reached 44,841 at the end of June this year. Disclosing this, Mohammed Ahmed Al Nuaimi, Assistant Director of ADCCI for Information Technology and Membership Affairs, said that the total included 30,113 trading companies, 1,590 professionals, 12,818 vocational and 320 industrial establishments. He said that a total of 86,318 activities were registered during the six month period. 'The top ten activities ...  >>MORE

UAE-India non-oil trade soars 61pc to US$6.23b

Posted on 03/07/2004

UAE-India non-oil trade soars 61pc to US$6.23b Dubai, July 2, 2004 (WAM)-- Driven by a remarkable surge in Indian exports to the UAE, the non-oil trade between the two countries recorded a 61 per cent jump in fiscal 2003-04 to reach US$6.23 billion from US$3.87 billion. According to Indian Consul General Yash Sinha, Indian exports to the UAE registered a record growth of 47.2 per cent in 2003-04 to US$4.45 billion from US$3.02 billion in the previous year to reinforce UAE's position as the ...  >>MORE

UAE leading trade partner of Hong Kong

Posted on 29/06/2004

The UAE is the region's leading trade partner for Hong Kong with trade valued at US$2.86 billion in 2003, up nearly 27 per cent from US$2.26 billion in 2002. Out of this, trade worth US$1.67 billion comprised exports from Hong Kong, up 27 per cent from 2002. During the first quarter of 2004, total Hong Kong-UAE trade stood at US$971 million, said Ali Fakha, marketing manager of the Hong Kong Trade Development Council (HKTDC), during a press conference at the Dubai World Trade Centre. HKTDC ...  >>MORE

Abu Dhabi Trade with world tops Dh3.4 billion in May

Posted on 27/06/2004

The total value of Abu Dhabi trade with the world in the month of May stood at Dh3.4 billion, with imports totalling Dh2.8 billion and re-exports Dh243.4 million, while non-oil exports reached Dh388.3 million. Releasing the Department's monthly report for the month of May, Abdullah Mudad Al Zaabi, Assistant Under Secretary of the Abu Dhabi Customs Department, today said that Abu Dhabi imports recorded noticeable increase from Dh2,077,000 in May 2003 to Dh2,769,000 in May 2004, noting that Saudi ...  >>MORE

Dubai non-oil trade through land check points surges

Posted on 23/06/2004

The non-oil trade of Dubai through the Land Transport Customs Centre of Dubai Customs posted an increase of 19 per cent during the first quarter of this year compared with the same period of last year. While the achieved customs transactions increased by 8 per cent, the goods value made a big jump reaching 11 per cent and the number of vehicles passed through the centre rose by 8 per cent. Abdul Razzaq Al Faqih, Land Transport Customs Centre Manager said that the first three months of this year ...  >>MORE

UAE calls for fair globalisation based on equal opportunities

Posted on 16/06/2004

The UAE yesterday said that the world needed fair globalistion based on equal opportunities, free trade and flow of capital and commodities and transfer of technology. Addressing the 92nd session of the International Labour Conference currently underway in Geneva, head of the UAE delegation Khalifa Khamis Mattar, representative of UAE Businessmen, said that the UAE Chambers Federation participated in all conferences of the International Labour Organisation, ILO, due to its belief in the noble ...  >>MORE

Trade volume between UAE and Germany posts Dh 13.5 billion

Posted on 03/06/2004

Trade deficit between the UAE and Germany is estimated at Dh 11billion in favour of the latter, according to Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce. He maintained that such a deficit could be resolved through raising UAE's exports to Germany. "The total volume of trade between the two countries has reached Dh 13.5 billion making the UAE the No 1 economic partner of Germany in the Middle East", he told a preparatory meeting of the UAE delegation, currently on a visit ...  >>MORE

UAE tops Arab importers, overtaking Saudi Arabia

Posted on 03/06/2004

The UAE has become the dominant player in the Arab trade arena after overtaking neighbouring Saudi Arabia in imports last year, following a surge in Dubai's trade. The increase reflected a steady expansion in investment and the domestic economy, and confirmed Dubai's position as the Middle East's main transhipment centre. Official figures showed the UAE's imports of goods peaked at around Dh167.9 billion (US$45.7 billion) in 2003 while imports by Saudi Arabia stood at US$29 billion. The ...  >>MORE

US may discuss free trade pact with the UAE

Posted on 03/06/2004

The US is likely to begin negotiations with the UAE for a free trade agreement (FTA) as part of its strategy to have a Middle East Free Trade Area in a decade, a senior American diplomat said. Talks will be held on a bilateral basis and while no firm decision has been taken yet, the UAE, in view of its free trade policies and size of the economy, could be favoured by the US. "We hope to have a Middle East Free Trade Area in a decade. Although the administration has not determined with whom ...  >>MORE

59pc of Dubai's re-exports goes to 10 countries

Posted on 03/06/2004

Iran, India, Switzerland, Iraq, Pakistan, United Kingdom, Saudi Arabia, Algeria, Libya & Kuwait are Dubai's top ten re-export destinations who together account for 59 per cent of Dubai's total reexports, a report said. China, India, Japan, Germany, USA, France, UK, South Korea, Switzerland and Italy are top ten exporters to Dubai who together account for 65 per cent of Dubai's total Imports. Having registered an remarkable growth of 6.2 per cent touching the Gross Domestic Product (GDP) to ...  >>MORE

Abu Dhabi records Dh8.4 billion in foreign trade in first quarter of 2004

Posted on 26/05/2004

The foreign trade of the Abu Dhabi Emirate reached Dh8.46 billion in the first quarter of 2004. In a statement here today, Mohammed Ibrahim Ghanem Al Suwaidi, Under Secretary of the Abu Dhabi Customs Department, said the value of imports during the same period totalled Dh7.23 billion, while re-exports hit Dh741.5 million and non-oil exports garnered Dh493.2 million. He said that Saudi Arabia came first in the list of exporting countries to the UAE with a trade value of Dh1.9 billion, while ...  >>MORE

South Australia pushes for stronger trade ties with UAE

Posted on 17/05/2004

South Australia will sign a memorandum of understanding with the UAE today as part of its efforts to increase trade. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry, yesterday met Mike Rann, the South Australia Premier to lay the groundwork for the agreement. Sheikh Hamdan encouraged Australian businessmen to invest in the UAE. Rann yesterday told Gulf News exclusively that his state is also in talks with Emirates airline to persuade it to ...  >>MORE

UAE and Australia set to sign free trade accord

Posted on 12/05/2004

The UAE and Australia are poised to sign a free trade agreement to boost the strong trade and investment ties between the two countries. Australia's Trade Minister Mark Vaile, who is making a two-day visit to the UAE, yesterday held talks with Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce, in the capital to complete the final details of the agreement. Paul Morgan, First Secretary at the Australian Embassy here, said the purpose of the minister's visit was to discuss ways ...  >>MORE

Draft Federal Trade Arbitration Law prepared

Posted on 05/05/2004

In pursuance of Law no. (6) of 1976 and amendments concerning Abu Dhabi Chamber of Commerce and Industry's objectives and jurisdictions to suggest draft laws on regulating trade as well as economic activity and supervision, the ADCCI has submitted a request to the Minister of Economy and Commerce, pointing out the urgent need to enact a new law on arbitration keeping pace with the latest international trends. The objective has been to produce an instrument so that the trading establishments ...  >>MORE

China set to double exports to the UAE

Posted on 02/05/2004

The UAE's trade with China reached US$5.8 billion last year, including Chinese exports worth US$5 billion, according to Yang Weiguo, Chinese Consul General in Dubai. A number of Chinese products are entering the UAE market, which in the coming year will double our exports to the UAE," he yesterday told Gulf News, at the product launch of Golden Throat in Dubai, which is represented by Eagle Trading Co. "There are 60,000 Chinese nationals working in the Northern Emirates, including 50,000 ...  >>MORE

UAE, Sri Lanka bilateral trade to touch US$300m

Posted on 01/05/2004

Trade between the UAE and Sri Lanka is growing at a steady pace and is expected to touch the US$300 million mark this year, Lalith Hettiarachchi, Ambassador of Sri Lanka to the UAE, said. Tea accounts for the lion's share of Sri Lankan exports to the UAE and the balance of trade is in favour of Sri Lanka. "Presently, two-way trade between the UAE and Sri Lanka is about US$280 million. "It is growing at a healthy and steady rate and it should cross US$300 million soon," the diplomat told "Gulf ...  >>MORE

UAE-US joint trade council meets in Washington

Posted on 28/04/2004

The UAE-US Joint Council on Trade and Investment began its meetings in Washington on Monday, with the head of the American side lauding the transparency that characterizes the economies of both countries and their decision-making mechanisms. The two sides are to discuss in their two-day meetings UAE's economic policies, privatisation programmes, economic reforms, legislations pertinent to trade, intellectual property laws, custom tariff policies and government purchases as well as rules and ...  >>MORE

UAE trade ties with UK worth Dh20billion

Posted on 27/04/2004

Richard Makepeace, United Kingdom Ambassador to the UAE has lauded his country's commercial ties with the UAE saying that commercial exchange ratios has soared high levels in 2003 as compared to other Gulf and Middle East countries, amounting to Dh20 billion. He said that the British exports to UAE were recorded at Dh13 billion in 2003 while UAE exports to UK were approximately worth Dh6.5 billion during the same year. Dubai's import to UK reached Dh9.1 billion against exports to UK worth Dh5.1 ...  >>MORE

Dubai posts 70pc rise in imports from Turkey

Posted on 24/04/2004

Trade between Dubai and Turkey increased by 54 per cent to reach Dhs2.354 billion in 2003 compared to Dhs1.529 billion in 2002. Dubai's imports from Turkey witnessed a 70 per cent increase to reach around Dhs2.112 billion in 2003 compared to Dhs1.242 billion in 2002, the Dubai Chamber of Commerce and Industry (DCCI) said on Wednesday. The Gulf Today reported that DCCI First Vice-President Abdul Rahman Saif Al Ghurair received a Turkish delegation headed by Metin Anil, the chairman of the Inegol ...  >>MORE

VW negotiations will benefit UAE says Khalifa

Posted on 24/04/2004

His Highness Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, is satisfied with the outcome of the recent talks between the Abu Dhabi Economic Department and Volkswagen, according to a senior government official. Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Economic Department, said Sheikh Khalifa was pleased with the outcome of the talks since it would have positive impact on the Abu Dhabi economy in particular ...  >>MORE

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Quick List

Sweden's trade with UAE rebounds this year


UAE re-exports up 23pc in 2003


China overtakes Japan, US as top exporter to UAE


UAE-Belgium bilateral trade on strong track


UAE ranked 30th among exporters


UAE trade volume with US falls to Dh7.97 billion


UAE dominates Arab capital exporters


Chinese urged to use Dubai as trade hub


UAE-India non-oil trade rises to US$7 billion


UAE to maintain trade hub status in region


RAK decree issued to cut tax and fees levied at checkpoint


UAE's foreign trade put at Dh541.38b


Abu Dhabi non-oil trade stands at Dh 18 billion in H1


Abu Dhabi's imports from US surge on weak dollar


Dubai's non-oil trade records strong growth


UAE trade with France surges 18pc to Dh14.9b in 2003


Vietnam seeks free trade agreement with UAE


FDI to play important role in diversification of UAE economy


UAE, Japan trade grows 14.6 pc in first four months


55.3 per cent of establishments in Dubai of trading nature


ADCCI, ESMA ink MoU


ADCCI members stand at 44,841 by end of June


UAE-India non-oil trade soars 61pc to US$6.23b


UAE leading trade partner of Hong Kong


Abu Dhabi Trade with world tops Dh3.4 billion in May


Dubai non-oil trade through land check points surges


UAE calls for fair globalisation based on equal opportunities


Trade volume between UAE and Germany posts Dh 13.5 billion


UAE tops Arab importers, overtaking Saudi Arabia


US may discuss free trade pact with the UAE


59pc of Dubai's re-exports goes to 10 countries


Abu Dhabi records Dh8.4 billion in foreign trade in first quarter of 2004


South Australia pushes for stronger trade ties with UAE


UAE and Australia set to sign free trade accord


Draft Federal Trade Arbitration Law prepared


China set to double exports to the UAE


UAE, Sri Lanka bilateral trade to touch US$300m


UAE-US joint trade council meets in Washington


UAE trade ties with UK worth Dh20billion


Dubai posts 70pc rise in imports from Turkey


VW negotiations will benefit UAE says Khalifa