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THE ECONOMY - TRADE

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

UAE trade surplus widens to Dh43b on strong oil prices

Posted on 22/04/2004

Strong oil prices widened the UAE's trade surplus last year while the current account was also expected to have improved despite large cash transfers by expatriate workers. Official figures showed the UAE's exports of goods hit an all time high of around Dh213 billion (US$58.03 billion) last year while imports also peaked at nearly Dh170 billion (US$46.32 billion), creating a surplus of Dh43 billion (US$11.7 billion). The level is higher than the 2002 trade surplus of Dh39.33 billion ...  >>MORE

UAE's oil exports dominate US$2.75b trade with Thailand

Posted on 22/04/2004

Trade between the UAE and Thailand reached Dh10 billion (US$2.75 billion) last year, including the UAE's exports to Thailand comprising mostly oil worth US$2 billion, according to Somsakdi Suriyawongse, the Thai Ambassador to the country. Thailand plans to open its first tourism office in the Middle East, in Dubai, said a senior government tourism official. "Thailand and the UAE enjoy strong economic and political bilateral relations. Recently, a number of high government delegations led by ...  >>MORE

Turkey aims to boost UAE ties with new trade office in Dubai

Posted on 18/04/2004

Turkey has plans to open a trade office here shortly, said Turkish Consul General Toufan Alpman. The country recently sent Bilal Suruchu as its new commercial attaché to set up the new organisation which is expected to boost bilateral trade. Suruchu met Abdulrahman G. Al Mutaiwee, director-general of the Dubai Chamber of Commerce and Industry to discuss ways to increase co-operation between the business communities of Dubai and Turkey. "Trade between the UAE and Turkey last year reached ...  >>MORE

Germany, Dubai discuss trade ties

Posted on 16/04/2004

A high level German delegation and officials from the Dubai Department of Tourism and Commerce Marketing (DTCM) have held talks over ways of strengthening bilateral trade relations. The German group was led by Managing Director of Federal Association of Small and Medium Scale Enterprises. DTCM Manager Missions, Hamad bin Mejren, said that the visiting delegation had praise for Dubai's business culture, which is brilliantly supported by the state-of the art facilities and services. "They were ...  >>MORE

Dubai's non-oil trade records 23pc growth

Posted on 16/04/2004

Strong economic growth is driving Dubai's non-oil trade which last year recorded 23 per cent growth to Dh252.07 billion from Dh204.37 billion in 2002, "Gulf News” reported today, quoting from a just-released statistics by the Ports, Customs and Free Zone Corp (PCFC). In volume, the emirate's non-oil trade, however, recorded 9.6 per cent growth to 30.26 million tonnes last year from 27.59 million tonnes in 2002. Dubai's trading success has been built on the emirate's strong sea and air ...  >>MORE

UAE urges Moscow city to open trade rep office in Abu Dhabi

Posted on 04/04/2004

President of Federation of the UAE Chambers of Commerce and Industry, Saeed Saif bin Jaber Al Suwaidi has urged the city government of Moscow to open up a trade representative office in the emirate which would help bridge the communication gap between the business communities of the two nations. It will help them to exploit the trade opportunities so that the existing bilateral trade could be boosted. He was speaking at the two-day forum being organised by the Moscow International Business ...  >>MORE

Abu Dhabi non-oil trade rises in December 2003

Posted on 31/03/2004

In keeping with the buoyant economic activity in Abu Dhabi and the rise in the Gross Domestic Product (GDP), the non-oil trade in December 2003 also showed considerable increase from the corresponding month in the previous year, according to the March issue of the "Abu Dhabi Economy” magazine published by the Abu Dhabi Chamber of The two-way non-oil trade increased by 14.36 per cent in the month of December 2003 compared with corresponding month in 2002. In absolute terms the trade went up ...  >>MORE

Abu Dhabi, Baghdad chambers ink cooperation agreement

Posted on 30/03/2004

Abu Dhabi and Baghdad chambers of commerce and industry signed yesterday an agreement for strengthening joint cooperation in the fields of trade, industry, economy, investment and finance. According to the agreement, the two chambers will exchange data and expertise on market opportunities as part of their combined efforts to develop business relations. Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI) Saeed bin Jaber Al Suweidi, who inked the document with Mohammed Hassan Al ...  >>MORE

Iran accounts for nearly one-fifth of UAE's re-exports

Posted on 28/03/2004

Iran has remained heavily reliant on the UAE for its needs of electronics, machinery, vehicles and other products despite ongoing measures to open up to other markets. Official statistics showed Iran accounted for nearly one fifth of the UAE's total re-exports in the first half of 2003, a share that it has maintained over the past decade despite reforms and the emergence of new markets for the UAE, including Russia, according to a report in "Gulf News” As for imports, Japan topped the list ...  >>MORE

UAE-India trade may grow 50pc

Posted on 27/03/2004

India's trade with the UAE, which stands at US$4.5 billion, is expected to grow 50 per cent this year, said Yash Sinha, India's consul-general in Dubai. He revealed the figures in his keynote address at the second Meet the Sharjah Government program-me, organised by the Indian Business and Professional Council in Sharjah and the Sharjah Chamber of Commerce and Industry. Sinha said Sharjah is in the forefront in engaging with India, which in turn is conscious of the fact that it could have no ...  >>MORE

Poland may reopen Dubai trade centre

Posted on 24/03/2004

Poland is likely to reopen its trade centre in Dubai and its national carrier, LOT Polish Airlines, may resume flights here, said Polish President Aleksander Kwasniewski while speaking to the business community of Dubai and Poland at the Dubai Chamber of Commerce and Industry (DCCI) yesterday. Obaid Humaid Al Tayer, DCCI president, urged Poland to sign an investment protection agreement with the UAE to increase two-way trade and investment. The Polish trade centre in Dubai was closed down in ...  >>MORE

Hamed receives Australian economic delegation

Posted on 22/03/2004

Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Economic Department, Sheikh Hamed bin Zayed Al Nahyan, received in Abu Dhabi yesterday at his office an Australian economic delegation, led by Professor Mary Bashir, Governor of the New South Wales. The delegation is currently on a visit to the UAE. During the meeting, they discussed economic, trade, investment and health ties between the two countries and ways to enhance them. They probed other avenues of co-operation ...  >>MORE

Dubai's non-oil trade with Germany hits US$1.7b in 2002

Posted on 22/03/2004

Dubai's non-oil trade with Germany reached US$1.7 billion in 2002, according to the Dubai Chamber of Commerce and Industry (DCCI). The DCCI is organising a Dubai-German Economic Forum in May which will help the business communities from both countries explore opportunities in both economies. Abdul Rahman Ghanim Al Mutaiwee, the DCCI director general, yesterday received representatives from small and medium sized companies from Germany who are interested in establishing relations with their ...  >>MORE

UAE-Australia trade ties expand

Posted on 21/03/2004

Australia has become a major supplier of automobiles to the Gulf, exporting 90,000 units last year, mostly the Toyota Camry and Chevrolet products, according to Peter Linford, Australian consul general and senior trade commissioner. Non-oil trade between Dubai and Australia reached Dh2.1 billion in 2002, according to the Dubai Chamber of Commerce and Industry (DCCI). In recent months, commercial activities between the two economies have intensified, partly as a result of increased flights ...  >>MORE

UAE, Japan discuss trade ties

Posted on 21/03/2004

Officials of the Abu Dhabi Economic Department held talks here today with a visiting Japanese delegation on means of enhancing bilateral trade and investment. The meeting also explored investment prospects in Abu Dhabi and Japan for businessmen in both countries. Mohammed Muhanna Al Qubeisi, director of the Department, said they had also reviewed with the Japanese delegation ways of bolstering trade exchange and identified a number of projects that could be developed by both parties, mainly in ...  >>MORE

DCCI clears over 1,400 export papers a day

Posted on 08/03/2004

The Dubai Chamber of Commerce and Industry (DCCI) processes more than 511,000 export documents a year, according to a senior DCCI official. Dubai's non-oil foreign trade reached Dh126.25 billion (US$34.37 billion) in 2002. The number of DCCI members last year was nearly 65,000. "On an average, the DCCI processes over 1,400 export documents per day," said Abdul Rahman Saif Al Ghurair, first vice president of the DCCI, while speaking to a foreign trade delegation. Explaining Dubai's ...  >>MORE

UAE exports to Britain increase 40%

Posted on 02/03/2004

UAE exports to Britain grew 40 per cent to Dh7 billion in 2003 compared with the previous year. The value of trade was £3 billion (Dhs21 billion) last year, according to British trade statistics. British exports to the UAE were valued at £2 billion, rising 30 per cent over 2002. Consul-General Simon Collis at the British embassy in Dubai said the £3-billion trade figure does not include trade in services. Collis pointed out that if there was any decline in imports of British goods by any ...  >>MORE

Abu Dhabi records 23.7 per cent trade increase in 2003

Posted on 01/03/2004

Mohammed Saleh bin Badwah Al Darmaki, Chairman of the Abu Dhabi Customs Department, said that Abu Dhabi's trade rose by 23.7 per cent last year compared to the year before it. He said that the Emirate's non-oil exports surged to Dh1.87 billion in 2003 against Dh983 million in 2002, rising by 90.2 per cent, while imports rose from Dh22.53 billion to Dh26.91 billion and re-export increased from Dh1.34 billion to Dh1.97 billion in the same period. Al Darmaki said that Germany ranked first of ...  >>MORE

UAE-India trade rises to US$4.5b

Posted on 10/02/2004

Trade between the UAE and India, which hit Dh16.5 billion (US$4.5 billion) last year, is set to grow further due to strong interest among the business communities of both countries, said officials. "India's exports to the UAE at the end of our fiscal year ending March stood at US$3 billion, while our non-oil imports are close to US$860 billion. Coupled with our oil imports from the UAE, the trade between the two countries reached US$4.5 billion," said Y.K. Sinha, Indian consul general. ...  >>MORE

UAE'S export and re-export to GCC states hit Dh6.8 billion

Posted on 08/02/2004

UAE's export and re-export to member states of the Gulf Cooperation Council, GCC, rose to about Dh6.8 billion in 2003, a rise of about 33 per cent compared to 2002 when total export and re-export to those states stood at Dhs5.1 billion, according to a monthly bulletin from the Emirates Industrial Bank. EIB. The bulletin said that inter GCC trade had seen a sharp rise since the unified tariff agreement came into effect early last year, adding that trade exchange between the UAE on the one hand ...  >>MORE

UAE trade with Japan surges by 30pc

Posted on 04/02/2004

Japanese trade with the UAE surged by 30.37 per cent to US$13.34 billion during the first nine months of 2003. According to the Dubai-based Japan External Trade Organisation (Jetro) exports to the UAE rose some 22.51 per cent to US$2.57 billion and imports by 32.41 per cent to US$10.77 billion. "The remarkable growth in the two-way trade was due to a combined upswing in the value of Japan's imports of crude oil, which grew by some US$2.64 billion, and the rise in the value of exports of ...  >>MORE

Dubai non-oil foreign trade soars to Dh 126b in 2002

Posted on 28/01/2004

Dubai non-oil foreign trade has soared to Dh 126.3 billion (about US$34.4billion ) in 2002 from Dh 88.8 billion (about US$24.2 billion) in 1998, a remarkable increase of 42.2 per cent in five years, according to a senior local business official. In an interview with WAM today, Ahmed Al Banna, deputy director general of Dubai Chamber of Commerce and Industry (DCCI), said the Gross Domestic Product of Dubai's non-oil sectors surged from Dh 46.3 billion in 1998 to Dh 64 billion in 2002, a hike of ...  >>MORE

UAE trade with Holland on the rise

Posted on 25/01/2004

Trade volume between the UAE and Holland has touched Dh2.6 billion in 2002, with export and re-export totalling Dh641 million, according to a senior business official here. Mohammed Omer Abdullah, director General of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), described his country's economic, trade and technical ties with Holland as solid. Abdullah, who was speaking before a plenary session of the Dutch Business Group (DBG) in Abu Dhabi yesterday, said Holland "is an important ...  >>MORE

UAE investment abroad grows

Posted on 24/01/2004

The UAE, the third biggest Arab economy after Saudi Arabia and Egypt, remains one of the smallest recipients of foreign direct investments with the total stock of FDI estimated at US$1.4 billion by the end of 2002. According to Dubai Economic Report, a half-yearly publication of National Bank of Dubai, while the stock of FDI in the UAE has dropped by 20 per cent in three years - from US$1.77 billion in 1999 to US$1.4 billion in 2002, the UAE investment abroad has grown substantially - from ...  >>MORE

Philippines keen to boost UAE trade

Posted on 18/01/2004

The Philippines is keen on enhancing bilateral trade with the UAE, according to Libran Cabactulan, the Philippines Ambassador to the UAE. He said Philippines imports to the UAE amounted to US$95-96 million in 2003, the same level in 2002. There has been a decline through the years. It started in 1995 where we were at a level of US$106 million and went up to US$124 million. But following the financial crisis due to the war in Iraq, the level of Philippine exports declined significantly. We are ...  >>MORE

UAE releases quotas for exports to US

Posted on 18/01/2004

With a number of factories having shut down last year, the bigger garment manufacturers in the UAE have been able to receive a higher proportion of quotas for garment exports to the US for 2004, according to sources. The UAE authorities have just released the 2004 quotas to the local sector, which prescribes the quantity of a particular product each manufacturer here can export to the US this year. The US accounts for over 70 per cent of the manufacturing output of the local garment ...  >>MORE

UAE trade with China amounts to US$5.6 b in 2003

Posted on 17/01/2004

Trade volume between the UAE and China touched US$5.6 billion in 2003, posting an increase of 40 per cent from figures of 2002which recorded US$3.9 billion, according to an official at the Chinese embassy here. Jia Chunhai, economic and commercial counsellor at China's embassy, expressed in a last week with Sultan Abdullah, Secretary General of the UAE Federation of Chambers of Commerce and Industry, his country's desire to bolster bilateral cooperation further, particularly in investment ...  >>MORE

Number of firms in Abu Dhabi rise to 43,000 by 2003-end

Posted on 11/01/2004

The number of companies registered in Abu Dhabi rose to 43,000 by the end of 2003 from 39,000 by the end of 2002, according to figures released by Abu Dhabi Chamber of Commerce and Industry (ADCCI). Mohammed Al Nuaimi, Assistant ADCCI Director General for IT, said the remarkable increase in member companies reflected the impressive growth and expansion being witnessed by the emirate market due to the increasing demand for services. Of the total membership, trade companies took the lion's ...  >>MORE

Exports and re-exports from Dubai soar 23pc

Posted on 06/01/2004

The total value of exports and re-exports from Dubai to the rest of the world last year reached Dh58.26 billion (US$15.84 billion). This shows a growth of 98 per cent from the total value of exports and re-exports in 1998, which reached Dh30.15 billion (US$8.108 billion). The exports and re-exports also achieved a 23 per cent growth in the year between 2002 and 2003, as the total value was Dh47.20 billion which is equivalent to US$12.83 billion. Abdul Rahman Ghanim Al Mutaiwee, the deputy ...  >>MORE

UAE-Australia trade poised for big boost

Posted on 04/01/2004

Trade between the UAE and Australia is poised to rise further with the increasing presence of Australian companies in the UAE. The number of Australian companies operating in the UAE has increased to 75 from just two in 1994, according to Director of the Sharjah Department of Economic Development Sheikh Tariq Al Qasimi. Two-way trade between the UAE and Australia in 2002 amounted to over $A1.6 billion (Dhs4.46 billion) and Australian exports to the UAE were valued at $A1.3 billion. "Ten ...  >>MORE

Dubai-Japan non-oil trade soars

Posted on 17/12/2003

Non-oil foreign trade between Dubai and Japan jumped to Dh7.4 billion last year. Japan has become the second biggest commercial partner of the emirate, confirmed Abdul Rahman Al Mutaiwee, director-general of the Dubai Chamber of Commerce and Industry. After meeting a Japanese trade delegation from Osaka at the Chamber yesterday he said: "We are confident that this initiative will pave the way for stronger business and economic relations between the UAE and Japan. Dubai's re-exports to Japan ...  >>MORE

UAE-Australia trade dips

Posted on 09/12/2003

Trade between the UAE and Australia surprisingly dipped last year to A$1.99 billion (Dh5.4 billion). This represents a 0.4 per cent decrease from the previous year, according to a report issued by the Australian Ministry of foreign Affairs and Commerce. UAE exports to Australia grew 0.5 per cent to Dh2.03 billion but imports were only reached A$1.23 billion, which represents a 0.9 per cent decline. Crude oil tops the list of UAE exports to Australia last year, at a value of A$663 million. ...  >>MORE

UAE-Brazil trade on upswing

Posted on 03/12/2003

Brazil has sprung a surprise by becoming a significant exporter of heavy oil to the UAE. Last year the UAE imported about US$300 million of heavy oil from Brazil and it was the second largest importer of Brazilian products in the Arab world, said Paulo Sergio Atallah, the president of the Arab-Brazilian Chamber of Commerce in Brazil, according to the "Gulf News”. Brazil exported US$650 million worth of products to the UAE and this trade is expected to climb to US$600 million this year. "Saudi ...  >>MORE

Dubai trade dealings cover nearly 210 countries

Posted on 27/11/2003

Dubai has kept up the heat of its ongoing commercial offensive across the globe to penetrate nearly 210 markets on five continents last year and break out of its long-standing regional hub status to become an international trade base. Its commercial dealings stretched from as close as Saudi Arabia, Kuwait, Iran, Iraq, Bahrain, Qatar, Oman and other regional countries to as far as South Asia, Europe, the former Soviet Union, Africa, the United States, Canada and Central and Latin America. ...  >>MORE

UAE-China trade set to cross US$5b mark

Posted on 24/11/2003

Trade between China and the UAE is set to cross the US$5 billion mark this year as China is aggressively pushing the limits of its foreign trade to exceed US$800 billion. China is also aiming to increase its trade with the GCC, which is currently about US$15 billion. Jia Chunhai, Economic and Commercial Counsellor of the Chinese Embassy here, said the UAE continues to remain China's leading trade partner in the Gulf and all indications point to further growth. "As of October, trade with the ...  >>MORE

UAE foreign trade through Fujairah up 45pc

Posted on 22/11/2003

The UAE's foreign trade volume through Fujairah recorded a 45 per cent rise last year compared with 2001, according to the Fujairah Customs Department. A recent report issued by the Department showed that last year the UAE's foreign trade through Fujairah surged to around Dh3.3 billion compared with Dh2.2 billion for 2001. "Located on a strategic part of the UAE overlooking the Gulf of Oman and the Indian Ocean, Fujairah, with its multi-purpose and rapidly-growing seaport and expanding ...  >>MORE

UAE-Japan 9-month trade rises 30.4%

Posted on 18/11/2003

UAE-JAPAN trade in the first nine month of this year totalled US$13.34 billion (Dhs48.96 billion), up by 30.4 per cent compared with US$10.23 billion (Dhs37.54 billion) over the same period last year. According to a report issued by the Japanese Foreign Trade Authority, UAE exports to Japan over the first nine months of this year grew by 32.4 per cent to US$10.77 billion (Dhs39.53 billion), up from US$8.13 billion (Dhs29.84 billion) over the same period last year. UAE imports from Japan, ...  >>MORE

UAE’s trade with US drops

Posted on 16/11/2003

Trade between the UAE and the US fell by 0.23 per cent during the first nine months of the current year compared with the same period last year. The total trade exchange dropped from US$3.57 billion (Dh13.1 billion) to US$3.56 billion (13.06 billion). According to figures published by the American Statistics Bureau on Saturday, the volume of exports to the US grew considerably over the first nine months of the current year compared to 2002. Exports grew by 22.4 per cent from US$701.2 billion to ...  >>MORE

RAK foreign trade spurts amid increase in exports, re-exports

Posted on 15/11/2003

The emirate registered a surplus of Dh4.4 billion last year compared with Dh1.9 billion in 2001, according to the latest report issued yesterday by the Ras Al Khaimah Economic Department. The report added there was a spurt in foreign trade last year, with a major increase in exports and re-exports. Some 72.4 per cent of the emirate's imports were from Oman, comprising plastic items, dried fish, livestock, and caviar. Oman was followed by Bahrain, India, Saudi Arabia, Kuwait, Qatar, Sudan ...  >>MORE

UAE leads list of Arab capital exporters

Posted on 06/11/2003

The UAE has emerged as the dominant player in inter-Arab investments, having pumped nearly US$7.38 billion into other regional countries over the past 17 years. The investments accounted for more than a quarter of the total inter-Arab capital of around US$26.28 billion pumped between 1985 and last year. Official figures showed the UAE also ranked third in the 21-member Arab League in attracting regional investment, with an estimated US$2.39 billion. The figures by the Kuwait-based Inter-Arab ...  >>MORE

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Quick List

VW negotiations will benefit UAE says Khalifa


UAE trade surplus widens to Dh43b on strong oil prices


UAE's oil exports dominate US$2.75b trade with Thailand


Turkey aims to boost UAE ties with new trade office in Dubai


Germany, Dubai discuss trade ties


Dubai's non-oil trade records 23pc growth


UAE urges Moscow city to open trade rep office in Abu Dhabi


Abu Dhabi non-oil trade rises in December 2003


Abu Dhabi, Baghdad chambers ink cooperation agreement


Iran accounts for nearly one-fifth of UAE's re-exports


UAE-India trade may grow 50pc


Poland may reopen Dubai trade centre


Hamed receives Australian economic delegation


Dubai's non-oil trade with Germany hits US$1.7b in 2002


UAE-Australia trade ties expand


UAE, Japan discuss trade ties


DCCI clears over 1,400 export papers a day


UAE exports to Britain increase 40%


Abu Dhabi records 23.7 per cent trade increase in 2003


UAE-India trade rises to US$4.5b


UAE'S export and re-export to GCC states hit Dh6.8 billion


UAE trade with Japan surges by 30pc


Dubai non-oil foreign trade soars to Dh 126b in 2002


UAE trade with Holland on the rise


UAE investment abroad grows


Philippines keen to boost UAE trade


UAE releases quotas for exports to US


UAE trade with China amounts to US$5.6 b in 2003


Number of firms in Abu Dhabi rise to 43,000 by 2003-end


Exports and re-exports from Dubai soar 23pc


UAE-Australia trade poised for big boost


Dubai-Japan non-oil trade soars


UAE-Australia trade dips


UAE-Brazil trade on upswing


Dubai trade dealings cover nearly 210 countries


UAE-China trade set to cross US$5b mark


UAE foreign trade through Fujairah up 45pc


UAE-Japan 9-month trade rises 30.4%


UAE’s trade with US drops


RAK foreign trade spurts amid increase in exports, re-exports


UAE leads list of Arab capital exporters