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THE ECONOMY - TRADE

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

Gulf states plan uniform stamp for all products

Posted on 05/11/2003

GCC states are planning to put a uniform stamp on all products moving within their markets to facilitate internal trade and ensure they conform to specifications enforced in the 22-year-old economic and political group. Ministers in charge of goods specifications were due to meet in Doha today to discuss the plan which experts said would give a strong push to the fledgling GCC customs union. The meeting of the GCC's Standardisation and Metrology Commission is the first high-level talks on ...  >>MORE

China ousts Japan from top spot in UAE trade

Posted on 04/11/2003

China had long been branded the sleeping giant before they started calling it the stirring giant. In the UAE it has acquired a new title – the invading giant. From a negligible exporter to the region only a decade ago, China has become the dominant supplier of goods to the UAE and other Gulf states to oust the traditional Japanese exporters, who had just seized the throne from the West. Last year, China became the top exporter to the UAE to overtake Japan for the first time since it mounted ...  >>MORE

Abu Dhabi imports up 26pc in nine months

Posted on 29/10/2003

Abu Dhabi's imports jumped by around 26 per cent in the first nine months of this year and the surge covered all Western exporters and other countries except the United States, according to official figures. From Dh15.6 billion (US$4.25 billion) in the first nine months of last year, the emirate's total imports soared to around Dh19.7 billion (US$5.36 billion) in the first nine months of this year, according to figures by the Abu Dhabi Customs Department. Germany became the top exporter to ...  >>MORE

UAE aims to join New York convention soon

Posted on 29/10/2003

The UAE will soon become a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, known as the New York Convention, as part of its preparation to enforce commercial arbitration in the country, said a senior Dubai government official. Abdul Rahman Al Mutaiwee, director-general of the Dubai Chamber of Commerce and Industry, said the UAE has studied the articles of the convention and approved it on principle. DCCI is working on creating a set of guidelines ...  >>MORE

Goods worth Dh2.14b reach Abu Dhabi by ship in Sept

Posted on 27/10/2003

Commodities and goods worth Dh2.14 billion were imported by mode of shipping in the capital for the month of September, machinery and parts forming the bulk and accounting for Dh560.66 million. According to figures released by the Abu Dhabi Customs Department, transport vehicles ranked second in the list of the principal items of import, at a value of Dh420.41 million, followed by base metals and their products at Dh371.29 million. The value of imports for the corresponding period last year ...  >>MORE

Dubai non-oil trade touches Dh204.37b

Posted on 26/10/2003

Dubai's non-oil foreign trade grew 17.5 per cent to reach Dh204.37 billion last year compared with Dh173.869 billion in 2001, according to the latest statistics released by the Ports, Customs and Free Zone Corp (PCFC). Dubai's ports and airports handled 27.59 billion kilos of cargo last year, compared with 21.29 billion in 2001, registering 29.6 per cent growth. Of the total trade, Dh133.69 billion comprised imports, representing 65.41 per cent, with the rest being divided among exports and ...  >>MORE

UAE remains key capital exporter

Posted on 25/10/2003

Free zone sales and large re-exports have allied with growing gas income to enable the UAE to maintain its status as a key capital exporter despite sharp fluctuations in oil prices, according to official figures. The country's current account, the balance between export and import of goods and services as well as investment and services income, has recorded a large surplus in most years despite a surge in imports, heavy remittances by the dominant expatriate community and high spending by UAE ...  >>MORE

Dubai-German trade reaches US$1.7 billion in 2002

Posted on 20/10/2003

Abdul Rahman Al Mutaiwee, Director General of Dubai Chamber of Commerce and Industry, yesterday said that the trade between Dubai and Germany reached about US$1.7 billion in 2002. He said that the Chamber was ready to co-operate with the German-Arab Chamber of Commerce and Industry and other German authorities to achieve even better results in trade as well as economic and investment co-operation. Speaking to a German medical delegation, Mutaiwee affirmed the need to improve trade between ...  >>MORE

UK exports to UAE during Jan-July over £1.11b

Posted on 11/10/2003

Investor confidence among businessmen in the UK in the markets here that witnessed a brief period of weariness following the September 11 attacks in the US, has proved more than resilient to register encouraging growth rates. Reviewing the progress in bilateral trade and commerce between UK and UAE in recent months, John Gardner, Head of Commercial Section at the British Embassy said that a major factor influencing the positive developments was the 'sensible handling' of the situation by the ...  >>MORE

UAE's imports of timber products may exceed US$500m this year

Posted on 11/10/2003

The UAE's imports of timber products are likely to cross US$500 million this year, compared with US$471.4 million in 2001, said industry sources. Of the 2001 imports, furniture represented US$220.9 million, plywood US$99.1 million, sawn timber US$80.5 million and fireboard US$32.2 million. Italy, Malaysia, Indonesia, South Korea and China are among the top exporters of furniture and interiors products to the UAE. Optimism for this year's growth in timber and furniture imports is fuelled by the ...  >>MORE

Two-way trade between UAE and US stands at US$5 billion

Posted on 05/10/2003

The two-way trade between the UAE and the US stood at US$5 billion last year according to a senior US embassy official in Abu Dhabi. Nancy Charles-Parker, Counsellor for Commercial Affairs said that this year's expectations were even higher adding that despite the overall negative spite in overall negative mood in the region caused by the US-led war in Iraq and the ongoing Palestine-Israeli conflict, American products are still popular. According to Paul DeBenedicts, president of the American ...  >>MORE

Canada sees 10pc rise in UAE trade

Posted on 23/09/2003

Canada expects more than 10 per cent growth in bilateral trade with the UAE by the end of this year, according to a top official from the country. John Manley, Canada's Deputy Prime Minister and Minister of Finance, who is in Dubai attending the IMF 2003 meetings, told this correspondent that Canadian exports to the UAE reached more than US$100 million in just the first quarter of this year, while imports to Canada from the Emirates continued to increase. Last year Canadian-UAE trade in goods ...  >>MORE

UAE's non-oil GDP to hit US$55b next year

Posted on 22/09/2003

The non-oil GDP of the UAE is expected to rise to US$51.5 billion in 2003 and US$55 billion in 2004, testifying to the country's success in the diversification process, said Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs. The UAE has achieved an average annual growth of 5.8 per cent over the past 10 years. Adding that UAE has achieved non-oil GDP growth of eight per cent during this period, Kharbash highlighted the fact that the country has a fully ...  >>MORE

UAE emerging as third largest re-export centre

Posted on 22/09/2003

Oil exports excluding trade volumes in the Middle East region expanded in the face of decline in most parts of the rest of the world where after a sustained period of uninterrupted growth in merchandise trade registered negative growth in 2001, the trend continuing into the first half of last year. As international trade expanded with globalisation, re-export trade grew alongside, with the UAE emerging as the third largest re-export centre after Hong Kong and Singapore, with a volume worth ...  >>MORE

Indonesia sees UAE as business hub

Posted on 17/09/2003

Indonesia sees the UAE as a business hub in the Middle East and has become it s main trading partner in the region. Trade between Indonesia and UAE has increased progressively especially during the last four years. Indonesian exports to the region has seen tremendous growth in the last five years. In the UAE they rose from US$649.6 million in 1999 to US$719 in 2002, although this was slightly below the US$756 million of 2001. According to Indonesian Embassy official, the UAE is opening up new ...  >>MORE

UAE backs export diversification drive: Fahim tells WTO

Posted on 14/09/2003

The UAE reiterated its commitment to export diversification policy to reach out to foreign markets and boost services sector as one of the leverages of domestic economy. UAE Minister of Economy and Commerce Sheikh Fahim bin Sultan Al Qasimi called for drawing an action plan for negotiations on penetration of non-agricultural products to markets. No agreement on this controversial issue has yet been reached by the World Trade Organisation (WTO). 'Negotiations on services are progressing ...  >>MORE

UAE trade with GCC states brisk

Posted on 10/09/2003

Trade exchange between the UAE and GCC countries is said to have increased following enforcement of the unified customs tariff early this year. Statistics released by the Al Ghuaifat border post, the sole road checkpoint linking the UAE with GCC states, Arab world and East Europe, show that 151,236 trucks travelled outward over the past eight months, while homeward bound trucks totalled 150,311 during the same period. Some 131,111 vehicles were exported and 1,062 imported via Al Ghuaifat point ...  >>MORE

Non-oil trade of Abu Dhabi up 32.64 per cent

Posted on 09/09/2003

The overall non-oil trade of the emirate of Abu Dhabi during the first half of this year registered a rise of 32.64 per cent over the corresponding period of last year. The trade prospects showed encouraging signs since December last year when it rose by a perceptible 63 per cent and since then there has been no looking back. According to Abu Dhabi Customs Department statistics, improvement in storage facilities in the ports and the steady increase in re-exports have been among the contributory ...  >>MORE

Malaysia's trade with UAE jumps 207pc in seven years

Posted on 03/09/2003

Trade between the UAE and Malaysia has increased by 207 per cent, reaching US$989 million last year from US$475.9 million in 1995, said Mohammed Mustafa Abdul Aziz, consul general and trade commissioner in Dubai. Malaysia's exports to the UAE increased from US$452.1 million in 1995 to US$858.50 million last year. Abdul Aziz said a trade delegation from Malaysia comprising 12 companies dealing in food and beverages will be visiting Dubai from September 7 to 9 to meet potential importers, agents ...  >>MORE

UAE-India trade exchange records US$5 billion

Posted on 02/09/2003

Owing to the steady growth in bilateral relations between the two countries, the UAE trade exchange with India has recorded US$5 billion, it was revealed in Abu Dhabi yesterday. Speaking at a press conference, Abdul Rahman Ghanim Al Mutaiwee, Director General of the Dubai Chamber of Commerce said the UAE was one of the major trade partners of India, adding that Indian non-oil imports from the UAE stood at US$800 million during the year 2002/3, while UAE exports stood at US$ 3billion. India ...  >>MORE

Abu Dhabi foreign trade soars

Posted on 31/08/2003

Abu Dhabi's import rose to over Dh2.086 billion in July as against Dh1.868 billion recorded in the same month last year. According to Abdullah Mi'edad Al Za'abi, Assistant Under Secretary at the Abu Dhabi Customs Department, Abu Dhabi's foreign trade last month stood at Dh2.431billion, re-export was Dh170.426 million, while non-oil export reached Dh165.866 million. Al Za'abi said that Saudi Arabia topped the list of Abu Dhabi's countries of import with Dh311.103 million, followed by Japan ...  >>MORE

UAE attracts US$1.5b in direct Arab capital

Posted on 24/08/2003

The UAE has attracted nearly US$1.5 billion in direct Arab investment since 1985 and pumped more than US$2 billion into fellow Arab nations to become one of the biggest investors in the region, according to official figures. Although reforms have remained slow in most regional countries, total inter-Arab investments have been massively revised up to around US$26.3 billion by the end of last year from just US$17 billion that had been estimated a year before. But it remained a fraction of the ...  >>MORE

Abu Dhabi trade mainly dependent on sea transport

Posted on 16/08/2003

The total volume of Abu Dhabi's foreign trade by sea transport is more than double its volume by air and land transport brought together, statistics reveal. The modernisation and development of the Abu Dhabi seaports in the nineties has contributed to the sharp rise in the country's non-oil foreign trade, particularly through the Mina Zayed. This has been boosted by the facilities and incentives Mina Zayed provides to shipping agencies and business companies which import their goods through ...  >>MORE

UAE imports 15pc more PCs

Posted on 12/08/2003

The UAE further closed in on Saudi Arabia's position as the biggest PC importer in the Middle East with a strong 15 per cent growth to 112,000 units during the first half of this year. In comparison, the Saudi PC market shrunk by 8 per cent during the period to 140,000 units, according to latest data from International Data Corp. (IDC). If it not were for a 70 per cent growth in notebooks, the Saudi tally could have been much worse. In the UAE, desktops were up 10 per cent, while notebooks ...  >>MORE

Abu Dhabi buys less from U.S.

Posted on 06/08/2003

Abu Dhabi is veering away from the U.S. and turning to Saudi Arabia, Japan, Germany and other countries for its imports, according to official statistics. During the first quarter of this year, the value of the emirate's imports from Saudi Arabia surged by 43 per cent and from Japan by nearly 51 per cent while its imports from the United States grew by only four per cent, said the Customs Department. But in volume, its imports from the U.S. plummeted by 43 per cent while sharply increasing from ...  >>MORE

Middle East sees surge in trade

Posted on 04/08/2003

Despite negative growth in international trade, the Middle East witnessed a solid increase in trade during the last two years, especially in the re-export business, defying the international trend, according to a report by Emirates Industrial Bank. "If oil exports are to be excluded from the trade developments, trade in the Middle East region expanded in the face of decline in most of the rest of the world," said the report quoting WTO statistics. "As international trade has expanded with ...  >>MORE

Co-Op Islami products to hit UK next month

Posted on 04/08/2003

Co-Op Islami will launch its range of products in the UK in mid-September as the first step in a strategic plan to target 18 million Muslim customers in Europe. Saleh Saeed Lootah, managing director of Co-Op Islami, said, "Our decision to target the European markets is part of a global plan that reflects the main principle of this company since its inception 20 years ago to promote and provide halal meat products for the benefit of Muslims worldwide. The UK has a Muslim community of 3.5 ...  >>MORE

Abu Dhabi imports climb to Dh2.18b in June this year

Posted on 30/07/2003

Abu Dhabi's imports touched Dh2.186 billion in June against Dh 1.812 billion for June last year. Abdullah Ibrahim Al Zaabai, Assistant Under Secretary of the Abu Dhabi Customs Department, said the volume of Abu Dhabi's foreign trade amounted to Dh2.5 billion last month. Re-export trade touched Dh152.9 million, while non-oil exports stood at Dh176.84 million in the same period. Germany ranked first in imports, with the value of imports from this country standing at Dh402.8 million last ...  >>MORE

Arbift first-half net touches Dh42.2m

Posted on 28/07/2003

The Arab Bank for Investment and Foreign Trade (Arbift) yesterday announced it had earned a net profit of Dh42.2 million for the first half of this year compared with Dh36.7 million for the same period last year, a 15 per cent increase. The bank's total assets grew 4 per cent to Dh3.599 billion. The positive performance during the first half of the year was attributed to new strategies and various other initiatives implemented during the period. "The impressive performance and financial ratios ...  >>MORE

Trade with Japan falls 6.3pc

Posted on 27/07/2003

The value of the UAE's trade with Japan fell 6.3 per cent last year from that of 2001. According to the Japan External Trade Organisation (Jetro) this was due to the fall in the volume and price of crude oil, natural gas and related products, the major trading items. Imports of Japanese products by the UAE increased by 14.4 per cent last year to US$2.94 billion from US$2.57 billion in 2001, but the UAE's exports to Japan declined 10 per cent from US$12.92 billion in 2001 to US$11.57 billion ...  >>MORE

UAE-Iraq trade rises to Dh2b

Posted on 09/07/2003

Trade between the UAE and Iraq rose to Dh2 billion in 2002 from around Dh1 billion in 2001. This is set to rise much higher this year due to the changing political and economic scene in the country, according to a senior Dubai government official. Besides aid cargo, consumer goods have also begun to arrive via Jordan, Kuwait, Saudi Arabia and now via Umm Qasr. Meanwhile, a high-ranking Kurdish delegation visiting the UAE has sought technical expertise from Dubai to help Kurdistan revamp its ...  >>MORE

UAE-Lebanon trade touches Dhs3 billion

Posted on 04/07/2003

Trade between the UAE and Lebanon, which reached Dhs3 billion last year, can grow further, according to the President of the Lebanese Business Council Adnan Kaddaha. He said that one of the principal goals of the council was to promote trade between the two nations, as well as promote direct investment. "Trade between Lebanon and the UAE has grown 175 times in less than 20 years, with almost a third of last year's figure of Dhs3 billion attributed to the value of exports and re-exports between ...  >>MORE

Abu Dhabi's foreign trade at Dh2.3b in May

Posted on 30/06/2003

Abu Dhabi's imports rose to Dh 2.1 billion in May against Dh 1.7 billion for the corresponding month in 2002, a senior Abu Dhabi customs official announced today. Under Secretary of the Abu Dhabi Customs Department Mohammed Al Suweidi said Abu Dhabi's foreign trade totalled Dh 2.35 billion in May. 'Re-exports were Dh 169. 6 million while non-oil trade exports were Dh 102.5 million,' he said. Saudi Arabia, he noted, was the top sourcing market for the capital with imports valued at Dh 274.2 ...  >>MORE

DCCI to form council for Iraqi traders

Posted on 29/06/2003

The Dubai Chamber of Commerce and Industry (DCCI) has undertaken the initiative to form a trade body for the Iraqi businessmen active in Dubai. The DCCI has convened a meeting of interested Iraqi traders to join a conference at the Chamber on Wednesday to form the body, in which DCCI officials will unveil their plans and an executive committee will be chosen. A number of Iraqi businessmen are active in trading in the UAE, and the move will help them to play an active role in the reconstruction ...  >>MORE

Work on Dh367m Sharjah WTC to begin soon

Posted on 26/06/2003

Dubai Construction of the Dh367 million Sharjah World Trade Centre will begin in six months, according to Ahmed Mohammed Al Midfa, chairman of the Sharjah Chamber Commerce and Industry (SCCI). The 54-storey tower will be built on a man-made island and will be connected to the new Sharjah Expo Centre with a bridge. The structure will soon complement the emerging 'Sharjah Expo City' which will host a number of commercial centres and showrooms. The Sharjah government and Swiss consultants STPC ...  >>MORE

UAE-Switzerland Trade relations flourishing

Posted on 24/06/2003

Abdula Rahman Gahnim Al Mutaiwee, Director General of the Dubai Chamber of Commerce and Industry, DCCI, yesterday welcomed the growth and flourishing of economic relations between the United Arab Emirates and Switzerland. Al Mutaiwee said that the UAE imports from Switzerland through Dubai increased from Dh872 million in 2000 to more than Dh5 billion in 2001, which demonstrates a remarkable development in relations. He added that watches, jewellery and accessories occupied the larger share of ...  >>MORE

Export-import standards to be enforced this year

Posted on 23/06/2003

Emirates Authority for Standardisation and Metrology (ESMA) will make it mandatory for exports and imports to meet national and GCC product specifications and standards this year, officials announced yesterday. This is in line with maintaining high standards of products coming into the country as well as those going out and safeguarding pubic health and the environment, and it will also bolster the GCC customs union plans. ESMA will shortly appoint an international company to undertake ...  >>MORE

Trade between the UAE and Lebanon rises to Dh1.3b

Posted on 18/06/2003

The bilateral trade between the UAE and Lebanon has witnessed a significant growth over the past three decades, with the trade between Dubai and Lebanon jumping from Dh17 million in 1974 to around Dh1.3 billion last year, out of which Dh1.1 billion is the value of exports and re-exports from Dubai to Lebanon, according to s senior official from Dubai Chamber of Commerce and Industry (DCCI). Abdul Rahman Ghanim Al Mutaiwee, director-general of DCCI, who spoke at a lunch organised by the ...  >>MORE

UAE establishments make significant achievements in Iran

Posted on 12/06/2003

The UAE government and private establishments taking part in the current third annual trade fair in Tehran have made significant achievements in the field of enhancing and promoting commercial and investment cooperation between the two neighbouring countries. A number of UAE companies' officials told the Emirates News Agency that most of the UAE companies participating in the exhibition were able to conclude agreements with Iranian investors, which will boost business movement between the UAE ...  >>MORE

Malaysia eyes Dubai hub for palm oil exports

Posted on 08/06/2003

Malaysia is keen to use Dubai's re-export network to sell palm oil to Iraq, whose pre-war demand was more than 300,000 tonnes per annum. "Iraq is an important market for us because palm oil is widely used in that country. Being the leading exporter of palm oil, Malaysia is looking at boosting its exports to Iraq in the reconstruction period," the chief of Malaysian Palm Oil Promotion Council (MPOPC) told The Gulf Today. "We want to use Dubai's re-export network and facilities in neighbouring ...  >>MORE

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Quick List

UAE leads list of Arab capital exporters


Gulf states plan uniform stamp for all products


China ousts Japan from top spot in UAE trade


Abu Dhabi imports up 26pc in nine months


UAE aims to join New York convention soon


Goods worth Dh2.14b reach Abu Dhabi by ship in Sept


Dubai non-oil trade touches Dh204.37b


UAE remains key capital exporter


Dubai-German trade reaches US$1.7 billion in 2002


UK exports to UAE during Jan-July over £1.11b


UAE's imports of timber products may exceed US$500m this year


Two-way trade between UAE and US stands at US$5 billion


Canada sees 10pc rise in UAE trade


UAE's non-oil GDP to hit US$55b next year


UAE emerging as third largest re-export centre


Indonesia sees UAE as business hub


UAE backs export diversification drive: Fahim tells WTO


UAE trade with GCC states brisk


Non-oil trade of Abu Dhabi up 32.64 per cent


Malaysia's trade with UAE jumps 207pc in seven years


UAE-India trade exchange records US$5 billion


Abu Dhabi foreign trade soars


UAE attracts US$1.5b in direct Arab capital


Abu Dhabi trade mainly dependent on sea transport


UAE imports 15pc more PCs


Abu Dhabi buys less from U.S.


Middle East sees surge in trade


Co-Op Islami products to hit UK next month


Abu Dhabi imports climb to Dh2.18b in June this year


Arbift first-half net touches Dh42.2m


Trade with Japan falls 6.3pc


UAE-Iraq trade rises to Dh2b


UAE-Lebanon trade touches Dhs3 billion


Abu Dhabi's foreign trade at Dh2.3b in May


DCCI to form council for Iraqi traders


Work on Dh367m Sharjah WTC to begin soon


UAE-Switzerland Trade relations flourishing


Export-import standards to be enforced this year


Trade between the UAE and Lebanon rises to Dh1.3b


UAE establishments make significant achievements in Iran


Malaysia eyes Dubai hub for palm oil exports