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THE ECONOMY - TRADE

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

ADCCI launches new information centre

Posted on 08/06/2003

A new information centre that will be the first specialised business and economic information centre in the UAE was formally launched yesterday by the Abu Dhabi Chamber of Commerce and Industry (ADCCI). The centre will provide accurate information about businesses, companies, products, the market and economy of Abu Dhabi and the rest of the country. Studies and papers relating to different sectors of the economy will also be available at the centre free of charge. The centre also plans to ...  >>MORE

DCCI sets up fruit and vegetables trade group

Posted on 07/06/2003

A Fruits and Vegetables Traders Business Group has been set up under the Dubai Chamber of Commerce and Industry, DCCI. The move follows the recent formation of various business groups to help develop an infrastructure to promote business development in Dubai, a DCCI statement said on Friday. It will help in "networking opportunities for chamber members with the local, regional and international community,” DCCI Deputy Director-General Ahmed Al Banna. Fourteen new business groups have been ...  >>MORE

Turkey boosts presence in UAE

Posted on 27/05/2003

Trade between the UAE and Turkey increased by 20 per cent in 2002 to US$440 million from US$370 million in 2001, and Turkish officials said, it could cross half a billion dollar mark by the end of 2003. The volume of annual business generated by the Turkish companies in the UAE together could well exceed US$1 billion. Turkish consul general Tufan Alpman said the number of Turkish companies active in the UAE has grown to 80, while the size of the Turkish community has increased to 1,500 people. ...  >>MORE

Study on impact of TRIPS pact

Posted on 14/05/2003

Zayed Centre for Coordination and Follow-up (ZCCF) has recently issued a study entitled 'The impact of TRIPS agreement on Arab and Islamic countries'. The study comes in line with Zayed Centre's interest to follow up developments in the international trade system which have direct effects on the Arab nation. The study shows that with the pressure exercised by the parties dominating the medicine and textile and clothes industries, the U.S. brought the violations of the intellectual property ...  >>MORE

ADCCI, IIP-UK, sign agreement

Posted on 13/05/2003

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Investors in People-UK (IIP-UK), an international organisation for standardisation of human resources development and utilisation, have signed an agreement under which the ADCCI will become the accredited certifying agency. The signing of the agreement was announced yesterday at the Chamber premises by the Director General of the ADCCI, Mohammed Omar Abdullah, along with Robert Castro, IIP Consultant in Abu Dhabi. Under the ...  >>MORE

Jordan keen to boost trade ties with UAE

Posted on 12/05/2003

Jordan seeks to increase trade with the UAE in line with the free trade agreement signed between the two countries in 2001, said a senior official last night. Turki Al Khraysha, Jordan's ambassador in the country, said: "Goods of national origin traded by the two countries are now exempted from customs fees and taxes as from the beginning of 2003." Turki told Gulf News as he was opening the new Jordanian trade centre here that the centre aims to attract more UAE's investments to the Aqaba ...  >>MORE

Sharjah reports surge in foreign trade

Posted on 12/05/2003

The total value of Sharjah foreign trade witnessed a surge during 2002, marking an increase of 806 per cent compared to 2001, inclusive of all imports, exports and re-export. According to the report by the Sharjah Economic Development Department, the value of the emirate's imports rose from Dh6.6 billion in 2001 to Dh 6.69 billion in 2002. The report also stated that mechanical equipment and electric appliances were at the top of the imports list, where the value of these items rose from ...  >>MORE

UAE-Malta trade set to rise further

Posted on 11/05/2003

Trade between the UAE and the Mediterranean island country of Malta increased last year and is set to rise further with a permanent presence of the country's trade office in Dubai. According to official figures, exports from the UAE to Malta saw an increase of 9.5 per cent in 2002 over the previous year, while imports went up by 4.9 per cent. Actual figures were not provided. The Maltese Government, through its trade promotion agency, Malta External Trade Corporation (Metco), recently enhanced ...  >>MORE

Abu Dhabi exports soar

Posted on 09/05/2003

Exports of the Abu Dhabi Emirate have grown by 6.8 over cent yearly during the period from 1997 to 2002, according to a report of the Emirate's Planning Department. The report cites hikes in crude oil prices and non-oil exports by 8.9 per cent a year as reasons for the growth. This, the report says, is a culmination of efforts exerted by the Emirate to boost output capacity and international competitiveness ability, particularly in the era of world trade liberation," the report adds. The ...  >>MORE

UAE non-oil trade rises to Dh126.5b

Posted on 06/05/2003

Non-oil trade rose 2.5 per cent to Dh 126.5 billion in 2002 compared to 2001. The value of imports increased by 4.5 per cent to Dh 117.2 billion, while the volume of imports in 1992 amounted to Dh 64.3 billion, said an Emirates Industrial Bank study. The report said the continuous growth achieved by the non-oil sector raised demand for commodities and activities including imported goods, construction and infrastructure as lots of projects are executed by both public and private sectors. ...  >>MORE

UAE calls for concerted Arab efforts to attract FDI

Posted on 05/05/2003

Dr. Mohammed Khalfan Kharbash. Minister of State for Financial and Industrial Affairs, yesterday called upon Arab countries to unify their efforts to attract more foreign direct investment, FDI. Speaking on the second day of the Dubai Investment Forum, Kharbash urged Arabs to make more aggressive promotion for the region as one of the most attractive and most profitable regions for investment in the world. He said that Arab countries had eased the government's grip on the economy and that ...  >>MORE

ADCCI launches electronic trade map

Posted on 05/05/2003

The Abu Dhabi Chamber of Commerce and Industry has launched an interactive trade map with online access in collaboration with International Trade Centre (ITC) with a view to rationalise the UAE's imports and promote exports. Announcing this at a press conference held at the ADCCI premises, the Deputy Director General Ahmed Hasan Al Mansouri said that the trade map is expected to promote UAE's export business by increasing the competitiveness of the national products in the local, regional and ...  >>MORE

UAE has signed double taxation treaty with 65 countries

Posted on 04/05/2003

The economic strategy of the UAE was aimed at attracting foreign direct investment (FDI) to participate in the economic development of the country and to facilitate this it has signed bilateral agreements with 65 countries on avoidance of double taxation and business income tax, Khaled Al Bostani, Under Secretary for Budget and Revenue at the Ministry of Finance and Industry, said here today. Addressing a seminar on legal and tax issues related to bilateral investments between the UAE and ...  >>MORE

UAE-Lebanon trade expected to expand

Posted on 30/04/2003

Trade between the UAE and Lebanon is expected to expand under a free trade agreement which came into effect early this year, Sheikh Fahim bin Sultan Al Qasimi, UAE Minister of Economy and Commerce, said yesterday. "The free trade agreement will help the exchange of more goods and merchandise more easily and without restrictions," he said. "The UAE's imports from Lebanon constitute six per cent of the total imports from Arab countries. Exports to Lebanon make up four per cent of the total ...  >>MORE

Trade exchange between UAE and France exceeds two billion euros

Posted on 27/04/2003

Two-way trade between the UAE and France exceeded two billion euros at the end of last year, said Hussein Al Nuwais, member of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry. Al Nuwais said during a meeting here today with a delegation of the Franco-UAE Friendship Society that France was a major partner for the UAE. He pointed out that French companies have long-standing history of cooperation with UAE firms and also of implementing major projects in the country. ...  >>MORE

UAE-China non-oil trade touches US$2.8b in 2001

Posted on 26/04/2003

China remains a major trade partner for the UAE as non-oil trade touched US$2.8 billion in 2001. Yesterday, a 10-member Chinese trade delegation visited the Dubai Chamber of Commerce and Industry (DCCI) as part of a regional tour of the UAE, Saudi Arabia and Jordan. "China and the UAE have enjoyed favourable economic and trade relations. In 2001, trade was US$2.8 billion, including US$86 million of agro-products and foodstuffs," said Cao Xumin, president of China Chamber of Commerce for I/E of ...  >>MORE

Saudis evasive on duty on UAE goods

Posted on 23/04/2003

Saudi Arabia continues to be evasive on the issue of unfairly imposing a 12 per cent customs duty on UAE exports to the kingdom. Hamad Al Yazari, Saudi deputy minister for finance and economy, justified the 12 per cent duty on UAE exports stating that Saudi Arabia was going by regulations in force. Asked if Saudi Arabia was justified in imposing the 12 per cent duty on several of UAE exports despite a decision taken by the GCC Customs Union that no tariff should be imposed on products ...  >>MORE

Investing for the future in UAE

Posted on 18/04/2003

The UAE's investment outlook for this year appears bullish, according to a recent report published by the Standard Chartered Bank. Abu Dhabi is investing over US$7 billion in the next two years, through the state-owned Abu Dhabi National Oil Company and its subsidiaries, making Abu Dhabi's hydrocarbon sector amongst the most active in the Gulf. On the oil side the implementation of several projects will increase oil production by 600,000 barrels a day, bringing the emirate a step closer to ...  >>MORE

Abu Dhabi cuts imports from U.S., UK

Posted on 15/04/2003

Abu Dhabi cut its imports from the U.S. and Britain in January, while there was a surge in imports from Saudi Arabia, Japan, France and other countries. Figures by the Abu Dhabi Customs Department showed the emirate's total imports increased by around 18 per cent to Dh2.03 billion (US$553 million) last January from around Dh1.72 billion (US$468 million) in January, 2002. Imports from the U.S. dropped to Dh171 million (US$46.6 million) from Dh175 million (US$47.7 million), while their ...  >>MORE

Dubai traders gear up for business in Iraq

Posted on 10/04/2003

Traders have begun stocking dry foods and essential commodities in Dubai for quick shipment to Iraqi once things become clearer, according to market and shipping sources. Some traders with close links to Iran, are believed to be trying to move goods towards Khorramshar, the closest Iranian city from Basra. However, one source said, this route might not work out due to the hostile U.S.-Iran relations. Also it all depends on how much say the UN will have in moving goods from the neighbouring ...  >>MORE

UAE to act tough with Saudi Arabia exporters

Posted on 10/04/2003

The UAE will impose retaliatory tariffs on Saudi exporters and stricter checking at the borders should Riyadh continue harassing local manufacturers exporting their products to the kingdom. The cut-off date is April 15. "We are meeting our Saudi counterparts in Dubai on April 15 for talks, being held under the aegis of the GCC Secretariat, to resolve the issue," Jamal Nasser Lootah, assistant undersecretary, Ministry of Finance and Industry, told UAE-based manufacturers yesterday. "Failing any ...  >>MORE

Sharjah moves to woo new investors

Posted on 07/04/2003

The Sharjah Economic Development Department is simplifying procedures and addressing investors' needs on an individual basis to make the environment conducive to the SME sector, Sheikh Tariq bin Faisal Al Qasimi, Chairman, stated yesterday. "Small and medium enterprises form the backbone of industrial activity, and our effort through the recently instituted Economic Relations cell offering customised services provides the driving thrust in attracting new investors," he stated, after ...  >>MORE

UAE to stick to guns at WTO

Posted on 02/03/2003

The UAE will tell the World Trade Organisation (WTO) it does not intend to open up its banking and other services to foreign investors for the time being, when they hold a fresh round of negotiations in Geneva tomorrow, a UAE negotiator said yesterday. Saeed Al Nusaibi, director of WTO Affairs at the Ministry of Economy and Commerce, said some members of the Geneva-based organisation are pressing the UAE to allow foreign investors into its banking, insurance, telecommunications and other ...  >>MORE

British technology firms urged to set up joint projects with local partners

Posted on 18/02/2003

Saeed Abdul Jalil Al Fahim, Deputy Chairman of the Abu Dhabi Chamber of Commerce and Industry has urged British technology firms to set up joint projects with local partners in Abu Dhabi. Faheem said during a meeting in Abu Dhabi yesterday with Lord Alderman Gavin Arthur, Lord Mayor of London and the accompanying delegation that the economy of Abu Dhabi emirate in particular and UAE in general has made successes that are viewed with admiration around the world. He added that indications ...  >>MORE

Caviar trade to resume in UAE

Posted on 16/02/2003

The Ministry of Agriculture and Fisheries is in the process of streamlining a system in accordance with the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Cites) regulation, for resumption of caviar trade in the UAE, a source at the ministry said. He pointed out that the ministry in co-operation with the Environmental Research and Wildlife Development Agency (ERWDA) and the Federal Environment Agency, is outlining the procedures which will allow traders to ...  >>MORE

Dubai-India non-oil trade grows 17 per cent

Posted on 14/02/2003

Dubai's non-oil trade with India has witnessed impressive growth during the last five years (1997-2001) with India emerging as a leading exporter and re-export destination for Dubai, said a report from the Dubai Chamber of Commerce and Industry (DCCI). Currently, India is the fourth largest exporter to Dubai after China, Japan and the UK. India's overall trade with Dubai increased by 17 per cent from Dh6.5 billion to Dh7.6 billion during 2000-01 while its exports to the Emirate increased by ...  >>MORE

Resurgence in re-exports trade, need to establish new markets: EIB

Posted on 05/02/2003

After achieving some spectacular growth rates in the mid nineties, followed by stagnation in the mid-nineties, re-exports are on the upsurge again. The long term outlook for the UAE re-exports sector remains very positive, as international trade is poised for continuous growth with increasing globalisation. Not only will this involve direct imports but also redistribution, which augurs well for the re-export trade, according to a new study by the Emirates Industrial Bank, EIB. The EIB study ...  >>MORE

Foreign Trade in Abu Dhabi emirate records a significant growth

Posted on 05/02/2003

Foreign trade in Abu Dhabi emirate recorded a significant growth of Dh. 22.5 billion in the year 2002 against Dh. 21 billion in the previous year. Mohammed Saleh Al Darmaki, Chairman of the Abu Dhabi Customs Department said that the total trade value of imported animals and animal products stood at Dh 687 million last year, while imported plants products reached Dh. 1.18 billion. Non-oil exports, consisting of animals and animal products recorded Dh 35.6 millions, whereas plant products ...  >>MORE

Dubai foreign trade upsurges

Posted on 05/02/2003

Dubai foreign trade has grown by 12 per cent in the year 2001 as compared to figures of 2000. Over the past few years Dubai foreign trade has soared to US 30 billion dollars in 2001 compared to 28 billion in the year 2000, according to Abdul Rahman Al Mutaiwee, Director General of Dubai Chamber of Commerce and Industry. "Dubai has become an international import and re-export hub for commodities flowing into the region," he said. Goods re-exported to various parts of the world in 2001, he added, ...  >>MORE

Sultan urges GCC chambers to bolster joint co-operation

Posted on 03/02/2003

Dr. Sheikh Sultan bin Khalifa Al Nahyan, Chief of Abu Dhabi Crown Prince's Court, urged GCC chambers of commerce and industry to strengthen their cooperation and coordination in order to extend better services to the public. Sheikh Sultan, who is also Honorary Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI), appreciated the role being played by various economic sectors to boost GCC trade and economic relations in today's world of big economic alliances. Sheikh Sultan made his ...  >>MORE

UAE-Sudan sign free zone trade agreement

Posted on 02/02/2003

The UAE and Sudan signed here yesterday a free zone trade agreement aimed at boosting trade exchange between the two countries and remove customs barriers. The agreement was signed on the UAE side by Sheikh Fahim Al Qasimi, Minister of Economy and Trade and on the Sudanese side by Abdul Hameed Musa Kasha, Minister of Foreign Trade. (The Emirates News Agency, WAM) ...  >>MORE

Fahim meets with a French defence delegation

Posted on 02/02/2003

Sheikh Fahim Al Qasimi, Minister of Economy and Commerce, today said that the UAE economy was strong enough to meet any economic and security turbulence, particularly fluctuations of oil prices. In a statement after meeting a French defence lecturers, Sheikh Fahim said that the diversification of the UAE economy and the lack of total dependence on oil exports alone was the fundamental element for the strength of the UAE economy. Fahim told the French delegation that the UAE had made it a ...  >>MORE

UAE-Germany trade set to grow around 7pc

Posted on 31/01/2003

Trade between the UAE and Germany is set to grow at around seven per cent this year, said German Consul Franz-Josef Dicken. He said growth figures for 2002 will be between 6-7 per cent, while overseeing the signing of an agency contract between Educaro Buntmetall GmbH and Dubai-based Golden Harbour for the Gulf, Iran, Iraq, India and Pakistan. "Germany is one of the most important trading partners to the UAE. In 2001, German exports to the UAE rose by 34 per cent to Dh11.66 billion, while our ...  >>MORE

UAE-Hong Kong trade crosses US$2b

Posted on 30/01/2003

Hong Kong-UAE trade grew 22 per cent to cross the US$2 billion mark during 2002. Raymond Yip, regional director for Europe, Africa and Middle East, Hong Kong Trade Development Council (HKTDC), said trade surpassed US$2 billion in the first 11 months of 2002. "For the whole of 2002, the figures should be anywhere around US$2.2 billion against a comparable figure of $1.8 billion in the previous year," added Yip. Main exports from Hong Kong include watches, jewellery, precious and semi precious ...  >>MORE

Abu Dhabi non-oil trade rises

Posted on 27/01/2003

While the developed world is still facing the recessionary pressures after the September 11 attack on the US, economic activities in Abu Dhabi is back to normal, after third consecutive year of growth in the Emirate's non-oil trade. An impressive non-oil trade scene of Abu Dhabi also shows the sustainability of the economic growth the Emirate has achieved, a report of Abu Dhabi Chamber of Commerce and Industry said. The trade figures released by the Abu Dhabi Customs Department for October ...  >>MORE

UAE, Russia discuss economic ties

Posted on 26/01/2003

Saeed Saif bin Jabr Al Suwaidi, Chairman of the UAE Federation of Chambers of Commerce and Industry, FCCI, received in Abu Dhabi yesterday his Russian counterpart, Yevgeni Primakov, Former Russian Prime Minister, and his accompanying delegation. During the meeting, they discussed ways to boost economic ties between the two friendly countries. Al Suwaidi, who is also the chairman of the Abu Dhabi Chamber of Commerce and Industry, ADCCI, said in a statement during the meeting that trade exchange ...  >>MORE

UAE-Ukraine sign economic agreements

Posted on 23/01/2003

The United Arab Emirates and Ukraine signed here yesterday two agreements for investment protection and avoidance of double taxation. The signing ceremony was attended by Ukrainian President Leonid Kuchma, who is on a visit to the UAE, and Sheikh Hamdan bin Zayed Al Nahyan, Minister of State for Foreign Affairs as well as some Ministers and individuals from the economic sector. Sheikh Hamdan expressed satisfaction over signing the agreements which, he said, would help boost ties and open up new ...  >>MORE

Re-exports to Iran from Dubai touch Dh9.7b

Posted on 23/01/2003

Re-exports to Iran from Dubai may have totalled Dh9.7 billion last year, and represents great long-term potential for marketers here, according to latest estimates by Dubai Chamber of Commerce and Industry. "Nobody knows the real size of the Iranian consumer electronics market, but we estimate that over 800,000 PCs will be sold in Iran in 2003," says Said Keighobad, general manager, Iran liaison office, BenQ M.E.. "It has significant potential for growth and we take it very seriously." With ...  >>MORE

Call to boost Abu Dhabi -Austria trade

Posted on 20/01/2003

The Abu Dhabi Chamber of Commerce and Industry yesterday called on Austrian authorities to take concrete steps to stimulate the sagging trade between Abu Dhabi and Austria. The call was made by Ghanem Salem al Saman, member of the ADCCI Board of Directors, during talks with the visiting Austro-Arab Chamber of commerce led by its Secretary General Dr. Abdelfattah Baharia, according to an ADCCI press release issued yesterday. Saman proposed a three-point programme to augment trade and ...  >>MORE

Fahim, GACCI team explore joint ventures

Posted on 15/01/2003

Sheikh Fahim bin Sultan Al Qasimi, the Minister of Economy and Commerce, received yesterday a German trade delegation led by Holz. Jorgen, Deputy Chairman of the German-Arab Chamber of Commerce and Industry (GACCI). The two sides discussed ways of boosting joint economic cooperation and the possibility of opening up new horizons in economic and trade exchange. Jorgen said his talks with Sheikh Fahim focused on means to further enhance the fruitful trade and economic cooperation between the two ...  >>MORE

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Quick List

Malaysia eyes Dubai hub for palm oil exports


ADCCI launches new information centre


DCCI sets up fruit and vegetables trade group


Turkey boosts presence in UAE


Study on impact of TRIPS pact


ADCCI, IIP-UK, sign agreement


Jordan keen to boost trade ties with UAE


Sharjah reports surge in foreign trade


UAE-Malta trade set to rise further


Abu Dhabi exports soar


UAE non-oil trade rises to Dh126.5b


UAE calls for concerted Arab efforts to attract FDI


ADCCI launches electronic trade map


UAE has signed double taxation treaty with 65 countries


UAE-Lebanon trade expected to expand


Trade exchange between UAE and France exceeds two billion euros


UAE-China non-oil trade touches US$2.8b in 2001


Saudis evasive on duty on UAE goods


Investing for the future in UAE


Abu Dhabi cuts imports from U.S., UK


Dubai traders gear up for business in Iraq


UAE to act tough with Saudi Arabia exporters


Sharjah moves to woo new investors


UAE to stick to guns at WTO


British technology firms urged to set up joint projects with local partners


Caviar trade to resume in UAE


Dubai-India non-oil trade grows 17 per cent


Resurgence in re-exports trade, need to establish new markets: EIB


Foreign Trade in Abu Dhabi emirate records a significant growth


Dubai foreign trade upsurges


Sultan urges GCC chambers to bolster joint co-operation


UAE-Sudan sign free zone trade agreement


Fahim meets with a French defence delegation


UAE-Germany trade set to grow around 7pc


UAE-Hong Kong trade crosses US$2b


Abu Dhabi non-oil trade rises


UAE, Russia discuss economic ties


UAE-Ukraine sign economic agreements


Re-exports to Iran from Dubai touch Dh9.7b


Call to boost Abu Dhabi -Austria trade


Fahim, GACCI team explore joint ventures