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THE ECONOMY - TRADE

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

Dubai's trade with Germany grows 36 per cent

Posted on 15/01/2003

The total bilateral trade between Dubai and Germany amounted to US$1.5 billion in 2001 against US$1.1 during the previous year, registering a growth of 36 per cent, according to the Dubai Chamber of Commerce and Industry (DCCI) statistics. These figures were revealed yesterday at a meeting between Abdul Rahman Saif Al Ghurair, first vice-president of DCCI, and a delegation from the Arab German Chamber, led by Dr Gunter Rexrodt, president of Arab German Chamber, a DCCI press release published in ...  >>MORE

UAE and Sudan plan to sign free trade accord

Posted on 15/01/2003

The UAE and Sudan are planning a free trade agreement. The two have already signed non-dual tax and investment encouragement pacts, according to Sudanese embassy officials. A major Sudanese Investment and Cultural Forum is planned at the Dubai Chamber of Commerce and Industry from February 2-8, to boost bilateral relations. The foundation stone will be laid for the new Sudanese consulate general in Dubai on February 8, said Ahmed Mahgoub Shawer, Sudanese consul general in Dubai. He estimated ...  >>MORE

Federal authority for customs formed

Posted on 12/01/2003

A federal law establishing the Federal Customs Authority has been issued, according to Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industry. The 21-article law No.1 for 2003 defines objectives, responsibilities and management regulations of the fledgling authority. In a press statement today, Kharbash said the new Authority has a legal status and independent budget and comes under the Minister of Finance and Industry. Headquartered in Abu Dhabi, the Authority will ...  >>MORE

Goods to be tested in country of origin

Posted on 05/01/2003

All goods imported by the UAE will be tested in their country of origin to ensure they adopt the standards of the UAE Specifications and Standards Authority and to guarantee early detection of any default. In its first meeting held under the chairmanship of Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry, the UAE Specifications and Standards Authority also announced that its approved budget and organisational structure incorporating three administrations and ...  >>MORE

UAE ushers in new tariffs on quiet note

Posted on 02/01/2003

The UAE yesterday ushered in the GCC customs union on a quiet note. There were few consignments to be cleared, as activity was low due to the New Year holiday and year-end stocktaking. Gulf News found that the main movement at the seven local customs departments was on exports. Very few importers came to clear their goods, as some were busy with inventories, while others decided to postpone clearance for a few days. Most were unconcerned with the marginal 1 per cent rise in tariff. But ...  >>MORE

UAE hikes custom duties on non-GCC commodities

Posted on 30/12/2002

President Sheikh Zayed Bin Sultan Al Nahyan today issued Federal law No. 19, increasing custom duties from 4 percent to 5 percent on goods and commodities imported from sources outside the GCC Customs Union with effect from January 1, 2003. The law states that custom duties of five percent of the value will be levied on all goods and commodities originating from sources outside the GCC on the basis of its delivery at the UAE port of destination. The law will not, however, be in prejudice to ...  >>MORE

Turkey keen to expand trade ties with UAE

Posted on 25/12/2002

Turkish private sector including manufacturers, businessmen and services providers are seeking opportunities to market and promote their products in the UAE and the neighbouring countries to increase their total exports before joining the European Union, said a senior Turkish trade official. Rlfat Hlsarcikliogu, President, Union of Chambers and Commodity Exchanges of Turkey, said, "Looking at the region's rapidly growing markets, we feel there are lot of good opportunities to promote our ...  >>MORE

Sharjah foreign trade hikes to Dh 12.9b in 2001

Posted on 25/12/2002

Sharjah gross foreign trade grew 15 per cent to Dh 12.9 billion in 2001 from Dh 11.2 billion in 1997 with an annual growth average of 3.8 per cent, official statistics said. 'Imports surged 24.5 per cent from Dh 4.9 billion to Dh 6.7 billion over the period under review, but went down in 1999 to Dh 4.8 billion due to external factors related to fluctuations in major world exchange rates and internal factors such as up and down trend in demand and supply to meet requirements of local and ...  >>MORE

Reforms lead to rise in UAE-Iran trade

Posted on 23/12/2002

The current situation in the Gulf will not hamper Iran's trade ties with the Gulf countries, said a senior Iranian government official yesterday while reiterating his country's commitment in maintaining peace and stability in the region. Also, as a result of the ongoing economic reform undertaken by Iranian President Mohammed Khatami's pro-reform regime, formal trade exchange between Iran and the UAE is gradually improving, said Mohammed Shariat-madari, Iran's Minister of Commerce. Trade ...  >>MORE

UAE continues Oman's top trading partner in non-oil sector

Posted on 23/12/2002

Oman's exports declined by 8.6 per cent in the first seven months of the year owing mainly to a drop in revenues from oil, according to official statistics. The UAE continued to be the Sultanate's largest trading partner in non-oil commodities. The total value of exports was RO2,374.2 million, compared with RO2,597.5 million in the corresponding period of 2001. The Ministry of National Economy attributed this to a 13.4 per cent decrease in oil and gas exports which amounted to RO1,825,4 ...  >>MORE

OIC portal to facilitate trade will be launched today

Posted on 23/12/2002

A new Web-based platform to facilitate trading between the Organisation of Islamic Conference (OIC) nations will have its global launch today in Sharjah. In the first phase, three countries will be connected to the network -the UAE, Malaysia and Indonesia. Saudi Arabia and four other countries will be added in 2003 and ten more in 2004. The project will target the private sector in each country. The Web platform will bring together buyers from individual markets with a variety of sellers. ...  >>MORE

ATFP income falls 11.2 per cent

Posted on 22/12/2002

The Arab Trade Financing Programme (ATFP), the Abu Dhabi-based joint Arab financial institution, has posted a net income of US$35.53 million for 2001, down 11.2 per cent compared to the previous year. ATFP concluded 24 lines of credit agreements totalling US$338 million taking the cumulative volume of financing provided by ATFP up to end-2001 to US$2.148 billion, according to a report in "Gulf News.” Dr. Jassim Al Mannai, chief executive and chairman of the board said that the reduced levels of ...  >>MORE

Sheikh Fahim calls for Islamic Free Zone

Posted on 22/12/2002

His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, yesterday called on Muslim nations to invest in opportunities that will better inter-Islamic trade. Opening the three-day Ninth Islamic Private Sector Meeting for promotion of trade and investment among Islamic countries, Dr Sheikh Sultan urged Muslim nations to be wise in a period that demands long-term vision and self-refinement. Meanwhile, Sheikh Fahim bin Sultan Al Qasimi, UAE Minister of ...  >>MORE

Ten new trade centres set to open in Dubai next year

Posted on 22/12/2002

Ten new trade promotion centres are due to open in Dubai in 2003 as several countries look forward to enhance their exports to the fast-expanding regional markets, especially after the 9/11 events, officials and diplomats said yesterday. Among the countries planning to open trade centres in the emirates are Vietnam, Ethiopia, Uganda, Turkey, Greece, Mozambique, Jordan, Kazakhstan and The Netherlands. Trade offices of Scotland and the autonomous Spanish region of Castilla-La Mancha are also in ...  >>MORE

UAE Indonesia trade investment set to rise

Posted on 15/12/2002

The two-way trade and investments between Indonesia and the UAE are expected to get a big boost following the official launch of a trade promotion centre and a consulate general office in Dubai within in a month. Djasdi Darwish, Director of Indonesian Trade Centre said that his country's non-oil exports to the UAE, which is ranked as the 18th major destination for Indonesian goods, had fallen some eight per cent in the first half of this year from US$ 451.8 million to US$415.6 million even as ...  >>MORE

Swiss exports to UAE surge

Posted on 11/12/2002

Switzerland's exports to the UAE have surged in the first nine months of this year, close to crossing 2001 figures, Swiss officials said yesterday. Buoyed by rising exports to the UAE, especially food products, the Swiss embassy and the Swiss Business Council are organising a Swiss Winter Festival Week soon. Swiss exports to the UAE have touched Dh1.75 billion ending September 2002. The exports for full year 2002 stood at Dh2 billion. "We expect Swiss exports to cross last year's figures ...  >>MORE

Malta to boost UAE trade

Posted on 10/12/2002

The Mediterranean island of Malta is aiming to strengthen trade and economic relations with the Gulf states by opening a trade office and consulate general in Dubai next week. Also, Emirates airline is opening its own representative office in Malta shortly and plans to increase its daily flights from Dubai. The Dubai office will be Malta's second trade office overseas. The first opened in Tripoli, Libya in 2000. Plans are afoot to open Malta's third overseas trade office in Shanghai to serve ...  >>MORE

Federal trade register to plug legal loopholes

Posted on 09/12/2002

The Ministry of Economy and Commerce is working with other concerned authorities to set up a federal trade register to plug loopholes in the commercial law for corporate registration and address imbalance in demographic structure, a daily paper reported yesterday. The Akhbar Al Arab said the ministry's move had come in conformity with recommendations by a technical committee for licensing of economic activities which highlighted the need for that register to organise trade names and prevent ...  >>MORE

UAE, Finland pledge to boost trade ties

Posted on 23/11/2002

The UAE and Finland have welcomed the steady growth in trade relations between them and have reiterated their pledge to work harder to boost those ties, it was announced by Mohammed Khalifa bin Yusuf Al Suwaidi, Director of the Foreign Ministry's Department of Economic and International Cooperation Affairs. Al Suwaidi, who headed the UAE delegation to the 5th joint UAE- Finland meeting, recently held in Helsinki, said that the committee had realised that the UAE, had in recent time, become ...  >>MORE

UAE-US trade jumps to Dhs13.2b

Posted on 23/11/2002

Trade between the UAE and the US jumped over the first nine months of this year from US$2.96 billion (Dhs10.9 billion) to US$3.6 billion (Dhs13.2 billion) up by 21 per cent compared with the same period last year. The UAE's imports from the US rose by 52 per cent from US$1.9 billion (Dhs6.97 billion) to US$2.9 billion (Dhs10.7 billion) compared with the first nine months of 2001. The UAE's exports to the US dropped by 24 per cent from US$1 billion (Dhs3.67 billion) to US$716 million ...  >>MORE

Dubai, China bilateral trade rises to Dh 7.9b

Posted on 06/11/2002

China topped the list of exporting countries to Dubai for the consecutive years 2000 and 2001, with the total bilateral trade between the two countries amounting to about Dh7.9 billion last year, up Dh1.2 billion from 1997, according to Abdulrahman Ghanem Al Mutaiwee, director-general of Dubai Chamber of Commerce and Industry (DCCI). Speaking to the Chinese delegation led by Ci Longgui, Assistant Director of Foreign Economic Cooperation, Ministry of Foreign Trade, he said that stronger business ...  >>MORE

UAE major capital exporter in Mideast

Posted on 03/11/2002

The UAE has remained a major capital exporter to fellow Arab countries despite sharp fluctuations in oil prices and growing domestic needs, pumping more than US$2 billion in private investment over the past 16 years, according to official statistics. Between 1985 and 2001, the UAE emerged as the third biggest private investor in the Arab world after Saudi Arabia and Kuwait, while it was also one of the most attractive destinations for private capital from other regional states. A total of ...  >>MORE

Saudi exports to Abu Dhabi climb 11pc

Posted on 29/10/2002

Abu Dhabi has boosted its imports from Saudi Arabia by nearly 11 per cent in the first nine months of this year, while Germany remained the biggest Western exporter to the emirate. Imports from Saudi Arabia grew to around Dh2.40 billion (US$653 million) during that period from nearly Dh2.16 billion (US$588 million) in the first nine months of 2001, according to figures released by the Abu Dhabi Customs Department. Germany remained the top western exporter to Abu Dhabi with a value of Dh1.96 ...  >>MORE

Sweden to boost exports to UAE

Posted on 11/10/2002

The Gulf has never been a large export market for Sweden ? but times are changing. In the past six months, exports from Sweden to the Gulf have grown by 30 per cent, said Jan Carlborg, regional director, Swedish Trade Council (STC). "The Gulf is a priority market for us because the Gulf is not as strong for us as we think it should be," "Gulf News” quoted Carlborg as saying. "Our market share here is not as big as it should be, there is potential for our share and our level of exports from ...  >>MORE

Malaysian timber imports to UAE worth Dh250m

Posted on 03/10/2002

The UAE accounts for almost one-third of the total Malaysian timber exports to the Middle East, according to the Malaysian Timber Council (MTC) regional office in Dubai. In 2001, the UAE imported Dh250 million worth of timber products that included sawn timber, medium-density fibreboard, plywood and furniture, Malaysian Ambassador Syed Hussein Al Habshee told a press conference on Wednesday. A delegation from Kuala Lumpur that includes MTC Chairman Tunku Osman Ahmad, Chief Executive ...  >>MORE

ADCCI call to correct trade imbalance with France

Posted on 29/09/2002

The balance of trade between France and the UAE in general and Abu Dhabi in particular was heavily in favour of France, calling for measures to correct the imbalance, board member of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) Hussain Jassem Al Nowais said in the capital yesterday. Addressing a visiting French delegation representing the small and medium sector industry, he said Abu Dhabi's imports from France at the end of last year stood at US$376 million, that is six per cent ...  >>MORE

UAE-Austria trade up 20pc

Posted on 23/09/2002

The two-way trade between Austria and the UAE during the first half of this year has crossed the 95 million euros mark, an increase of 20 per cent over the corresponding period in 2001, an official said in Dubai yesterday. Dr Nikolaus Seiwald, Head of Mission and Commercial Counsellor at Austrian Embassy, said the two-way trade between the two countries in 2001 was 327 million euros, an increase of 163 per cent compared with the previous year's figures. Among the Austrian exports are machinery, ...  >>MORE

National products should be exempted from duty: says DCCI

Posted on 19/09/2002

A top official at Dubai Chamber of Commerce and Industry (DCCI) has stressed the need to ensure that national products entering Saudi Arabia should be exempted from customs duties. Abdul Rahman Al Mutaiwe'a, Director General of DCCI, told the Saudi Consul General, Hamoud F. Bin Nader, during a meeting yesterday that these products were manufactured at industries owned by local citizens or Gulf authorities, whether they were based inside or outside UAE free trade zones. The Saudi Consul ...  >>MORE

UAE-China trade touches Dh10.25b

Posted on 16/09/2002

China remains a major partner for the UAE with non-oil trade touching Dh10.25 billion ($2.8 billion) in 2001. Yesterday, a 10-member Chinese delegation visited 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 $2.8 billion including $86 million of agro-products and foodstuffs," said Cao Xumin, president of China Chamber of Commerce for ...  >>MORE

Sino-UAE trade to reach US$3b

Posted on 12/09/2002

Trade between China and the UAE is poised to reach US$3 billion (Dh11 billion) in 2002 from US$2.5 billion in 2001. Chinese exports to the UAE increased 34 per cent in the January-June 2002, Chinamex's Hao said. Exports to the Middle East region grew by 19.7 per cent.China's foreign trade grew 12.3 per cent at US$270.71 billion in the first half of 2002. Exports have gone up 14.1 per cent at US$142.06 billion and imports at US$128.65 billion. Exports to Russia have show an increase of 26.8 per ...  >>MORE

UAE federal customs authority to be established by year-end

Posted on 12/09/2002

The UAE federal customs authority will be fully established by the end of this year right before the next year's launch of AGCC Customs Union which is already ratified by legislative body of each member state. The UAE will integrate its current seven independent customs administrations into one federal entity under the UAE Ministry of Finance, according to a senior official from Dubai Customs. Abbas Makki, Senior Director of International Relations and Tariff at Dubai Customs, told Cargo & ...  >>MORE

UAE-Oman trade - statistics

Posted on 24/08/2002

UAE tops the list of countries which import Oman's non-oil products, with its importation of such goods standing at a total of 19.6million Omani Riyal (OR), followed by the Kingdom of Saudi Arabia at a total cost of OR6.8million then the United States at a total cost of OR6million, according to a statistical bulletin issued by the Omani ministry of national economy. The bulletin said that Oman's re-export activities has witnessed a steady rise in the first three months of this year. It said an ...  >>MORE

UAE second among Gulf importers from Jordan

Posted on 22/08/2002

The UAE's imports from Jordan have touched 24.7 million Jordanian dinars during the first half this year, making it the second largest importer from the kingdom among GCC member states, reports a study by the Jordanian ministry of industry and commerce. Saudi Arabia, which is placed first by the study, has imported goods valued JD 53.5 million from Jordan (representing 7.7 per cent of Jordan's total exports) while UAE's imports amounted to JD 24.7 million (1.7 per cent) and Qatar's totalled ...  >>MORE

Used goods trade group approved

Posted on 20/08/2002

In a bid to boost the emerging trade in used electronic items, the Sharjah Economic Development Department has approved the Sharjah Used Items Traders Group, which is believed to be the UAE's first such body for a second-hand business. Mubarak Balaswad Mubarak, the department's director-general, yesterday opened the group's office in the industrial area and later administered the oath to the first executive committee. All related government departments are co-operating fully and facilitating ...  >>MORE

Sharjah foreign trade up 23.8%

Posted on 19/08/2002

Sharjah's foreign trade grew by 23.8 per cent last year compared with the 2000 level when the volume of foreign trade totalled Dh9.87 billion compared with Dh7.96 billion in 2000. A statistical report complied by the Sharjah Chamber of Commerce and Industry and the Sharjah Seaports and Customs Department said the value of re-exports totalled Dh2.92 billion, up by 48.8 per cent compared with the 2000 re-exports volume of Dh1.96 billion. It said imports rose by 19.1 per cent to Dh6.07 ...  >>MORE

Abu Dhabi has 90,160 companies

Posted on 18/08/2002

Abu Dhabi emirate has 90,160 firms operating in various economic, trade and industrial sectors, according to figures by Abu Dhabi Chamber of Commerce and Industry (ADCCI). But the figures noted that firms registered with ADCCI over the January -July period totalled 3,165, with the trade activities taking the lion share of 2,301 firms. 'There were 721 firms working in the handicraft activities, 119 and 24 firms in the professional and industrial sectors respectively, the figures said, noting ...  >>MORE

UAE major exporter to Oman

Posted on 28/07/2002

The UAE was the major exporter to Oman even as the country's total merchandise exports declined 15.4 per cent during January and February. The UAE exported goods worth 103.1 million Omani riyals followed by Japan (48.2 million riyals) and UK (23.7 million riyals). On trade exchange by major countries, the UAE occupied the first position among the countries importing non-oil Omani exports (12.2 million riyals), followed by Saudi Arabia (4.3 million riyals) and the U.S. (3.9 million riyals). ...  >>MORE

Sharjah foreign trade enjoys 22 per cent growth

Posted on 28/07/2002

Sharjah's foreign trade for the year 2001 improved by 22 per cent, generating DH12.920 billion against Dh10.583billion realised in the year 2000. A report from the Studies and Analysis section of Sharjah's Department of Economic Development attributed the growth to the concerted efforts by the various related quarters in the emirate in providing quality services and facilities, which boosted trade exchange with about 126 countries from various parts of the world. The report also showed that ...  >>MORE

Iran-UAE trade via Dubai surges

Posted on 17/07/2002

Iran's trade with the UAE through Dubai accounted for Dh3.6 billion out of overall exports and re-exports worth Dh14 billion during the first three months of this year, according to Dubai Chamber of Commerce and Industry (DCCI) officials. Meanwhile, DCCI is expected to receive the English and Arabic copies of the new Iranian investment encouragement law within a month. "Iran's Dh3.6 billion participation in the trade movement, represents 26 per cent of the overall trade volume, which has ...  >>MORE

Masafi set to begin exports to Japan

Posted on 10/07/2002

Masafi water has won recognition from Japan's leading regulatory authority for bottled water, which has authorised the import of the UAE's top mineral water brand to Japan. The approval by the Japanese regulatory authority has allowed Masafi Mineral Water Company to begin exports to Japan, one of several new markets selected by Masafi for boosting its exports outside the GCC region, said a press release. Masafi, which has been the market leader for the past 25 years in the mineral water ...  >>MORE

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Quick List

Fahim, GACCI team explore joint ventures


Dubai's trade with Germany grows 36 per cent


UAE and Sudan plan to sign free trade accord


Federal authority for customs formed


Goods to be tested in country of origin


UAE ushers in new tariffs on quiet note


UAE hikes custom duties on non-GCC commodities


Turkey keen to expand trade ties with UAE


Sharjah foreign trade hikes to Dh 12.9b in 2001


Reforms lead to rise in UAE-Iran trade


UAE continues Oman's top trading partner in non-oil sector


OIC portal to facilitate trade will be launched today


ATFP income falls 11.2 per cent


Sheikh Fahim calls for Islamic Free Zone


Ten new trade centres set to open in Dubai next year


UAE Indonesia trade investment set to rise


Swiss exports to UAE surge


Malta to boost UAE trade


Federal trade register to plug legal loopholes


UAE, Finland pledge to boost trade ties


UAE-US trade jumps to Dhs13.2b


Dubai, China bilateral trade rises to Dh 7.9b


UAE major capital exporter in Mideast


Saudi exports to Abu Dhabi climb 11pc


Sweden to boost exports to UAE


Malaysian timber imports to UAE worth Dh250m


ADCCI call to correct trade imbalance with France


UAE-Austria trade up 20pc


National products should be exempted from duty: says DCCI


UAE-China trade touches Dh10.25b


Sino-UAE trade to reach US$3b


UAE federal customs authority to be established by year-end


UAE-Oman trade - statistics


UAE second among Gulf importers from Jordan


Used goods trade group approved


Sharjah foreign trade up 23.8%


Abu Dhabi has 90,160 companies


UAE major exporter to Oman


Sharjah foreign trade enjoys 22 per cent growth


Iran-UAE trade via Dubai surges


Masafi set to begin exports to Japan