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THE ECONOMY - TRADE

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

UAE-Australian ties

Posted on 07/07/2002

Trade between the UAE and Australia via Dubai has achieved an increase of 54 per cent over the recent years. Abdul Rahman Ghanim Al Mutaiwee, Director General of the Dubai Chamber of Commerce and Industry, DCCI, said during his meeting with the Australian Consul General, Julie Bayliss, that the increase in trade between the two countries is an indicator of the availability of great prospects to develop economic ties between the UAE and Australia. Al Mutaiwee added that in the light of these ...  >>MORE

UAE trade surplus with Japan declines by 15.5pc

Posted on 04/07/2002

The overall contraction in Japanese imports from the UAE has resulted in 15.5 per cent decline in the UAE's trade surplus from 12.3 billion in 2000 to 10.4 billion last year, according to the July issue of the Dubai Newsletter published by Japan External Trade Organisation. The Japan-UAE bilateral trade declined by 10.9 per cent to US$15.5 billion compared to US$17.4 billion recorded in 2000. The decline in trade has been attributed to the slide in the volume of Japanese crude oil imports ...  >>MORE

UAE trade exchange rises

Posted on 02/07/2002

The UAE's trade exchange has doubled in the past decade with non-oil trade share rising by 96 per cent to reach Dh 135.6 billion in the year 2001 against Dh 69.1 billion in 1991, according to a study by the Emirates Industrial Bank(EIB). Imports during the same period rose to Dh 101.8 billion last year from Dh 51.1 billion in 1991, while exports hiked by 66 per cent to amount to Dh 7.3 billion in 2001 compared with Dh 4.4 billion in 1991, the study indicated. Re-export trade also increased ...  >>MORE

Trade with France on the rise, says Chamber official

Posted on 01/07/2002

Dubai trade with France has doubled in the past years with import from the European country rising to Dh5,226 million in the year 2000 from Dh 1,821 million in 1996, according to a senior official at Dubai Chamber of Commerce and Industry. Figures show a 20 per cent hike in imports from France in 2000 as compared to 1999, Director General of Dubai Chamber Abdul Rahman Ghanim Al Mutaiw'ie said with satisfaction. Al Mutaiw'ie, who met with a French business delegation representing the ...  >>MORE

UAE second trade exhibition in Ethiopia to be held in October

Posted on 25/06/2002

The Second UAE Trade exhibition in Ethiopia will be held in October from 10-13, Dubai Chamber of Commerce and Industry announced yesterday. To be held in the Ethiopian capital, Addis Ababa, the exhibition is set to boost the two-way trade opportunities between the UAE and Ethiopia, said Abdul Rahman Ghanim Al Mutaiwee, General Director of Dubai Chamber of Commerce. About 15 firms have so far confirmed their participation in the exhibition. Bilateral trade between Ethiopia and the UAE recorded ...  >>MORE

UAE and Lebanon ink trade accord

Posted on 25/06/2002

The UAE and Lebanon have agreed to exchange endorsement documents of the economic, trade and technical agreement between their respective governments. A signing ceremony of the exchange minutes was held in Abu Dhabi yesterday at the Ministry of Foreign Affairs. Foreign Ministry Under Secretary Saif Saeed bin Saed, who signed for the UAE, hailed relations between the two countries. He said the agreement was a qualitative step in mutual cooperation and paved the way for the formation of a ...  >>MORE

Exports from Switzerland to UAE record 50pc rise

Posted on 24/06/2002

The UAE's imports from Switzerland have increased by 50 per cent from January to April in contrast to the same time last year. And it is watches that continue to be one of Switzerland's greatest exports, said Urs Schnider the Swiss consul in Dubai. More than Dh203 million worth of Swiss watches were imported to the UAE between January and April, said Schnider at the unveiling of the new range of watches from Swtizerland's Kolber Geneve. "This represents a 26 per cent increase on last year, and ...  >>MORE

Iran trade fair fetches deals worth Dh750m

Posted on 23/06/2002

The second UAE trade exhibition in Tehran held earlier this month has generated Dh750 million worth of business for participating companies, which, according to the organisers, is expected to reach Dh1 billion in a few months. Iran is one of the largest trading partners of the UAE and trade reached $3 billion (Dh11 billion) last year. The foreign investment law announced this month, which liberalises the Islamic republic's economy and opens it for investment, creates new opportunities for ...  >>MORE

Ajman reports trade surplus

Posted on 21/06/2002

The tiny emirate of Ajman has bucked the national trend in its non-oil foreign trade as its exports last year formed the largest component at more than 50 per cent of the total. Other emirates in the UAE -and especially the trading hub of Dubai - generally have imports accounting for about 74 to 75 per cent of total non-oil foreign trade worth Dh1.92 billion. In Ajman, exports and re-exports accounted for 54.53 per cent of trade in 2001, while imports accounted for 46.47 per cent - leaving ...  >>MORE

UAE-China agree to forge strategic trade partnership

Posted on 20/06/2002

Beijing - The UAE and China yesterday re-affirmed their commitment to broaden the scope of trade and commercial cooperation, particularly in the area of investments. At the end of the fourth meeting of the joint UAE-Chinese Economic Committee, the two sides agreed to forge an strategic partnership that would revolved around the strongest economic aspects of both countries, namely the UAE's capital and Chinese technology. "We are satisfied with the outcome of the meetings. The Chinese side ...  >>MORE

Fahim urges increase of UAE exports to China

Posted on 18/06/2002

Shanghai - Sheikh Fahim Al Qasimi, Minister of Economy and Commerce, today urged the need to increase UAE exports to China in order to equalise trade balance. During the meeting of the UAE-China Joint Committee in Shanghai, Sheikh Fahim said that the trade balance between the two countries was in favour of China and that there was a need for the UAE to hike exports of its industrial products to China. He asserted the importance for the UAE to benefit from the Chinese expertise in various fields ...  >>MORE

Island dispute won't hamper UAE-Iran ties

Posted on 11/06/2002

The dispute over the three Gulf islands occupied by Iran and claimed by the UAE, will not stand in the way of increasing trade ties, said Iranian Deputy Minister of Commerce Mojtaba Khosrowtaj, who inaugurated the Second UAE Trade Exhibition in Tehran yesterday at the Iran International Exhibition Centre. "The dispute on the three Gulf islands with the UAE is not going to hamper growing commercial ties between the UAE and Iran as both countries want to forge greater commercial ties," he said. ...  >>MORE

UAE-Iran trade poised for big leap

Posted on 09/06/2002

A 70-member high-level Dubai business delegation arrived in Tehran yesterday in a bid to further improve the already-strong commercial relations between the two Gulf neighbours. The visit of the trade delegation takes place under the directives of General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister. The visit coincides with the second UAE trade and industrial exhibition which is being held at Tehran International Exhibition Centre from June 10 to 13. ...  >>MORE

Abu Dhabi's non-oil trade grows 2.2pc

Posted on 06/06/2002

Abu Dhabi's non-oil trade grew by 2.2 per cent in 2001 despite a decline in exports and other global obstacles, while imports rose to Dh21.2 billion from the year-ago figure of Dh20.6 billion. The in-house magazine Economy of the Abu Dhabi Chamber of Commerce and Industry said that Arab states were the main markets for re-exports, receiving goods worth around Dh1.5 billion from the emirate. Saudi Arabia was the top trading partner with exports from the Kingdom standing at Dh2.85 billion, ...  >>MORE

Dubai's re-export trade with Iran rises to Dh9.7b

Posted on 06/06/2002

Re-export trade between Iran and Dubai has substantially increased to register an unprecedented figure of Dh9.7 billion in 2001, said Abdul Rahman Al Mutaiwee, Director-General, Dubai Chamber of Commerce and Industry, yesterday. Speaking at a Press conference to announce the details of the 2nd UAE Trade Exhibition in Iran, Al Mutaiwee, said, "Dubai, the re-exporting centre of the Gulf region, has a lot more to offer with its advanced business infrastructure and geographical location ." Iran ...  >>MORE

ADCCI reviews achievements

Posted on 02/06/2002

Dr. Sheikh Sultan bin Khalifa Al Nahyan, Chief of Abu Dhabi Crown Prince's Court and Honorary Chairman of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), yesterday lauded the role played by the ADCCI in strengthening the private sector to contribute to the nation's economic development. Sheikh Sultan was addressing the first meeting of the newly re-constituted ADCCI Board. He said that the Chamber had gone a long way and made many achievements in serving the private sector and the ...  >>MORE

UAE's trade surplus with Japan declines

Posted on 30/05/2002

The UAE's trade surplus with Japan has been narrowed to US$10.4 billion in 2001 from US$12.3 billion in 2000 due to a 13.3 per cent fall in exports to that country. Total trade slumped by almost 11 per cent to US$15.5 billion in 2001, mainly due to the slide in both value and volume of crude oil that Japan imported from the UAE. Crude oil alone contributed 62.8 per cent of the total trade between the two. The UAE slipped back to second place behind Saudi Arabia among Japan's regional ...  >>MORE

UAE-JORDAN to set up joint investment company

Posted on 25/05/2002

Amman - A fifty-million-Dollar joint investment company is to be set up here. A technical committee of the Supreme Council on Investment between the UAE and Jordan will present a plan on the project during its second meeting, to be held on Sunday. Twenty five million Dollars from the capital comes from subscription of shares, with Jordanian investors staking a quarter of the amount, while the rest belongs to UAE investors. During the meeting, the committee will set a date for the holding of the ...  >>MORE

UAE attracts over US$2b in Arab capital

Posted on 25/05/2002

The UAE has attracted more than US$2 billion in direct Arab capital and pumped over US$1 billion into fellow Arab League members since 1985 to become one of the biggest contributors to regional investment activity, a report quoted by "Gulf News" said. By the end of 2001, total direct Arab investment in the UAE stood at US$2.078 billion covering industry, farming, tourism, banking and other services, said the 2001 report by the Kuwait-based Inter-Arab Investment Guarantee Corp (AIGC). Lebanon ...  >>MORE

UAE-German trade posts 20-25pc annual growth

Posted on 21/05/2002

Bilateral trade between UAE and Germany has been growing at an annual 20-25 per cent, but the UAE needs to intensify efforts to improve its trade deficit, according to German officials. While Germany's exports to the UAE end-2001 stood at euro 2.9 billion, its imports from the UAE were valued at euro 190.6 million. The outlook for the short-term appears bright. "As long as there is no slump in the oil price, trade will go on solidly," said Dr. Alexander Muhlen, German ambassador to the UAE. ...  >>MORE

Beirut eyes US$500m in new UAE investment

Posted on 21/05/2002

The Investment Development Authority of Lebanon (Idal) yesterday announced that new UAE investments worth more than US$500 million are expected in the tourism and retail sector. Alan Bajjani, Idal deputy chairman, said Al Habtoor Group has applied at Idal for a hotel licence worth around US$80-US$100 million. The UAE investment group Elic has started building a resort in south Beirut area of Khalda, at around US$250 million. Majid Al Futtaim Group has also announced investments plans of ...  >>MORE

UAE major importer of non-oil products from Saudi Arabia

Posted on 20/05/2002

Riyadh - The UAE was the number one importer of non-oil products from Saudi Arabia last year, according to a Saudi Arabian daily. "Al Watan” quoted an official statistical report, which says that the UAE's import of non-oil products from Saudi Arabia last year stood at 12 per cent at a total cost of 30.9billion Saudi Riyal (US$8.18billion). The United States followed in the second place with SR2.2billion followed by Kuwait with SR1.53billion, England with SR1.19billion and India with ...  >>MORE

Hamdan says Dubai to sustain position as trade hub

Posted on 20/05/2002

Dubai will continue to sustain its position has a trade nucleus point, with the emirate following an open market policy and continuously improving the infrastructure, Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry said yesterday. Speaking at the opening session of a conference of the Lebanese International Business Council at the Dubai Chamber of Commerce and Industry, Sheikh Hamdan said Dubai is heading towards position itself as the focal point ...  >>MORE

Lebanon aims to boost trade with UAE

Posted on 14/05/2002

A conference of the World Lebanese Expatriate Businessmen's Council will be held on Sunday and May 29 at the Dubai Chamber of Commerce and Industry (DCCI). The conference, "Arab Economic and Investment Solidarity", will be attended by Dr. Basil Faleehan, who is the Lebanese Minister for Economy and Trade. The event is being held under the patronage of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry and Chairman of Dubai Municipality. The ...  >>MORE

US in sixth place in Dubai imports

Posted on 14/05/2002

With exports to Dubai dropping from Dh6.85 billion in 1996 to Dh4.86 billion in 2000, the US ranking has been lowered from the number one to the sixth among the supplier nations of the emirate. Abdul Rahman Saif Al Ghurair, first vice-president of the Dubai Chamber of Commerce and Industry, addressing a delegation of US businessmen from Detroit, led by the city's mayor Kwami Kilpatrick at the chamber premises, said imports from the US have suffered a setback with a decline of 19 per cent in ...  >>MORE

Landmark free trade agreement with Iraq endorsed

Posted on 06/05/2002

President His Highness Sheikh Zayed bin Sultan Al Nahyan has given the green light for local customs authorities to open up the market for Iraqi products by ratifying a landmark free trade accord signed by the two countries in November last year. A Federal circular issued by the President and published in the official media yesterday formally endorsed the agreement which experts said would largely boost trade and investment between the two Gulf Arab countries. Under the pact, Iraq's first ...  >>MORE

Dubai reports 12pc jump in trade outflow

Posted on 06/05/2002

More than Dh10 billion worth of goods - not including oil - have been exported and re-exported from Dubai during the first quarter of this year - representing a 12 per cent increase on the same period last year. From January to March last year, Dubai exported and re-exported just over Dh9 billion, says a report released yesterday by the Dubai Chamber of Commerce and Industry, on the sidelines of the International Spring Trade Fair, which opened here yesterday. The 12 per cent increase leads ...  >>MORE

UAE, Germany to boost economic ties

Posted on 05/05/2002

The UAE-German joint committee will hold its fourth meeting here next Saturday to explore ways of boosting bilateral economic and trade co-operation. Director of Foreign Ministry's Department for Economy and International Cooperation Mohammed Khalifa Al Suweidi said the UAE is Germany's second largest trade partner in the Arab world although German investment in the UAE is still limited in comparison with UAE's huge investment in the European country. He said that health, education, industry, ...  >>MORE

Abu Dhabi re-exports more goods

Posted on 01/05/2002

Abu Dhabi's non-oil trade in the first quarter of 2002 was mixed with a rise in re-exports and a decrease in imports and exports, according to official statistics. Imports into Abu Dhabi in value terms touched Dh4.82 billion against Dh5.25 billion. Exp-orts were worth Dh215.4 million, down from Dh328.8 million last year. Data showed lower imports of machinery, sound recorders, textiles and miscellaneous manufactured articles, while exports of vehicles, pieces of antique and photographic ...  >>MORE

ADCCI signs agreement with Nordic countries

Posted on 29/04/2002

The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the Nordic countries to set up a joint Follow-up Committee to improve the economic relations between the Emirate of Abu Dhabi and the four countries of the Nordic region. The agreement was signed by Mohammed Omar Abdullah, the ADCCI Director General, on behalf of the ADCCI. Dr. Tito Grono, Deputy Head of Mission of the Finland Embassy, Ulf Walden, Counsellor and Deputy Head of the Mission of Swedish Embassy, Flemming ...  >>MORE

Dubai body outlines plans to lure capital

Posted on 23/04/2002

The Dubai Development and Investment Authority (DDIA) has outlined four major action plans to attract local and foreign investments to develop Dubai into a world-class trade and finance hub, according to Mohammed Gergawi, chairman. The plans include developing strategies that will attract and support large investments, provide them with significant incentives and facilitate speedier licensing for new businesses. The plans also include building, owning and developing new businesses and ...  >>MORE

UAE-UK trade ties 'remain strong'

Posted on 23/04/2002

Trade relations between the Emirates and the UK remain strong. The UAE is a "huge" market for the UK, said Bill Henderson, director, Middle East North Africa Trade Partners (UK). The UAE remains the UK's largest market in the region. "Dubai is a very important market for the UK and we want to continue this close relationship," said Henderson at a meeting of the British Business Group (BBG). Henderson commended the work of the embassy and the BBG in promoting the UAE to UK businesses. "The ...  >>MORE

Call to boost UAE-Armenia trade ties

Posted on 22/04/2002

The economies of the UAE and Armenia have many things in common and both sides should work hard to co-operate in the fields of trade and industry with a view to achieve rapid developments in various sectors, said the visiting Armenian President Robert Kocharian during his talks with top officials of the Abu Dhabi Chamber of Commerce on Saturday evening. Mohammed Omar Abdullah, in his welcome speech, read out on behalf of ADCCI President Saeed Saif bin Jabr Al Suweidi, called on Armenia to carry ...  >>MORE

U.S. remains top exporter to Arab world

Posted on 22/04/2002

The U.S. has remained the top exporter of products and services to Arab states and the biggest recipient of their overseas investments although their political ties have been marred by the Middle East conflict, according to official figures. U.S. exports to the 21-nation Arab League stood at around US$17.2 billion in 2001, a growth of nearly 5.7 per cent over the previous year and more than 15 percent over 1990. The 2001 exports accounted for nearly 15 per cent of combined Arab imports, which ...  >>MORE

ADCCI signs MoU with World Trade Centre, Abu Dhabi

Posted on 08/04/2002

The Abu Dhabi Chamber of Commerce & Industry today signed a Memorandum of Understanding (MOU) with the World Trade Centre, Abu Dhabi. Mohammed Omar Abdullah said that the Memorandum set out the programmes of coordination and mutual cooperation between the Chamber and the WTC. The objectives of this MOU were mainly to draw up a concept for mutual benefit of all potential capacities available on both sides in order to contribute effectively to all the economic and social issues serving the ...  >>MORE

UAE's exports of soft drinks rising: EIB study

Posted on 08/04/2002

The UAE has now emerged as a net exporter of soft drinks (exports are almost twice the net imports), with exports having doubled in the five years between 1995 and 2000, according to a new study by the Emirates Industrial Bank (EIB) Journal on the UAE Beverages Industry. The EIB study noted that the exports are, however, mostly within the region, and soft drinks products are being primarily sold in those GCC countries which do not have their own sufficient production facilities for carbonated ...  >>MORE

Wider role for Dubai Authority for Investment and Development

Posted on 07/04/2002

His Highness Sheikh Maktoum bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree No. 2 of 2002, establishing the Dubai Authority for Investment and Development. Articles 3 of the decree outlines objectives of the authority, which focuses on promoting Dubai as an international trade and financial hub and attracting foreign and local investments. The tasks of the new authority will be working out strategies and policies for attracting and ...  >>MORE

Maktoum issues decree setting up Dubai Authority for Investment

Posted on 06/04/2002

His Highness Sheikh Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree No. 2 of 2002, establishing Dubai Authority for Investment and Development. Article 3 of the decree outlines the objectives of the authority, which focuses on promoting Dubai as an international trade and financial centre and attracting foreign and local investments. The functions of the new authority will be laying down strategies and policies for attracting and encouraging major ...  >>MORE

Japan's FDI in UAE exceeds US$1b

Posted on 01/04/2002

Japan's foreign direct investment (FDI) in the UAE is currently over US$1 billion, mainly in the oil and gas sector but further investments will be made only after Japan rides out its recession, a top Japanese government official said. Meanwhile, trade between Japan and UAE will touch US$17 billion end-2001, level with the previous year's figures. Masato Akazawa, executive vice-president, Japan External Trade Organisation (Jetro) said although Japanese companies are interested to invest in ...  >>MORE

Sri Lankan tea exports to UAE record good growth

Posted on 30/03/2002

The Ceylon Tea Bureau has had an office in Dubai for more than 20 years to ensure that the trade of Sri Lankan tea continues to grow in the region. In recent years, the bureau has experienced a boost in the amount of tea making its way from the shores of Sri Lanka to the UAE. According to tea export figures from the bureau, the UAE was ranked second on its list for 2000. Leading the list was Russia with a total of more than 45 million kilograms, following was the UAE with more than 39 ...  >>MORE

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Quick List

Masafi set to begin exports to Japan


UAE-Australian ties


UAE trade surplus with Japan declines by 15.5pc


UAE trade exchange rises


Trade with France on the rise, says Chamber official


UAE second trade exhibition in Ethiopia to be held in October


UAE and Lebanon ink trade accord


Exports from Switzerland to UAE record 50pc rise


Iran trade fair fetches deals worth Dh750m


Ajman reports trade surplus


UAE-China agree to forge strategic trade partnership


Fahim urges increase of UAE exports to China


Island dispute won't hamper UAE-Iran ties


UAE-Iran trade poised for big leap


Abu Dhabi's non-oil trade grows 2.2pc


Dubai's re-export trade with Iran rises to Dh9.7b


ADCCI reviews achievements


UAE's trade surplus with Japan declines


UAE-JORDAN to set up joint investment company


UAE attracts over US$2b in Arab capital


UAE-German trade posts 20-25pc annual growth


Beirut eyes US$500m in new UAE investment


UAE major importer of non-oil products from Saudi Arabia


Hamdan says Dubai to sustain position as trade hub


Lebanon aims to boost trade with UAE


US in sixth place in Dubai imports


Landmark free trade agreement with Iraq endorsed


Dubai reports 12pc jump in trade outflow


UAE, Germany to boost economic ties


Abu Dhabi re-exports more goods


ADCCI signs agreement with Nordic countries


Dubai body outlines plans to lure capital


UAE-UK trade ties 'remain strong'


Call to boost UAE-Armenia trade ties


U.S. remains top exporter to Arab world


ADCCI signs MoU with World Trade Centre, Abu Dhabi


UAE's exports of soft drinks rising: EIB study


Wider role for Dubai Authority for Investment and Development


Maktoum issues decree setting up Dubai Authority for Investment


Japan's FDI in UAE exceeds US$1b


Sri Lankan tea exports to UAE record good growth