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THE ECONOMY - TRADE

UAE's re-export sector sluggish, long term outlook positive

Posted on 03/09/2001

UAE's re-export sector has shown signs of sluggishness in recent times, mainly due to slowdown in destination markets and stagnation in some key sectors. However, the long-term outlook for the re-exports sector is positive, according to a new study by the Journal of the Emirates Industrial Bank (EIB). The study noted that in 1999, re-exports registered a marginal decline. "At around two per cent, the decline though only slight, nevertheless indicates a current standstill in the re-export ...  >>MORE

UAE, Australia trade exchange rises 74 per cent to Dh1.8 billion

Posted on 02/09/2001

Trade exchange between the UAE and Australia has witnessed an increase of 74 per cent during the recent years, rising from Dh1.4billion in 1995 to Dh1.8billion in 1999, according to Abdul Rahman Ghanim Al Mutaiwee, Director General of the Dubai Chamber of Commerce. He received Dr Geoff Gallop, Prime Minister of West Australia and his accompanying delegation. The number of tourist from the UAE to Australia stood at 30,000 last year, while the Australians heading for the Emirates totalled to ...  >>MORE

High-level exchanges to boost Indo-UAE ties

Posted on 29/08/2001

India and the UAE are poised to raise their relationship to a higher level with consistent and constant interaction and exchange of visits after the recent talks held here by Indian Home Minister LK Advani, according to Indian Ambassador Kishen Chander Singh. The Indo-UAE relationship has evolved over the years as part of the natural course of events in view of the historic interaction between them, but it is time a new impetus is given towards continued engagement on a level that is warranted ...  >>MORE

UAE tops Bahrain's transit trade list

Posted on 25/07/2001

The UAE maintained for the second running year its leading position in the list of Bahrain's transit trade with other GCC states. According to figures released by Bahrain Central Statistics Bureau the value of transit trade between Bahrain and other GCC countries stood at BD 14.8 million in the first half of 2001 compared to BD 23.4 million during 2000. ' The UAE accounted for BD 10.3 million (69.3 per cent) of the total trade in the first six months of the year. Last year's figure was BD 13.1 ...  >>MORE

Japanese car imports to UAE rise 7% in 2000

Posted on 25/07/2001

Japanese car imports to the UAE in 2000 grew 7 per cent with $622 million-worth petrol cars and US$57 million-worth diesel models coming into the Emirates. "The import of diesel cars increased by a phenomenal 30 per cent," last year, a press statement from the Dubai World Trade Organisation (DWTC) said, quoting data from the Japan External Trade Organisation (Jetro). Gulf Cooperation Council countries imported US$ 2.2 billion (Dh8 billion) worth Japanese cars in 2000, with overall imports ...  >>MORE

UAE-Japan trade leaps 53.1 per cent to US$17.4b

Posted on 23/07/2001

Higher crude prices have driven up the two-way trade between Japan and the Gulf countries to US$49.66 billion against US$33.1 billion in 1999, a surge of 49.8 per cent. "This surge was attributed mainly to the rise in the price of mineral fuels that Japan imported from the GCC (Gulf Cooperation Council) countries," said an annual report issued by the Japan External Trade Organisation (Jetro) on Sunday. The surge also put the UAE in the forefront as Japan's leading trading partner once again ...  >>MORE

UAE Syria to boost trade, investment

Posted on 18/07/2001

The UAE and Syria agreed following high level talks to boost joint economic investment co-operation. They said the agreement was reached a the end of meetings of the higher Syrian-Emirates commission co-chaired by Khaled Raad, Deputy Syrian Prime Minister for Economic Affairs and Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Information and Culture. Sheikh Abdullah expressed satisfaction on the outcome of the meetings and stressed on the necessity of follow-up of what have been agreed ...  >>MORE

ADCCI gets new logo

Posted on 15/07/2001

Abu Dhabi Chamber of Commerce and Industry (ADCCI) unveiled a new logo as part of the changes in its structure and identity. The announcement, made by Mohammed Omar Abdullah, director-general of ADCCI, said the changes in the structure and the new logo were made in conformity with the vision and new strategy approved by the chamber's board of directors recently. The new logo eyes to promote business activities and the economic sectors in Abu Dhabi emirate, and enhance its status as a ...  >>MORE

ADDAR deal for Abu Dhabi trade centre

Posted on 08/07/2001

ADDAR Real Estate Services, the first institutional real estate developer in Abu Dhabi, will be developing the Abu Dhabi World Trade Centre, ADWTC, in partnership with the General Exhibitions Corp, GEC, and other institutional investors. The first phase of the Abu Dhabi World Trade Centre will cost more than Dh400 million and involves the development of a 100,000 square metre mixed-use space, including offices, serviced apartments and a 5,000 square metre retail and entertainment complex. ...  >>MORE

UAE import from France records 50% rise

Posted on 08/07/2001

UAE's import from France has increased by 50 per cent as compared to last year's, it was disclosed by Abdul Rahman Ghanim Al Mutaiwee, Director General of the Dubai Chamber of Commerce and Industry, DCCI, during a meeting with Edward Sicat, French Consul General,. Al Mutaiwee said that UAE's import from France last year stood at seven billion Dirhams, 80 per cent of which was through Dubai. During the meeting, they discussed trade relations between the UAE and France. They also discussed ...  >>MORE

Ras Al Khaimah to require licences for branch offices

Posted on 02/07/2001

All companies which open branches here should get a trade licence from the Municipality, a senior municipal official said. From now on, there will be no difference in issuing trade licences for a company headquarters or for branches if their main offices are located in other emirates, said Mubarak Ali Al Shamsi, Director-general of Ras Al Khaimah Municipality. Until now, branch offices were mentioned in the licence issued in the name of the main office registered in Ras Al Khaimah. It was ...  >>MORE

UAE-Japan trade rises 53.15% to Dh63.86b

Posted on 19/06/2001

Two-way trade between Japan and the UAE rose by 53.15 per cent in 2000 to USUS$17.4 billion (Dh63.86 billion) from USUS$11.4 billion in 1999, with the balance of trade tilted in favour of the Emirates, thanks to oil prices ruling high. Japanese exports which had declined in 1999 however showed a slight growth of one per cent last year. Japan imports mostly mineral fuels from the UAE and trade surplus in favour of the Emirates has been a feature for several years now. Last year-end, the ...  >>MORE

UAE Iraq to sign free trade zone deal

Posted on 17/06/2001

Iraq will soon enter into an agreement with the UAE for the establishment of a free trade zone, Iraqi Trade Minister Mohammed Mehdi Saleh said. The establishment of a free trade zone would be a significant milestone in the light of the growing relations between Iraq and the UAE which resumed after a 10-year break. Iraq has already entered into similar agreements with Egypt and Saudi Arabia and is in talks with Jordan to set up a free trade zone. The volume of Arab trade with Iraq during ...  >>MORE

UAE-Malaysia trade grows 39pc to US$1.16b

Posted on 12/06/2001

Driven by a major surge in imports from the UAE, Malaysia's trade with the Emirates rose 39 per cent last year to US$1.16 billion from US $837 million in 1999. According to Mohamed Mustafa Abdul Aziz, consul-general of Malaysia, UAE's two-way trade with Malaysia last year represented 3.17 per cent of the Emirates' global trade. While Malaysian exports to the UAE touched US $859 million in 2000, up 19.27 per cent over 1999 valued at US $720 million, imports from the Emirates surged from US $117 ...  >>MORE

Fujairah trade registers growth

Posted on 11/06/2001

Fujairah's trade totalled Dh2.38 billion last year when nearly four billion kilos of goods were processed – a major improvement on previous years. During the period Fujairah had about Dh1.11 billion worth of imports and just over Dh326 million of exports, while almost Dh940 million worth of re-exports passed through the ports according to a report in the latest Al Gorfa magazine, issued by the Fujairah Chamber of Commerce and Industry and Agriculture. Imports made up 47 per cent of the foreign ...  >>MORE

UAE establishes new measurement and standards Department

Posted on 10/06/2001

Sheikh Hamdan Bin Rashid al Maktoum, Dubai Deputy Ruler and Minister of Finance and Industry today said that the UAE's joining of the World Trade Organisation, WTO, had prompted some changes in the UAE industrial regulations. In an article published in the new edition of the Industrial Affairs magazine, Sheikh Hamdan said that the changes included the creation of a new measurements and standards department with the aim of increasing the competitiveness of UAE products in world markets. He said ...  >>MORE

UAE trading sector expands at exceptional rate

Posted on 03/06/2001

The UAE trading sector expanded at an exceptional rate in the last decade with merchandise imports growing at an average rate of around 11 per cent per annum between 1990 and 1999, which was not only the highest in the GCC region and the Middle East, but also one of the highest in the world (very few countries have recorded double digit import growth rate for an entire decade), according to new study by the Journal of the Emirates Industrial Bank, EIB. The EIB study noted that export growth ...  >>MORE

UAE-France trade make rapid strides

Posted on 21/05/2001

France's transport sector exports to the UAE have taken off in the past four years, according to Jean Francois Thibault, the outgoing French Ambassador. The UAE is France's biggest market in the region. French exports have surged 140 per cent since 1997. Edward Sicat, Consul General, explained that exports had increased to about Dh7.25 billion last year from Dh3 billion in 1997. Contracts between Emirates airline and the 35 per cent French-owned Airbus have contributed much to the increase. ...  >>MORE

Indo-UAE trade put at Dh10b

Posted on 19/05/2001

The volume of trade exchange between the UAE and India last year was about Dh9.6 billion, said Ahamed Abdullah Al Mousali, ambassador of the UAE in India. Speaking to Al Khaleej at the embassy in India, Mousali added the total of export and re-export of the UAE to India stood at about Dh4 billion and imports at Dh5.6 billion. Mousali said the oil export to India was put at Dh2 billion in 2000, indicating the deficit in trade balance between the two countries is Dh593 million. He added India ...  >>MORE

UAE-Philippines trade grows

Posted on 28/04/2001

UAE-Philippines trade has grown tremendously in recent years. "Trade figures show considerable potential for expansion. More Philippine manufacturers and exporters are now venturing into the UAE market in the same way as UAE traders are doing business with the Philippines," said Philippine Commercial Attaché Salvador Quiniquini. The Philippines' trade with the UAE rose 136 per cent in 2000. Total product exchange soared to US$956.07 million compared with US$405.22 million in the previous ...  >>MORE

UAE-Australia trade increasing

Posted on 25/04/2001

UAE exports to Australia rose to 961 million Australian dollars in 2000 from 288 million dollars in 1999, an Australian annual trade report said. "Australian exports to the UAE grew by 26.2 per cent to 1.021 billion dollars from 809 million dollars, bringing the trade deficit between the two countries down to 60 million dollars in favour of Australia,” said the 2001 report of the Australian Foreign and Trade Ministry. The report said that Australia's trade with Arab countries had seen ...  >>MORE

UAE Indonesia trade set to rise

Posted on 24/04/2001

Indonesia's bilateral trade with the UAE is expected to receive a major boost with the re-opening of the country's trade centre in Dubai shortly. The decision to do so was prompted by the increasing potential of two-way trade – Indonesia's exports to the UAE have grown form US$836 million in 1998 to US$874 million in 1999. The UAE exported US$50 million and US$55 million to the Asian country during the same period. The trade centre was closed during the Asian financial crisis in 1997. To ...  >>MORE

HK’s trade with UAE soars 33 pc

Posted on 24/04/2001

Despite the slow recovery in the region's economies, Hong Kong's trade with the UAE has crossed the US$1 billion mark last year, a healthy 33.1 per cent growth over 1999. Exports from Hong Kong to the UAE accounted for US$1.05 billion while imports accounted for US$522 million. Hong Kong's principal exports to the UAE are watches and clocks, radios, telecommunications equipment and parts, toys, games and sporting goods, audio and video recorders and players and manufactured articles. Economic ...  >>MORE

UAE-Korean trade up 61%

Posted on 16/04/2001

UAE-Korean trade has risen 61 per cent to US$6.669 billion (Dh24.47 billion) in 2000 from US$4.119 billion in 1999.Kwon Hong Park, who is leading a contingent of 21 Korean exhibitors to the International Spring Trade Fair to be held in Dubai next month said that UAE's imports from Korea rose from US$1.49 billion in 1998 to US$1.99 billion last year, while UAE exports to Korea more than doubled during the period from US$2.12 billion to US$4.7 billion in 2000. The uptrend was sustained in the ...  >>MORE

Abu Dhabi trade grows marginally

Posted on 08/04/2001

Figures released by the Abu Dhabi Customs for the year 2000 show a increase in total trade of 0.22 per cent to Dh2,278.94 million, from Dh2,2731.11 million in 1999, according to a report published in Abu Dhabi Economy, the monthly magazine of the Abu Dhabi Chamber of Commerce and Industry. Imports during the year fell short by Dh612.28 million (-3 per cent) to Dh2,0629.70 million, from Dh2,1241.98 million. Imports from all major countries declined, the report said. They included Japan, ...  >>MORE

Taiwanese exports to UAE go up

Posted on 12/03/2001

Taiwanese exports to the UAE were up 13 per cent in 2000 at $812 million while imports were to the tune of $693 million, up by 36 per cent. Trade statistics released by China External Trade Development Council (Cetra), said on Sunday the total trade between Taiwan and the UAE stood at $1.5 billion, up by 22.5 per cent as compared to 1999. Taiwan's major exports to the UAE were fabrics, computers, peripherals, telecommunication equipment, auto parts, electrical and electronic components and ...  >>MORE

Non-oil role in Dubai's 2010-30 GDP seen at 100%

Posted on 28/02/2001

For Dubai, 1996-2015 will be a crucial time span in the economic history with industrial diversification leading the emirate hinging its GDP growth completely on the non-oil sector, a presentation made by a senior official. Outlining a projected Dubai vision, Essa Kazim, director-general of the Dubai Financial Market, said the non-oil sector's contribution to the GDP is expected to be 100 per cent between 2010-2030. He said already the non-oil sector's contribution to the GDP was on the rise -- ...  >>MORE

UAE enforces import authentication fee

Posted on 21/02/2001

The UAE has begun enforcing a fee to authenticate import documents locally. The fee ranges from Dh100 to Dh2,000 — or a maximum of one per cent, which, when added to the four per cent import duty, brings the total import cost to five per cent. On instructions from the Ministry of Finance and Industry, banks have been asked by the Central Bank to release import documents to traders only after the collection of the authentication fees. The instructions are effective from yesterday. The revenues ...  >>MORE

UAE imports from Philippines up 23%

Posted on 14/02/2001

Exports from the Philippines to the UAE went up by 23.16 per cent at US$78.92 million (Dh289.6 million) during January-December 2000 against US$64.06 million in the previous corresponding period. Practically all items in the export basket to the UAE registered a rise. Garments were the top earners at US$21.04 million rising by 30.84 per cent, while food products ranked second at US$20.32 million, up by 8.83 per cent. Exports of electronics were valued at US$18.4 million which rose by 26.39 per ...  >>MORE

UAE-UK Trade hits record

Posted on 13/02/2001

Trade between the UAE and Britain broke new records last year, with exports to Dubai rising 22 per cent and to Northern Emirates up to 26 per cent, according to newly released figures from Trade Partners UK, a press release from British Embassy in Dubai said. These figures reflect the strong links between the UK and the UAE which along with Saudi Arabia is Britain's largest market in the region, it said. Trade performance were reviewed at a meeting between Obaid Al Tayer, President of Dubai ...  >>MORE

Dubai's non-oil trade up almost 10 pc in 1999 period

Posted on 10/02/2001

Dubai's non-oil trade rose 9.95 per cent in volume to 6.08 million tonnes during the first five months of 1999, although in value terms the figure was almost flat, up a marginal 0.06 per cent to Dh36.07 billion. Data issued by the Dubai Department of Ports and Customs showed re-exports surging 26.6 per cent to 0.91 million tonnes, and exports advancing 19.8 per cent to 0.61 million tonnes. Imports rose 6 per cent to 4.56 million tonnes. In value terms, imports rose 0.3 per cent to Dh27.26 ...  >>MORE

UAE is Japan's largest trading partner

Posted on 07/02/2001

The UAE has emerged as the largest trading partner of Japan in the Gulf Co-operation Council, GCC, region in the first six months of 2000. According to statistics released by the Japan External Trade Organisation, Jetro, Dubai, UAE's share in Japan's trade in the region accounted for 35.9 per cent of Japan's total trade in the GCC region. During the first half of 2000, UAE's trade with Japan surged by 74 per cent from US$4.75 billion (Dh17.43 billion) in the first half of 1999 to US$8.2 billion ...  >>MORE

Abu Dhabi posts big jump in non-oil trade

Posted on 04/02/2001

Abu Dhabi's non-oil trade has taken a quantum jump in imports and re-exports during year 2000 reflecting the emirate's buoyancy in trade. According to latest statistics released by Abu Dhabi Customs imports during 2000 were valued at Dh982.17 million compared to Dh638.37 million in 1999, representing a 54 per cent growth. Similarly, the re-ports during the 2000 climbed to Dh1.17 billion compared to Dh850.75 million in 1999, a 38 pre rise. On the other hand, exports declined three per cent ...  >>MORE

UAE likely to have single customs authority

Posted on 28/01/2001

The UAE will have a single Customs Authority instead of seven independent authorities for different emirates, as is the case now. The new entity could function under the ministry of trade or finance, or be an independent authority or even a ministry, according to Dr Obaid Saqer Busit, Chairman of the World Customs Organisation (WCO) Council and Director-General of Department of Dubai Ports and Customs. The constitution of the new body is likely to be completed by the end of next year, well ...  >>MORE

UAE reserves right to impose duties

Posted on 20/01/2001

Although the UAE is commitment to GATT agreements since it joined the World Trade Organisation in 1996, the country still has the right to impose special customs duties on imports to protect the national industrial production against the dumping of cheap imports in the local markets, according to Sheikh Fahim bin Sultan Al Qasimi, Minister of Economy and Commerce. "The UAE has removed all obstacles in the trade of industrial products. The country, in accordance with the WTO rules, has reserved ...  >>MORE

UAE-Japan trade shoots up 137.4 per cent

Posted on 08/01/2001

The UAE's favourable balance of trade with Japan surged by a massive 137.4 per cent in the first half of the year 2000 to reach US$5,717.5 million – on the strong oil prices. The balance of trade in favour of the UAE has stood at US$2,408.4 million in the first half of 1999. The impact of the high oil prices also reflected on UAE's trade with Japan, which consequently rose by 74.11 per cent during the first six months of 2000 to US$8,284 million, compared to US$4,758 million during the same ...  >>MORE

Japan, France top markets for Dubai

Posted on 07/01/2001

Japan and France were Dubai's biggest trading partners during the first quarter of 1999, followed by the UK, the US and China. The value of Dubai's imports from Japan was Dh1.6 billion while that of France was Dh.1.3 billion. The top ten source markets made up 66.4 per cent of Dubai's imports during January to March 1999, according to figures provided by the statistics unit of the Dubai Customs Department. The emirate had and overall import bill of Dh16.33 billion for a 76 per cent share of ...  >>MORE

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