Thursday, August 17

Dubai exports, re-exports increase 18.4% despite global tensions

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In September alone, members’ exports and re-exports increased 30 percent over September 2010, and increased 5.7 percent over the previous month

Dubai Exports and re-exports by members of the Dubai Chamber of Commerce and Industry increased 18.4 percent during the first nine months of the year over the same period last year, Hesham Al Shirawi, second vice-chairman of the Dubai Chamber, said.

Speaking at the Dubai Chamber’s third Economic Seminar of 2011, Al Shirawi added that exports and re-exports reached Dh184.2 billion between January and September, in comparison to Dh155.6 billion during the comparative period last year.

In September alone, members’ exports and re-exports increased 30 percent over September 2010, and increased 5.7 percent over the previous month. He said these figures were a good indication that Dubai was on track to achieve its forecast economic growth of 3 to 5 percent this year. However, Al Shirawi added that persistent efforts to drive business growth were necessary in order to support the economy.

“External pressures continue to exist, particularly in the Eurozone, which are causing tension across world markets. Measures have been put in place to protect Dubai’s economy from global pressures, but we must remember our position on the world stage and seek to encourage new business growth to diversify and further strengthen the economy,” he said.

“The Dubai Chamber takes its job as a supporter and protector of the business community seriously and providing our members with up-to-date information about current economic conditions is part of that.”

New opportunities

The seminar discussed how Dubai exporters and re-exporters were urged to strengthen contact with their partners in the Middle East and North Africa (Mena) to benefit from new opportunities in these markets. Likewise, traders who diversify their markets and tap into opportunities in new foreign markets will be able to position themselves to benefit from any future increase in world trade.

Markets where Dubai has an advantage include Iraq, Qatar and Belgium, and products include precious metals and stones, sugar and confectionary. On the other side, the bilateral economic benefit of Moroccan and Jordanian membership in the GCC was one of the seminar’s main focuses. It found that economic integration would not only benefit these two countries but would also help the GCC’s overall transition to post-oil diversification.

Benefits with Morocco’s inclusion are its proximity and close economic relationship with Europe and the United States, abundant natural resources, stable macroeconomic conditions and relatively low-cost skilled labour. Jordan’s benefits include its skills in ICT, education and knowledge-based industries.

Irfan Al Hassani, a UAE based economic expert, told Gulf News: “There is no surprise in the remarkable growth in the trade sector and especially in the UAE. With the sustainable support to the public expenditure, the spirit of the economy is back, as well as confidence in the market, which in turn will revive the trade sector.”

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