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Dubai: Dubai is defying the global economic downturn and demonstrating impressive trade growth.
In the first half of 2008, the value of exports and re-exports rose to £15 billion (Dh103.8 billion), a 50 per cent jump compared to the £10 billion in the same period last year.
In the current climate of economic uncertainty, the outlook is still very positive for Dubai's trade sector, according to a report just released by the Dubai Chamber of Commerce and Industry (DCCI).
In addition to overall growth, exports alone increased by 36 per cent to £4.9 billion compared to the same period last year.
The UK remains one of the largest suppliers of exports to Dubai and trade continues to be buoyant. According to latest figures, UK exports to the emirate total around £3 billion, based on figures at the end 2007, illustrating a double-digit percentage rise on the previous year, and 2008 is likely to be another strong year.
Dubai's international trade jumped 30 per cent between 2006 and 2007 (£69.7 billion to £90.7 billion), with India and China dominating the market with a combined share of nearly a quarter (23 per cent) of Dubai's total trade in 2007. The other eight largest trading partners - United States, Japan, Iran, Germany, Britain, Switzerland, Saudi Arabia and South Korea represented a combined share of 31 per cent.
The DCCI's membership has also expanded by 13.4 per cent, from 101,899 in January to 115,595 by the end of June, reflecting both the booming domestic business sector and the strategic growth and diversification of Dubai's economy in line with the 2015 Strategic Plan, which sets out the future economic growth of the emirate.
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