Volume # 11 | November, 2013

UAE Freezones Biz News Updates

Eight-month record for Dubai Chamber

Trade between UAE free zones and duty free shops and the customs territory of Dubai climbed to Dh9.3 billion. — Supplied photo

Exports hit Dh189.3b; Saudi Arabia biggest market

The cumulative eight-month total exports and re-exports of Dubai Chamber of Commerce and Industry members increased by five per cent reaching the highest value of Dh189.3 billion in 2013, according its latest study.

This is the highest figure recorded for the period, surpassing the previous record of Dh181 billion in 2012, which clearly demonstrates that Dubai’s trade sector continues to prosper. Meanwhile, the value of the members’ exports and re-exports in August was Dh20.5 billion.

The popularity of GCC countries as export destinations grew further in 2013, with the eight-month total export to the region aggregating 58 per cent and registering an 18 per cent growth to reach Dh109 billion. Leading the group was Saudi Arabia, acquiring 54 per cent of the members’ total exports and re-exports to the GCC with the value of Dh58.7 billion, or 31 per cent of the period’s total exports and re-exports around the world.

Saudi Arabia’s dominance as export destination of members was followed by Qatar with 16 per cent, Kuwait with 12 per cent, the UAE with nine per cent, Oman with six per cent and Bahrain with three per cent.

Qatar was the second-largest export destination with a significant year-on-year increase of 30 per cent reaching Dh17.6 billion and pushing the country’s share to nine per cent of the total export and re-exports during the period. Kuwait was third with Dh12.9 billion, a growth of 12 per cent, while the number of certificates of origin, COs, issued for exports to the country increased by nine per cent compared to the same period last year. During the first eight months of 2013, 168,065 COs were issued for shipments to Saudi Arabia that is equivalent to 30 per cent of the total number of certificates issued during the period. The total number of COs issued for the members for shipment to Qatar was 80,797 certificates.

Although Bahrain remained as the smallest export market in the region, it was the fastest growing. The year-on-year growth of 46 per cent pushed the total value to Dh3.6 billion. Similarly, the number of COs issued to exports to the country increased by 62 per cent to 37,908.

Trade between free zones and duty free shops in the UAE and the customs territory of Dubai inched up by two per cent to Dh9.3 billion, while the number of COs issued rose by 10 per cent to 25,486.

Hamad Buamim, director-general of the Dubai Chamber, said that, once again, Dubai’s trade sector continues to lead the economic growth of the emirate as these figures are testimony to the unsurpassed role played by the sector in supporting other sectors. The Dubai Chamber’s efforts in opening up representative offices and its exploring of emerging markets for its members are also behind the upbeat performance of the trade sector in the emirate.

Oct 9, 2013

Free Zones Of UAE

Volume # 11 | November, 2013

UAE Freezones Biz News Updates

Courtesy Khaleej Times

Emirates Of UAE

Business

UAE Offshore