Business | Economy
Dubai bucks global trade trend
Dubai's business climate continues to show a positive outlook amid global economic uncertainties, as the value of exports and re-exports of commodities grew to Dh109.6 billion in the first half of 2008 from Dh72.9 billion during the first six months of 2007.
- Staff Report
- Published: 20:34 July 20, 2008
Dubai: Dubai's business climate continues to show a positive outlook amid global economic uncertainties, as the value of exports and re-exports of commodities grew to Dh109.6 billion in the first half of 2008 from Dh72.9 billion during the first six months of 2007.
A report released by Dubai Chamber of Commerce and Industry said the value of exports of its 6,592 members also climbed 17 per cent, from Dh49 billion in the first quarter to Dh57.6 billion in the second quarter this year.
A year-on-year comparison showed that total exports in the first quarter of 2008 was 36 per cent higher than the Dh36 billion recorded during the same quarter in 2007, while the second quarter exports showed a 44 per cent growth over the value recorded in the same period last year.
Saudi Arabia was the largest destination of Dubai exports in the GCC area, followed by Qatar, Kuwait, Oman and Bahrain.
Dubai Chamber's membership has likewise expanded by 13.4 per cent, from 101,899 in January 2008 to 115,595 by the end of June this year.
This apparently led to the increase in the number of certificates of origin issued by Dubai Chamber that grew to 315,674 in June 2008 from 270, 976 in the same period last year.
"This remarkable increase in the number of membership and certificates or origin and its related value reflects on the strategic growth of Dubai's economy," Dubai Chamber director-general Hamad Bu Amin said in a statement.
He added that the growing membership highlights Dubai Chamber's "role of positioning the city on the world economic map."
Among the businesses in the UAE, the manufacturing sector bags the highest share (19 per cent) in the UAE's non-oil gross domestic product.
The trade sector comes second (15.1 per cent), followed by government services (12.9 per cent); real estate and business services (12.9 per cent); construction (11 per cent); transport and communication (10.2 per cent); financial sector (9.3 per cent).
Making up the lower end of the ranking is agriculture (4.3 per cent); restaurants and hotels (2.8 per cent); electricity, gas and water (2.7 per cent); social services (2.6 per cent) and domestic services (0.9 per cent).
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