Gulf News reader Norberto L. Lingcaso Jr. took this shot while travelling on the Dubai Metro. He said: “I was going to Jebel Ali and I thought of capturing the colourful buildings along Shaikh Zayed Road.” Image Credit: Norberto L. Lingcaso Jr/Gulf News Reader
Dubai: Dubai trade remains robust, showing consistent signs of improvement in 2010, latest result released by Dubai authorities confirmed.
Comparing it to the first nine months in 2009, UAE non-oil trade jumped to Dh540 billion in September 2010, growing 11 per cent. Exports increased by 39 per cent, re-exports rose by 19 per cent while imports recorded a 5 per cent increase, according to the latest statistics released by the Federal Customs Authority (FCA).
This result points to an export sector that has been gathering momentum despite the global economic downturn.
The authority said such developments were very encouraging as they proved that the UAE business environment was as strong as ever and the emirate was a viable investment destination.
The growth in trade was attributed to the ongoing demand and supply of food products and basic consumer items which have not been affected by the economic meltdown,
According to Hamad Bu Amim, Director-General of the Dubai Chamber of Commerce and Industry, the increasing exports and re-exports in the first nine months of 2010 is "a strong indicator of the emirate returning to the basic export sector which is one of the driving forces behind Dubai's economic recovery."
Bu Amim added: "The export and re-export figures, which are quite higher than last year, clearly indicate that the economy is getting closer to the pre-crisis era and [that] augurs well for the future economic growth of the emirate as this upward trend will send a wave of confidence to investors while reaffirming Dubai's position [as] a sound investment destination."
Economic adviser Dr Mohammad Al Asoomi told Gulf News that despite the impact of the economic crisis on the UAE market the effect on the trade sector was not that big.
"The outcomes of the trade sector for 2010 are a clear remark that UAE market is on the recovery path putting the financial crisis back," he said.
Al Asoomi attributed the growth in trade to the increase in local market demand.
"The growth in trade relies on demand and supply of food products and basic consumer items which have not been affected by the economic meltdown," he added.
Essential role
He also stressed that Emirates Aluminum (Emal) plays an essential role in increasing UAE export.
Businesses in the UAE are returning to normalcy, which is eventually leading to growth in export figures and 2011 will witness a remarkable surge in exports and re-exports as the whole economic situation in the region improves alongside with increases in the price of oil, Al Asoomi added.
"With the port and airport capacity, the UAE will remain the main business hub in the region with no alternative," Asoomi added.
Moreover, the Dubai Chamber of Commerce and Industry has announced that Dubai has been attracting an increasing number of investor
The number of companies registered with the Chamber rose nine per cent to 118,000 in 2010. It is expected that the number of companies will reach 124,000 by 2011, the Dubai Chamber said.
