Business | Economy
UAE becomes Gulf trading hub
The UAE is the hub and gateway for GCC trade accounting for the bulk of cargo accessing the markets, a senior official said on Saturday.
- By Ahmed A. Elewa, Staff Reporter
- Published: 23:33 January 26, 2008
Abu Dhabi: The UAE is the hub and gateway for GCC trade accounting for the bulk of cargo accessing the markets, a senior official said on Saturday.
"According to our data, other GCC countries claimed Dh1.32 billion in customs duties from the UAE, while the country only claimed Dh175 million, reflecting the amount of goods that went to other GCC countries through the UAE, relative to other access points," said Saeed Khalifa Al Merri, deputy director general of the Federal Customs Authority.
The UAE's net position after settlement exceeds Dh1.14 billion. Dubai alone accounts annually for more than eight million containers for re-exports and transit goods.
The total value of goods passing through the UAE to other Gulf states was more than Dh26 billion in 2007, and the total value of imported goods through other GCC countries stood at Dh3.5 billion.
"Land transport has improved significantly in the past two years, as we now come across three or four complaints in the most," Al Merri said, referring to the state of the art developments that took place at the Al Ghowaifat border checkpoint in the UAE, as well as the Al Bateha check point in Saudi Arabia.
The UAE is participating in the 42nd meeting of the GCC Custom Unions Committee from January 28 to 30 in Riyadh.
More from Economy
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
