Business | Markets
Electronics industry sees boom
The Gulf consumer electronics industry will grow by 30 per cent this year, surpassing Dh18.35 billion, according to Shaikha Lubna Al Qasimi, Minister of Foreign Trade.
- Staff Report
- Published: 00:02 May 26, 2008
- Image Credit: Supplied picture
- Shaikha Lubna inaugurated five trade shows at the Dubai International Convention and Exhibition Centre on Sunday.
Dubai: The Gulf consumer electronics industry will grow by 30 per cent this year, surpassing Dh18.35 billion, according to Shaikha Lubna Al Qasimi, Minister of Foreign Trade.
"The consumer electronics sector has emerged as a key growth industry in the Middle East, driven mainly by rising regional disposable incomes, a large product, and technology hungry expatriate population, and a flourishing tourism industry," she said.
Conference
Shaikha Lubna was speaking at the International CES/Hometech Conference after inaugurating five major trade shows organised by Epoc Messe Frankfurt at the Dubai International Convention and Exhibition Centre yesterday. Officials said that the consumer electronic industry represents a significant 17 per cent share of the expected Dh105.7 billion global market this year.
"The UAE currently leads the region' s broader consumer electronics and household appliance sector, which is expected to achieve double-digit annual growth towards 2010 mainly due to rising demand for new convergence products and networked household appliances," she said.
The market for outdoor lifestyle goods is also growing. Construction of parks and new golf courses in the region for the next five years will fuel spending on gardens and landscaping, estimated at Dh60.5 billion ($16.5 billion).
Dubai authorities forecast that spending on landscaping projects this year would be worth Dh165 million ($45 million).
[Consumer electronics] sector is expected to achieve double-digit annual growth towards 2010 due to rising demand for new convergence products and networked household appliances."
More from Markets
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
