Dubai's non-oil trade hits Dh523.5b

Dubai: Dubai's non-oil foreign trade grew 9.15 per cent to Dh523.5 billion last year compared with Dh479.6 billion in 2005, according to the latest Dubai World statement.

This is close to the UAE's total GDP, which is estimated to have reached Dh559.30 billion ($152.4 billion) last year. This is the highest non-oil trade by any countries in the Gulf.

Dubai's non-oil foreign trade represents about 80 per cent of the UAE's total trade.

The emirate's imports have also increased by 15.5 per cent, from Dh190.4 billion in 2005 to Dh219.8 billion in 2006.

Exports recorded a 62.61 per cent jump, from Dh11.2 billion in 2005 to Dh18.2 billion last year.

The increase has been attributed to the boom in the real estate sector and the ever-growing demand for construction materials.

Sultan Ahmad Bin Sulayem, chairman of Dubai World, said: "These results reflect the emirate's rapid economic growth in a relatively short span of time and what we can achieve in the global trade arena.

"There are many factors that have helped in pushing this economic expansion, especially the impressive growth in the real estate sector and the sharp increase in the number of international companies operating from Dubai, including around 6,000 companies in Jebel Ali Free Zone, which have also contributed to the robustness of our economy."

Dubai World is the parent company of Dubai Ports World, Dubai Ports, Customs and Free Zones Corporation - that together control Dubai's growing trade, transportation and shipment of goods.

Dubai's total trade include direct non-oil foreign trade that is trade carried outside free zones, which reached Dh316.5 billion as against Dh280.4 billion in 2005 - an increase of 12.8 per cent.

Non-oil foreign trade through Dubai's various free zones rose by 8.9 per cent, from Dh177.8 billion to Dh193.6 billion during the period.