AME INFO
Dubai Chamber members’ exports up 18.4% during first nine months 2011
- United Arab Emirates: 12 hours, 44 minutes ago
- PRESS RELEASE
H.E. Hisham Al Shirawi, 2nd Vice Chairman, Dubai Chamber of Commerce and Industry, revealed that the organisation’s members’ increased their exports and re-exports by 18.4% in the first nine months of this year, compared to the same period in 2010.
Speaking at Dubai Chamber’s third Economic Seminar of 2011, His Excellency said that between January and September exports and re-exports reached Dhs184.2bn, in comparison to Dhs155.6bn during the same nine months last year.
In September alone, members’ exports and re-exports registered a 30% increase compared to September 2010, and a 5.7% increase compared to the previous month.
These figures, His Excellency said, were a good indication that Dubai was on track to achieving its forecast economic growth of between 3 and 5% this year. But, he added that continued efforts to drive business growth were necessary in order to support the economy.
“External pressures continue to exist, particularly in the eurozone, which are causing tension across world markets. Measures have been put in place to protect Dubai’s economy from global pressures, but we must remember our position on the world stage and seek to encourage new business growth to diversify and further strengthen the economy,” H.E. Al Shirawi said.
“Dubai Chamber takes its job as a supporter and protector of the business community seriously and providing our members with up-to-date information about current economic conditions is part of that. Today’s Economic Seminar discusses two important topics for Dubai businesses today, which will help companies compete better in today’s tough market,” His Excellency said.
The Economic Seminar discussed two important topics: Dubai’s trade opportunities in the world market, and the expansion of the GCC market to include Morocco and Jordan.
The first presentation found that Dubai’s strategic location and its position as an international trade hub give its traders a unique advantage over their competitors. Part of the advantage is the high volume of exports and re-exports from Dubai and the diverse regions and continents Dubai traders export to, which is especially prevalent for the Middle East and North Africa (MENA) region.
Dubai exporters and re-exporters were urged to actively look to strengthen contact with their partners in the MENA region to benefit from new opportunities in these markets. Likewise, traders who diversify their markets and tap into opportunities in new foreign markets will be able to position themselves to benefit from any future increase in world trade.
Markets where Dubai has an advantage include Iraq, Qatar and Belgium, while products include precious metals and stones, sugar and confectionary.
The second presentation examined the bilateral economic benefits of Moroccan and Jordanian membership to the GCC. It found that economic integration not only benefitted these two countries but also helped the GCC’s overall transition to post-oil economic diversification.
Benefits with Morocco’s inclusion are its proximity and close economic relationship with Europe and the United States, abundant natural resources, stable macroeconomic conditions and relatively low-cost skilled labour. Jordan’s benefits include its skills in ICT, education and knowledge-based industries.
Both countries also have strong trade links with major markets Europe, the United States, China and India, and have experience in GCC strategic investment sectors such as solar power. Furthermore, the GCC’s long-running food production diversification programme to water-rich countries could also gain benefit from including Morocco and Jordan in their respective national food security strategies.
