Dubai Exports Rise By 13.3% In First Six Months
Chamber of Commerce study shows growth and optimism in Dubai economy which is good for external investors in the emirate
Online, August 18, 2012 (Newswire.com) - Dubai's exports and re-exports rose by 13.3 % to Dh136.2 billion in the first half of 2012 compared with the same period in 2011, according to a new study by the Dubai Chamber of Commerce and Industry.
The study was based on figures supplied by Chamber members and the May 2012 figures of Dh28 billion were the highest since the founding of Dubai Chamber in 1965.
Hamad Bu Amim, Director-General of Dubai Chamber, said the results showed how the strength of the trade sector was driving economic growth in Dubai.
"Our members' export and re-export figures reinforce the investors' confidence in the health of Dubai's trade sector, which is the driving engine of the economy along with tourism, logistics and financial services," he said.
Boom in Certificates of Origin
During the first six months of the year, Dubai Chamber issued 373,000 certificates of origin, which was an increase of 8.4 per cent, compared to the 344,067 certificates of origin issued during the first six months of 2011.
Between January and June, 7,000 new members joined Dubai Chamber, which was a 30% increase on the same period in 2011 when 5,233 new members joined. Dubai Chamber had 135,000 members by the end of June.
Analysts said the Dubai Government's investment in infrastructure, including major expansions to the airports and ports, in addition to the logistics services, made Dubai the preferable business centre in the UAE region.
Raising global awareness
Dubai Chamber was also a dynamic global traveller, spreading the news about Dubai's economic growth at 32 events around the world, including in the US, Canada, Libya, Ethiopia, France, Tanzania, the UK, Belgium, Oman, Azerbaijan, Georgia, Greece, India, Italy, Qatar, Saudi Arabia, Singapore and Vietnam to promote Dubai.
Another recent study from the Dubai Chamber of Commerce and Industry ranked the UAE as the third-most competitive economy in the region after Qatar and Saudi Arabia.
According to the World Economic Forum's Global Competitiveness Report 2011-12, the UAE ranks 27th out of 142 countries, below Switzerland (in the 1st place), United States (5th), Qatar (14th) and Saudi Arabia (17th), but higher than other regional peers, such as Oman (32nd), Kuwait (34th), Bahrain (37th) and Egypt (94th).
Moreover, according to the World Bank's Doing Business 2012 report, UAE advanced two places to 33 out of 183 countries compared to the rankings of the previous year while the country ranks fifth in the world for trading across borders, sixth for registering property and seventh for paying taxes.
Great news for property investors
The energy and optimism in Dubai's economy is great news for property investors, which should spark interest in the many new hotel developments, such as The First Group's two luxury hotel apartment projects in Tecom, Metro Central and Grand Central, situated in the bustling business district of Tecom in the heart of "New Dubai". The luxury end of the market did particularly well in 2011, soaring 17.6 per cent.