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Gulf investment outflows is down, UAE Foreign Trade Is Up
Unrest-led outflows in the Gulf is next to minimal as foreign trade increases, with lenders looking to boost local business and new accounts being opened by conservative investors
April 18, 2011 4:00 by Eva Fernandes
To quote the minister: “Our foreign trade sector in particular is playing an important role in this regard with a 15 per cent contribution alone to GDP,” Moreover, our non-oil foreign trade grew by 14 per cent in 2010 to $205 billion (Dh752 billion).” Her comments come after she reported that the contribution of the non-oil sector to the UAE’s gross domestic product has increased to 71 per cent.
Safe to say then that efforts to increase business investment and the numerous trade agreements have paid off.
Earlier last month, the Department of Finance – General Directorate of Customs in Abu Dhabi, announced its annual statistics on the foreign trade of Abu Dhabi during 2010 via land, sea and air ports.
The results? Rather positive actually: apparently the total volume of foreign trade of the Emirate of Abu Dhabi reached $29.7 billion in 2010 with non-oil exports from Abu Dhabi growing to $3.7 billion, compared to $2.6 billion in 2009, which marked an increase of 22.2 percent. Perhaps the most remarkable aspect of the report was a note that exports to Oman increased by 110 percent.
Talking about the figures, Saeed Ahmed Abdullah Al Muhairi, Director General of General Directorate of Customs in Abu Dhabi, said, “The figures reflect the growth of non-oil export competitiveness of UAE products in global markets as well as the soundness of the economic policies pursued by our wise leadership. We continuously strive to facilitate foreign trade and reinforce growth in the volume of exports, fuelling the economic activities in the country. As a result, we expect further positive results in terms of foreign trade during the year 2011.”
So what is at the core of this increase? Economic and political stability say the experts. That is great news for UAE businesses but probably not UAE bloggers that feed off the country’s demise.
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