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Members of the Dubai Chamber of Commerce and Industry have reported an increase in the value of exports and re-exports from US$4.6bn to US$49bn in 15 years, while Saudi Arabia remains a priority market after having retained its share of 45 per cent of exports
A report released by the organisation confirmed that the value of exports and re-exports have risen more than 10 times from 1998 to 2014, reflecting a positive growth in Dubai’s business sector.
Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, said, “Dubai Chamber is proud to have contributed to the economic development of the region as indicated by our report, highlighting the export trends of Dubai Chamber members. In the last 50 years, the Chamber has represented and protected the interests of the business community in Dubai, and will continue to do so, in order to promote Dubai as a regional and international business hub.”
Following the implementation of customs unification, exports and re-exports within the Chamber’s member nations peaked to 44 per cent in 2007. Between 2003 and 2007, average annual export growth reached 34 per cent, with total export rising from US$7.3bn to US$23bn, according to the organisation. However, the rate of exports slowed down during the recession in 2008, but Dubai’s economy has shown strong recovery signs since then. In addition, the economies of the member countries also showed improvement, stated the report.
Saudi Arabia emerged as the largest export and re-export market for Dubai Chamber members, mainly due to the large market size in terms of area as well as population. In 1998, up to 45 per cent of total exports to the GCC belonged to Saudi Arabia and the Kingdom has maintained its share to date. Qatar claimed 23 per cent of the share of exports and Kuwait 15 per cent. Oman and Bahrain had shares of five per cent and four per cent respectively, while trade between companies in Dubai’s free zones and special areas outside the customs territory and those inside (referred to as exports to UAE) accounted for eight per cent.
While the shares of other GCC nations fell, Saudi Arabia has managed to maintain its share, as the country remains a focal point for the emirate’s export market.