Dubai funnels around Dh100 billion in trade between UAE-GCC
UAE trade with GCC countries through Dubai is estimated at Dh95 billion in 2012 up 28 per cent compared to the previous year. Saudi Arabia accounted for 41 per cent of overall trade, Dubai Exports, An Agency of the Department of Economic Development (DED) said yesterday.
While the UAE-GCC non-oil trade has remarkably increased in the last ten years to Dh469.1 billion.
Saed Al Awadi, CEO of Dubai Exports, said that Qatar is a major trade partner to the UAE as it represents 16 per cent of the overall trade with GCC.
He said: “Qatar’s trade with UAE grew by 50 per cent to Dh9 billion in 2012 from Dh6 billion in 2011 while export between the two countries alone has reported 31 per cent increase in 2012 compared to 2011.”
During the Intra GCC Trade Partnership Summit, which was organised by Dubai Exports on the side line of Project Qatar Exhibition this week, Al Awadi talked about Qatar’s market contribution to the GCC construction sector as well as a potential for cooperation in areas of expertise and manpower.
Currently Qatar has projects worth $150 billion (Dh550.5 billion) in the construction and commercial sectors.
- Fully booked for post-sanctions business: Iran's five star hotels are buzzing with Western business delegations
- The source of all brain drain: Lebanon's university graduates downbeat about their future prospects
- Is Erdogan's party waging a 'holy war' against the free market economy?
- Costs and benefits: the tough economics of hosting the World Cup
- Mind the gap: descripancy between income and social development persists in the Middle East