Dubai exports and re-exports hit record in 2011

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Dubai exports and re-exports hit record in 2011

DUBAI — Exports and re-exports of Dubai Chamber of Commerce and Industry members made history as it achieved record-high figures in 2011, proving that the trade sector is once again the frontrunner in Dubai’s economic growth.

By Abdul Basit

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Published: Mon 23 Jan 2012, 11:02 PM

Last updated: Tue 7 Apr 2015, 11:21 AM

The total value of its members’ exports and re-exports last year recorded a 14.5 per cent growth to Dh246 billion, compared to 2010 level, Dubai Chamber said in its annual report for 2011. New markets explored for members included Brazil, Turkey, Ethiopia, Australia and Netherlands, it added.

In 2011, the chamber issued 698,000 Certificates of Origins, 10,090 new members enrolled, 39 ATA Carnets issued, 187 delegations visited the chamber, 440 arbitration cases were received, 878 legal cases were received, 32 networking meetings were organised and 50 economic studies and reports published by the chamber, according to highlights of the report.

Dubai Chamber director-general Hamad Buamim pointed out that despite the global uncertainty in light of the European debt crisis and a weak US economy and instability in the region, Dubai’s economy is on track.

“The annual report clearly demonstrates the resilience of Dubai’s traders in turning the tide in their favour thanks to the lessons learnt from the global financial crisis as they used their experience and flexibility to global trading by switching between destinations and products. Dubai’s business community also explored new markets and export destinations in Africa, Eastern Europe and Latin America thus achieving unprecedented export figures in Dubai Chamber’s history of operations,” he said. Buamim lauded the excellent performance of the trade sector as he said that 2011 was a historically successful year for the trade sector, which has established its position as key driver of the emirate’s economic growth.

Investment attraction

The trade sector, along with tourism, logistics and financial services, once again played a major role in the overall health of Dubai’s economy and directly supported the emirate’s role in consolidating its status as a favourite global investment destination in the region and a gateway to the neighbouring GCC countries, he said.

Buamim further stressed that the coming on board of 10,092 new members for Dubai Chamber last year, which took the total membership to over 128,000 with a percentage increase of 8.5 per cent, also points towards the economic growth which Dubai has witnessed last year. Summing up the achievements of the year, Buamim said that the Dubai Chamber focused not just on the quantity of growth but also on the quality of growth by exploring new products and export markets, as well as business opportunities for trade and investment in Africa, East Asia and Latin America.

The successful hosting of international events like the 4th Common Market for Eastern and Southern Africa Investment Forum and the 3rd Dubai-Hamburg Business Forum are good examples of supporting the development of business in the emirate while promoting Dubai as an increasingly attractive place for global trade, Buamim said.

The annual report indicated that as part of its mission to represent, support and protect the interests of the business community, the Dubai Chamber voiced the concerns of the private sector to the relevant government authorities by suggesting changes in the visa rules and the companies and other related laws which Dubai Chamber has been studying and reviewing over the years.

On its part, Dubai Chamber introduced a number of new services and initiatives to help businesses from a cross-section of economic sectors to achieve success.

It introduced the Pulse medical insurance scheme, which provides a health insurance package to members at a reasonable cost, and also launched the Diplomatic Circle Dinner, the Dubai Chamber Ramadan Festival, and a range of social networking events including the Culinary Mixer, Bowling Challenge, Ambassador’s Cup golfing event and the Go Carting Challenge.

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