In today's Arabic press, the UAE's daily Al Bayan newspaper reveals that trade between Hong Kong and the UAE reached 3.1 billion dirhams ($844 million) in 2006.
The figure is set to rise in the coming years, according to the report, which cited statistics released at a recent press conference but did not give a comparative figure for 2005.
Hong Kong companies have recently been participating in Dubai trade exhibitions to tap the growth opportunities not only in the UAE but beyond the region.
Both sides are looking to strengthen bilateral relations and growth opportunities, especially within tourism and trade.
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Also in the UAE today, Al Bayan reports that Dubai has issued 35 new licences for development of new hotels in the emirate so far this year.
The department has signed 109 initial agreements for hotel developments in the first six months of the year, director general of the Dubai Department of Tourism and Commerce Marketing (DTCM) told the newspaper.
The DTCM on Monday announced that a new system will be in place soon to introduce the concept of self-catering hospitality accommodation to Dubai's booming tourism industry.
The new category of accommodation is expected to help meet the emerging demand of the market and is set to be a value-addition to the emirate's tourism industry.
...and in other news...
Al Eqtisadiah, Saudi Arabia: Arabian Pipes Co. has won a contract worth 25.6 million Saudi riyals to supply a gas pipeline in Egypt.
Al Eqtisadiah, Saudi Arabia: Bahrain-based Gulf International Bank has started setting up a brokerage firm in Saudi Arabia after it won approval from the Capital Market Authority.
Okaz, Saudi Arabia: Some 7 million Saudis are suffering from rising food prices, said the head of the National Society for Human Rights, which plans to press for a hike in wages, pensions and financial assistance for low-income households.
Al Riyadh, Saudi Arabia: The advisory Shura Council expressed regret at the sharp rise in the prices of food and construction products and blamed importers and traders' greed and lack of action by the trade and industry ministry.
Asharq Al Awsat, Saudi Arabia: Gulf investors have been turning increasingly to Asia over the past 12-18 months because of strong growth in China, India and other Asian countries, according to Merrill Lynch.
Al Khaleej, UAE: Forbes magazine has named UAE Minister of Economy Sheikha Lubna al-Qassimi as one of the five most-powerful women in the Middle East.
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