Dubai's non-oil foreign trade dips to $350bn in 2016

Dubai Crown Prince announces official full-year figure; hails resilience of economy amid global challenges

Dubai’s non-oil foreign trade fell marginally to AED1.276 trillion ($350 billion) in 2016, it was announced on Wednesday.

Dubai Crown Prince Sheikh Hamdan revealed the figure in a tweet which was down from AED1.283 trillion in 2015.

Sheikh Hamdan said fluctuations in global markets has not impacted the emirate's performance "since we were able to transform challenges into opportunities".

He added in another tweet: "Trade is not only important for economic diversification; it is also an important part of our heritage."

The data showed that telecommunications, gold and diamonds were the three most traded commodities last year.

The official trade figures follow a report last week that showed Dubai’s private sector companies continued to remain optimistic in February although growth momentum.

The seasonally adjusted Dubai economy tracker index for incoming new work category rose to a 24-month high as companies reported a rise in new job orders.

Wholesale and retail was the best performing category for the first time in six months, followed by travel and tourism. However, construction companies recorded a slowdown in growth momentum.

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