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Thu 21 Jan 2016 01:27 PM

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Third of Dubai exports, re-exports from Saudi Arabia in 2015

Dubai Chamber annual report also says 16,000 new businesses joined up, representing a 9.5% boost

Third of Dubai exports, re-exports from Saudi Arabia in 2015

Saudi Arabia accounted for the highest value of exports and re-exports to Dubai in 2015, the Dubai Chamber of Commerce has announced.

Members’ total exports and re-exports for the year stood at AED286 billion in 2015, the chamber said in its annual report, with Saudi Arabia accounting for 37 percent of the total (AED105.7 billion).

The chamber said it recorded a 9.5 percent increase in membership in 2015 to 185,000 – a total of 16,000 new businesses.

The chamber registered five percent growth in the number of Certificates of Origin (COOs) issued during the past year, totalling 930,000 compared to 887,000 in 2014.

It also registered a 41.6 percent rise in the issue of permits for temporary import of goods, supporting the conferences and exhibitions industry in Dubai.

The chamber itself participated in 66 events in 38 cities in 30 countries last year, received 673 delegations from 69 countries and had meetings with 1,600 Government officials and business delegates. There was a 57 percent increase in the number of visiting delegations compared to the previous year, it reported.

Meanwhile, the Dubai International Arbitration Centre (DIAC), which sits within Dubai Chamber, received 183 arbitration cases last year compared to 174 cases in 2014, the report noted, while Dubai Chamber’s Legal Services department received a total of 555 mediation cases.

Hamad Buamim, president and CEO of Dubai Chamber, commented that Dubai’s economy remained resilient during 2015 despite global challenges created by the drop in oil prices, economic uncertainties in Europe, China and Russia, and weak global demand for commodities. The emirate’s diversified economy minimised the impact of the global slowdown, he said.

“This year, Dubai Chamber will continue its efforts to support the economic vision of the government and do its bit to promote the interests of the business community by exploring new markets and identifying opportunities for trade and investment,” said Buamim.

“We will also be continuing with our Global Business Forum series on Africa and Central Asia, while focusing on two new regions the CIS and Latin America.

“Through these events we provide a platform for businesses and the government to have a dialogue on areas of mutual cooperation.

“We also support the Dubai Clean Energy Strategy 2050, as part of our efforts to develop the ‘green economy’ and reduce dependence on fossil fuels.”

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