The UAE has been considered a central business hub of the Gulf countries

The UAE has been considered a central business hub of the Gulf countries

UAE non-oil trade surges to $150bn in H1

01 January 2017

The UAE non-oil trade hit Dh553.4 billion ($150.6 billion) in the first half of 2016, up three per cent over Dh535.7 billion ($146 billion) for the same period last year, said a report released on the sidelines of a key industry event in Dubai. 

The 31st edition of International Autumn Trade Fair (IATF 2016), an international exhibition for consumer goods and appliances, was inaugurated by Sheikh Hasher Bin Juma Al Maktoum, the director general of the Dubai Department of Information yesterday (December 14) at the Dubai International Convention and Exhibition Centre.

The three-day event, being held under the theme “smart living”, has drawn senior officials and decision makers from the public and private sectors from across the globe who represent international companies operating in the lifestyle, fashion, electronics and home equipment, beauty and cosmetics, and health and fitness and other basic and luxury goods as well as contractors, consultants and suppliers.

“The 31st edition of IATF comes at the time when UAE’s non-oil trade has seen an increase of Dh17.7 billion in trade for the first half, while the value of exports has grown by nine per cent to Dh88.8 billion,” said Satish Khanna, the general manager, Al Fajer Information and Services, the event organiser, citing official data.

He pointed out that the UAE has been considered a central business hub of the Gulf countries, Iran, South Asia and East Africa.

“It is among the world’s most dynamic markets in terms of foreign trade. Specialized trade fairs such as this one help to promote trade and foreign trade growth in the coming years,” remarked Khanna.

According to the 2015 World Trade Organization (WTO) report, the emirates exported industrial products to countries such as India which accounted for 9.6 per cent of the volume, Iran (5.6 per cent), European Union (2.2 per cent), Switzerland (1.9 per cent), Iraq (1.3 per cent), while the rest of the world accounted for 26 per cent of exports of the country.

The imports came from the EU (16.3 per cent), India (13.6 per cent), China (7.1 per cent), US (6.9 per cent), Japan (3.9 per cent) and the rest of the world at 23.9 per cent.

Rupashree Singh, the exhibition manager, said the surge in commercial trade of industrial products has helped them to attract more than 250 exhibitors from all over the world for the event.

“Visitors are viewing latest commercial products from various sectors such as general consumer goods and fashion, electronics, handicrafts among others over three days,” added Singh.

IATF 2016 specialises in products such as pieces of art and antiques and handicrafts, artificial flowers and plants, auto parts, bags, building materials, carpets and wall coverings, cosmetics, perfumes, crystal products, electrical devices and electronic, fashion, jewellery products and food.

The UAE has been considered a central business hub of the Gulf countries.

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