Gulf Industry Magazine helps you catch up with the numbers behind economic and industrial developments in the region.
Dubai reports $1.52bn trade with Brazil in 2018
DUBAI’S mutual trade with Brazil in 2018 recorded around Dh5.6 billion ($1.52 billion), with Dh5.2 billion ($1.42) in imports, Dh136 million ($37.02 million) in exports and Dh234 million ($63.71 million) in re-exports, said a report by Dubai Customs.
Dubai Customs released the statistics in conjunction with the visit of the Brazilian President, Jair Bolsonaro to the UAE, and showed that trade with Brazil touched Dh3.6 billion ($980.1 million) in the first half of 2019, with Dh3.4 in imports, Dh56 million ($15.25 million) in exports and Dh93 million ($25.32 million) in re-exports.
Ahmed Abdul Salam Kazim, director of Strategy and Corporate Excellence Department at Dubai Customs, said: “Dubai trade with South American countries, especially Brazil, is noticeably growing.”
“We do our best to deliver the best customs services and facilities to the Brazilian companies following the directives of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to promote mutual trade and development between the two countries,” he said.
Kazim continued: “We look forward to more cooperation with Brazilian companies and diplomatic missions in the coming period which will see Dubai host Expo 2020 and that makes a golden opportunity for companies to get global attention and recognition,” he added.
Bahrain FDI hits $28.7bn in Q2: iGA
BAHRAIN achieved foreign direct investment (FDI) of BD10.9 billion ($28.7 billion) at the end of the second quarter, reflecting an increase of 1 per cent in comparison with the previous quarter, said the Information & eGovernment Authority (iGA).
The survey, released by the iGA in collaboration with the Central Bank of Bahrain and the Economic Development Board measures the volume of foreign investments made by key entities in various economic sectors in order to provide updated statistical data of the volume and flows of these investments.
According to the Foreign Investment Survey, the financial and insurance activities and information and communication were the top two industries in terms of the volume of the FDI flow to Bahrain during the second quarter.
The flow of financial and insurance activities FDI increased in the second quarter by 1.2 per cent from BD7,869 million, as at the end of the first quarter of 2019, to BD7,963 million. On the other hand, the flow of information and communication FDI increased by 1 per cent from BD338.9 million to BD342 million, over the same period.
FDI flows from Kuwait came on top, in absolute terms, with an additional BD45.2 million flowing into the Kingdom during the second quarter, increasing Kuwait’s FDI inflows by 1.3 per cent, from BD3,525 million, as at the end of the first quarter of 2019, to BD3,570 million as at the end of the second quarter.
India came in second place with total inflows of BD21.8 million during the second quarter, increasing their total investment from BD411.3 to BD433.2 during the same period, followed by the Kingdom of
Saudi Arabia in third position with inflows of approximately BD20.5 million during the second quarter, an increase of 0.8 per cent from BD2,469 million to BD2,490 million.
The survey was conducted to determine the Kingdom’s foreign investment sources according to the country of residence of investors; as well as to determine the attractive sectors for investments in the Kingdom, which gives an indication of the sectors that require further development. The survey comprises active entities in all economic activities and considers the volume of capital, ownership and employment.
3D printing market to hit $32bn by 2025: report
THE 3D printing market will be worth $32 billion by 2025 and over $60 billion by 2030, says GlobalData, a leading data and analytics company.
Additive manufacturing, or 3D printing, currently accounts for less than 0.1% of the overall global manufacturing market, which is valued at $12.7 trillion. 3D printing also promises enhanced operational efficiency and business growth for the oil and gas industry, according to the report.
GlobalData’s latest thematic report, ‘3D Printing in Oil & Gas’, states that 3D printing has emerged as one of the key enabling technologies in driving industrial productivity. Over the years, 3D printing technology has become prominent in different industries and has significantly influenced automotive and aerospace manufacturing.
In the oil and gas sector, some of the technology’s applications include manufacturing spare parts on site, testing new product designs and simplifying inventory management to save costs.
Ravindra Puranik, oil & gas analyst at GlobalData, comments: “The oil and gas industry has shown slow but steady adoption of 3D printing in recent years. Initially, this technology was largely limited to polymer-based products. However, recent advancements in metal-based 3D printing are making this technology more relevant to the oil and gas industry.”
The key benefit of 3D printing technology lies in reducing the time it takes to produce complex prototypes. 3D printers can also lower the time required to manufacture functional products for use in operations.
ME fire safety systems’ market to hit $2.3bn
THE Middle East fire safety systems and equipment market is set for solid growth over the next six years, thus registering a CAGR of 2.6 per cent to hit $2.3 billion by 2025, according to a report by 6Wresearch.
The sector will grow from its current value of $1.96 billion over the next five years with the UAE, Turkey and Saudi Arabia being the key drivers for the Middle East region, stated the report released ahead of Intersec, one of the world’s leading trade fairs for security, safety and fire protection.
Intersec, now in its 22nd edition, will host more than 1,200 exhibitors from 54 countries around the world, at Dubai World Trade Centre from January 19 to 21 next year.
According to the report, growth projections are being accredited to economic growth and an increasing demand for sophisticated detection and fire-fighting systems with the bulk of the demand emanating from the commercial and industrial buildings sector. Market demand is largely for fire-fighting systems and equipment, which accounts for 58 per cent of spend, followed by fire detection and alarms systems at 31.8 per cent and emergency and exit lighting taking up 10.3 per cent, the report stated. Sweden’s Ultra Fog Company is planning to roll out its game-changing technology at the show. Mihaiela Bocancea, the company’s marketing specialist, said sound wave technology, video image smoke detection, fire-fighting drones and robots and water mist systems, which massively conserve water compared to their conventional counterparts will define the industry’s future.