01 January 2020

Gulf Industry Magazine helps you catch up with the numbers behind economic and industrial developments in the region.


Abu Dhabi’s non-oil foreign trade down 8.8pc

ABU DHABI has recorded non-oil foreign trade of Dh154.4 billion ($42 billion), down 8.8 per cent  in 2019 from Dh169.3 billion ($46 billion) in the corresponding period in 2018, according to data released by Statistics Centre - Abu Dhabi (SCAD).

The decrease was mainly because of a 12.7 per cent decline in imports which fell to Dh75.4 billion, as well as a 14.8 per cent decrease in non-oil exports (Dh41.4 billion) from January to September 2019, stated the SCAD data.

The SCAD report revealed Saudi Arabia as the top non-oil foreign trade partner with a total of Dh4.55 billion, followed by France (Dh2.28 billion), US (Dh965.3 million), Japan (Dh932.6 million) and Kuwait (Dh909.9 million).

The value of re-exports increased by nine percent during the same period, it added. Total trade figures for the emirate decreased by 2.7 per cent in September 2019 compared to figures in 2018, SCAD revealed, noting that the drop was a result of the 29.9 per cent drop in exports. The total value of imports and re-exports increased by 11.5 and 3.47 per cent, respectively.


Dubai-Benin non-oil trade hits $408m in 2018

THE total value of mutual non-oil trade between Dubai and Benin reached Dh1.5 billion ($408 million) in 2018, said Ahmed Mahboob Musabih, director general of Dubai Customs.

“Imports had the lion’s share with Dh925 million, followed by re-exports with Dh501 million and exports with Dh77 million, he added.

Musabih’s comments came about during a meeting with Adamu Aba Bajnan, Consul General of Benin in Dubai. The two discussed means of boosting cooperation between Benin and Dubai especially in bilateral trade and customs.

“It’s very important for us to boost ties of partnership with Beninese diplomatic missions and businesses. We have priorities which include delivering a leading customs expertise to the world” said Musabih.

In the first half of 2019, mutual trade made Dh1.12 billion. Imports accounted for Dh756 billion, imports hit Dh756 million, exports generated Dh49 million and re-exports yielded Dh311 million. Gold, petroleum oils, vehicles, tobacco products, perfumes and nuts topped the list of commodities between the two sides. Musabih pointed out Africa is a wide trade gate to the world, and Dubai Customs always scouts around to learn more about needs and expectations of Beninese, and other African, businesses.


Saudi transformer market ‘to decline’

SAUDI ARABIA’S power and distribution transformer market revenues are projected to decline at a compound annual growth rate (CAGR) of 0.3 per cent during 2019-25, said 6Wrsearch in a new report.

The transformer market declined in terms of revenue as well as volume in past few years due to economic slump in the kingdom. However, upcoming projects such as $500-billion Neom City, $100-billion King Abdullah Economic City, $27-billion Jazan Economic City, $22.5-billion Riyadh Metro project and $1.4-billion GCC Power Grid Interconnection project would surge the demand for transformers across the country, said the report.

Kanika Arora, research analyst, 6Wresearch, said: “315.1 KVA- 5000 KVA and above 50 MVA power ratings transformer held majority of the revenue shares in 2018 for distribution transformers and power transformers respectively and are anticipated to maintain its dominance during the forecast period as these are extensively utilized in the power transmission and distribution networks.”

“Amongst all the applications, the power utility segment held major of the revenue share in 2018 and is expected to maintain its dominance during the forecast period on account of government initiatives to strengthen and restructure power sector of the kingdom,” Arora added.

Ravi Bhandari, manager, 6Wresearch, said: “Saudi Arabia distribution transformer acquired majority of the revenue share in the overall transformer market of Saudi Arabia and the same trend is expected to continue during the forecast period as well.”


GCC surveillance market revenues up 6.2pc

THE security and surveillance market revenue for the GCC is projected to grow at a CAGR of 6.2 per cent over the next five years primarily due to improving economic performance across the region, said a report.

This growth is primarily due to increasing oil prices, increasing FDI and government spending, growing tourism, increased IT spending and rising security concerns, stated 6Wresearch in its new report titled “GCC Security and Surveillance Market (2019-2025).”

The GCC security and surveillance market witnessed solid growth during 2017-18 as a result of improved implementation of government norms for mandatory installation of video surveillance systems with regulations that mandates the retention of footage ranging from 90 days to 180 days in countries such as Saudi Arabia and UAE.

Increased consumer awareness regarding security in public places as well as in the residential sector, along with boom in the construction sector of the region are some of the key factors contributing significantly to the growth of GCC security and surveillance market, stated the report by 6Wresearch,

According to Alpana Tyagi, Research Analyst, 6Wresearch: “The video surveillance systems captured the highest revenue share in the overall GCC security and surveillance market as video surveillance systems act as second eye to the law enforcement agencies.”

Some of the key players in GCC security and surveillance market include- Hikvision, Honeywell, Johnson Controls, Bosch, Axis Communications and Avigilon Corporation, he added.


India’s LED market set for 23.6pc growth

INDIA’S LED lighting market size is set to increase over the next five years with a compound annual

growth rate (CAGR) of 23.6 per cent during the 2019 to 2025 period, according to 6Wresearch, a global market research and consulting firm.

The booming growth is mainly due to the growing construction sector and rising awareness among the consumers regarding reduction of high cost of electrification in the country along with high amount of emissions from the inefficient traditional lighting sources, stated 6Wresearch in its report, titled “India LED Lighting Market (2019-2025)”.

Additionally, the government led buy PM Narendra Modi has been supporting the LED lighting market through schemes such as Street Lighting National Programme (SNLP), Unnat Jyoti by Affordable LEDs for ALL (Ujala) and several others. This in turn, would boost the demand for LED lighting in the country over the coming years.

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