Statistics

Statistics

Kuwait signs $27bn investment deals
Kuwait signed more than $27 billion of investment agreements with nine Asian countries, including Brunei and the Philippines, during an Asian tour this month, its finance minister has said.
The agreements were in the economic, oil, health and foreign affairs sectors, the daily Awan cited Mustapha al-Shamali as saying.
“The value of the accords and economic and commercial protocols are more than $27 billion, with $3 billion to $4 billion of investments and possible commercial partnerships with each country.”  Shamali said.
Shamali and Kuwaiti Prime Minister Sheikh Nasser Al-Mohammad Al-Sabah went on a tour of eight Asian countries to boost trade ties.
Kuwait would also “co-operate with South Korea, Thailand and the Philippines, in the health sector,” Shamali said, without giving details.
Kuwait is talking with Asian countries, including Cambodia, about securing food supplies and investing in agriculture as the Gulf state looks to diversify its sources of food, the state news agency Kuna reported.
Kuwait Investment Authority is also looking at investment opportunities with Cambodia, Laos and Myanmar, particularly in agriculture and industry, Kuna said.
Kuwait wants to boost investments across asset classes in Asia with a focus on Japan, China and India, Shamali said recently.

Abu Dhabi exports up
The General Administration of Customs - Abu Dhabi announced that external trade in July this year increased by 36.6 per cent over the same period in 2007, highlighting the high-growth trade environment of Abu Dhabi.
The overall trade volume that includes imports, non oil exports and re-exports transactions was Dh8.59 billion ($2.3 billion) in July this year as against Dh6.28 billion for July 2007.
Saeed Ahmed Al Muhairi, vice director of the Abu Dhabi Customs Administration, lauded the ongoing growth of external trade activities despite the usual general slow down during the summer period.
“The statistics represent hard proof that reflects the high stature of Abu Dhabi in the customs field. Through providing traders with high-end services, we were able to attract more dealers who expect simple and swift customs procedures,” he explained.
Al Muhairi also stressed that the report highlighted the increasing economic importance of Abu Dhabi, as a premium hub for the services industry in the region, whereas the emirate is witnessing a phenomenal expansion on all levels.
According to the new statistics, imports during July 2008 reached Dh7.492 billion compared with Dh5.141 billion in the same period in 2007 – registering an increase of 46 per cent.
Non-oil exports of Abu Dhabi touched Dh578 million in July 2008 when compared with Dh579.8 million in the same period in 2007.
Re-export activities witnessed a decrease last July plummeting to Dh518.9 million in July 2008 from Dh567.9 million for the same period last year.
Saudi Arabia, Japan and Germany emerged as the top three exporters to the emirate in July, while Qatar, Saudi Arabia and China were the top three destinations for Abu Dhabi’s non-oil exports.
The top re-exports destinations were Saudi Arabia, Oman and Bahrain. The department also announced that 57 per cent of imports were through sea ports while 32 per cent merchandise passed land borders and 11 per cent were through air freight.

Dubai trade booming
Dubai’s trade is booming in stark contrast to the global economic meltdown, says a report.
The value of the emirate’s exports and re-exports surged an impressive 50 per cent in the first half of 2008 to Dh103.8 billion ($28 billion), against Dh68.7 billion for the same period last year, said a report by the Dubai Chamber of Commerce and Industry (DCCI).
Despite the global economic gloom, the outlook remains positive for Dubai’s trade sector, the report stated.
Dubai’s exports alone went up 36 per cent to Dh33.6 billion when compared to the same period last year.
UK exports to Dubai stood at £3 billion ($5.56 billion) at the end 2007, posting a strong growth which is expected to continue in 2008. The UK is one of the biggest exporters to Dubai, according to the DCCI.

Saudi inflation up
Saudi Arabia's annual inflation rose 10.6 per cent in June to a 30-year high due primarily to increases in food and housing costs, official statistics show.
The cost of living index for the largest Arab economy rose to 115.5 points on June 30 from 115 points in May, the Saudi Press Agency cited a report by the Ministry of Economy and Planning's Central Department of Statistics.

Qatar economy expands
Qatar’s economy expanded 53.3 per cent to QR84.3 billion ($23.16 billion) in nominal terms in the year to the end of March, according to estimates of the Qatar Statistics Authority.
In June, Qatar revised upward its 2007 current price GDP growth to 25 per cent from 12.5 percent.

Trade with India grows
Two Gulf states – the UAE and Oman – are experiencing strong trade ties with India.
Bilateral trade between UAE and India hit a new high of $19 billion last year, said the Indian Business and Professional Council (IBPC).
The Dubai-based organisation said that India topped the list of trading partners both for Dubai’s imports and re-exports in the first quarter of 2008, according media reports.
Non-oil trade between Oman and India is set to exceed $2 billion by year’s end,  according to a top Indian government official.
Indian Ambassador to Oman Anil Wadhwa, addressing the third meeting of India-Oman Business Forum (IOBF), said non-oil bilateral trade in the first quarter this year had seen a rise of 35 to 40 per cent.

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