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October 2017

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Industrial sector boosts Sharjah GNP by $11bn

THE Sharjah FDI Forum 2017 has revealed that the industrial sector alone has pumped approximately Dh40 billion ($10.9 billion) of the emirate’s gross national product (GNP) accounting for 25 per cent of the total output.

Panel discussions at the event also revealed that the Sharjah Free Zone has successfully hosted more than 14,000 companies hailing from over 162 countries that were attracted to the flexible work mechanisms that take only 60 minutes to extract a trading license, reported Wam, the Emirates official news agency.

 

Global paints, coating market to reach $350bn

THE global paints and coating market is expected to achieve a market revenue of about $350 billion by 2020, according to the Paints and Coatings Market Global Report 2017 by Ken Research.

One of the important drivers of paint and coating industry is the high demand in end user industries. Many industries of paints and coatings have seen a rapid increase in its consumption, said the report.

Automotive, construction and manufacturing industries are the places where paints and coatings are majorly used. In building and construction, decorative paints and coatings are used. On the other hand, protective paints and coatings are used in automotive, major appliance and industrial equipment industries, it added.

Therefore, with multiplying applications of paints and coatings in several activities, the cumulative market is foreseen to improve year by year recording great profits.

The markets for paints and coatings are segmented on the basis of resin type, technology, application and region. On the basis of resin type the market is further segmented into polyurethanes, acrylic, polyesters, epoxy, alkyd and others.

On the basis of technology the market is segmented into water based, solvent based, high solids and powder. On the basis of application the market is segmented into agriculture and industrial. On the basis of region the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America.

 

Dubai non-oil sector maintains growth

GROWTH of Dubai’s non-oil private sector was sustained at a robust pace during August, supported by further gains in output, new orders and employment, according to the seasonally adjusted Emirates NBD Dubai Economy Tracker Index.

The index, a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy, remained unchanged from July at 56.3 in August.

August data pointed to sharp growth across the three key sectors monitored by the survey. Wholesale & retail was the best performing category (index at 56.3), followed by construction (55.8) and travel and tourism (55.1).

A reading of below 50.0 indicates that the non-oil private sector economy is generally declining; above 50.0, that it is generally expanding. A reading of 50.0 signals no change.

The survey covers the Dubai non-oil private sector economy, with additional sector data published for travel & tourism, wholesale & retail and construction.

Commenting on the Emirates NBD Dubai Economy Tracker, Khatija Haque, head of Mena Research at Emirates NBD, said: “The Dubai Economy Tracker survey shows continued expansion of the economy last month, at a similar rate to June and July.  Output and new orders have increased sharply, although this has not translated into significant jobs growth.” 

 

UAE non-oil foreign trade hits $109bn in Q1

THE UAE total non-oil foreign trade volume of Q1 2017 reached Dh401 billion ($109 billion) against Dh388 billion during the same period last year, a growth of 3.2 per cent, according to statistics released by the Federal Customs Authority.

Direct foreign trade, which represents 68 per cent of the UAE’s total trade volume, was valued at Dh272 billion during the same period, while the Free Zone Trade represented 32 per cent of the UAE total trade volume at a value of Dh129 billion, reported Wam, the official Emirates news agency.

Commissioner Ali Al Ka’abi, head of the Federal Customs Authority (FCA) said in a press statement that the total non-oil trade of the state in the past period has seen a remarkable stability due to the economic diversification and declining oil sector’s contribution to GDP in favour of the productive and service sectors.

He said statistical data for non-oil trade shows a significant increase of 7.4 per cent in re-exports to reach Dh110 billion during the same period against Dh102.4 billion in Q1 2016 with exports valued at Dh46 billion.

The trade figures indicated the UAE imported goods grew by 5.2 per cent during Q1 to Dh245 billion during the first quarter against Dh233 billion during the same period last year, he noted.

“GCC states are the major trade partners of the UAE accounting for 11 per cent of the country’s total trade during Q1 2017,” he added, noting the total non-oil trade with Gulf nations amounted to Dh45 billion during the monitored period with imports claiming Dh13.7 billion thereof, exports Dh9.2 billion with the re-export volume standing at Dh22 billion.

 

China’s $1trn investment to boost Halal market

THE $1 trillion investment by China in its ‘One Belt One Road’ initiative is expected to accelerate the growth of the $50 billion GCC Halal food market and global Halal economy and make Halal products much cheaper to the Middle Eastern consumers, said organisers of the forthcoming Halal Expo Dubai.

The country, with a 26 million Muslim population, has a flourishing domestic halal industry and continues with efforts to strengthen the halal ecosystem in the country, it said.

Mohammed Saleh Badri, secretary general, International Halal Accreditation Forum (IHAF), said: “Gaining credibility in the global halal food market is crucial for China to increase its presence.”

“The country is already the highest exporter of modest fashion to OIC countries and has a high potential in terms of catering to the rapidly increasing demand for global halal food market, which will cross $1.7 trillion by 2021,” he said.

China has also created infrastructure to support the halal trade, including the construction of halal food and Muslim supplies manufacturing hubs such as the Wuzhong Halal industrial park, in the Muslim stronghold of Ningxia, which has attracted 218 companies, it added.

 In 2008, China formed its first halal foods certification centre named Ningxia Halal Foods International Trading Certification Centre, which created the General Provisions of Halal Food Certification in March 2013 with approval by the China Certification and Accreditation Administration in September 2014.




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