Exports and re-exports of DCCI members to GCC up 10-fold in 15 years

10/03/2015 05:49 AST

Exports and re-exports of Dubai Chamber of Commerce and Industry (DCCI) members to GCC countries rose from Dhs17 billion in 1998 to more than 10 times this value in the past 15 years to reach Dhs180 billion in 2014, according to a report issued by the DCCI on the occasion of its 50th anniversary celebrations reflecting the contribution of Dubai’s business community to economic growth in the region.

“Dubai Chamber is proud to have contributed to economic development in the region as indicated by our report highlighting the export trends of Dubai Chamber members. Over the last 50 years, the Chamber has represented and protected the interests of the business community in Dubai.

The Chamber will continue with its commitment to support the development of business and promote Dubai as a regional and international business hub,” said Hamad Buamim, President and CEO, Dubai Chamber.

“As we celebrate Dubai Chamber’s 50th anniversary, we are optimistic about the Chamber’s expanding role as an international catalyst for business growth through innovative initiatives and programmes as well as business-friendly policy direction,” Buamim added.

Following the implementation of customs unification, exports and re-exports within the member nations peaked to 44 per cent in 2007. Between 2003 and 2007, average annual export growth reached 34 per cent, with total export rising from Dhs27 billion to Dhs87 billion, according to Dubai Chamber statistics.

The report further points out that the rate slowed down to 28 per cent in 2008 as the global financial crisis put brakes on the steady growth, with total exports reaching Dhs111 billion. With the global crisis deepening in the following year, members’ exports to the GCC dipped by 19 per cent to a lower total value of Dhs90 billion, it adds.

With Dubai’s economy bouncing back, recovery was immediate with total exports to the region growing by 12 per cent in 2010 to a total value of Dhs101 billion. Growth gathered speed thereafter, to 15 per cent in 2012 to cross the 2008 level at Dhs115 billion, and further by 20 per cent in 2013 to reach Dhs164 billion. While the exports growth declined to 10 per cent in 2014, it was much higher than the overall growth of only 2 per cent, states the Dubai Chamber report.

Saudi Arabia emerged as the largest export and re-export market for Dubai Chamber members in view of its huge market size both in terms of area and population, the report states.

Oman and Bahrain had shares of 5 per cent and 4 per cent respectively, while trade between companies in Dubai’s freezones and special areas outside the customs territory and those inside (referred to as exports to UAE) accounted for 8 per cent.

The Gulf Today