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Exports and Re-exports for 2010 are 15.2 Percent Higher

Dubai : 09 January 2011

Membership is up by 8.6 percent, reaching 117,827 last year.

The economic situation in Dubai seems to be well on track given 2010’s jump in both exports and re-exports, as well as the increase in new businesses being established in the emirate.

Data in the recently released Annual Report 2010 by the Dubai Chamber indicates that positive growth is evident in various economic sectors. This pattern is a clear sign that recovery is real and the leading performers in Dubai are experiencing strong growth prospects.

The exports and re-exports within the members of the Dubai Chamber of Commerce and Industry has risen 15.2 percent last year, reaching Dh 214.4 billion and up from Dh 186.1 billion over the same period in the previous year.

The month of December saw the highest level of monthly exports, reaching Dh 21.2 billion.

The report also shows that Dubai remains the leading location for investments within the region, as well as retaining a vital role as the lively gateway to the neighbouring nations in the GCC. The report highlights how the Chamber is aiming to fulfill the strategic objective of forming a profitable business environment within the emirate, offering both support for local business development and promotion for Dubai as a global hub for business.

When compared to 2007, the export growth for 2010 in members showed a 27.8 percent increase, which proves that Dubai’s trade sector is climbing back to its former position as the key driving force in local economic growth.

There were 644,809 certificates of origin issued last year by the Chamber, which indicates 7.6 percent growth when compared with the number of certificates of origin issued the year before (599,303). Membership in the Chamber went from 108,489 in 2009 up to 117,827, which is a rise of 8.6 percent, clearly indicating that more businesses are moving into the area.

The director general of the Dubai Chamber, Hamad Buamim, stated to Emirates 24/7 that there are challenges facing local businesses that have encouraged the Chamber to create new initiatives focusing on its place as a facilitator of business, as well as an advisor and mediator in business situations. Buamim stated that the report’s findings show that, when taken along with the positive economic news, the achievements and patterns of growth point to a return to the trading levels seen before the crisis of 2008.

Buamim also noted that trade, which includes exports and re-exports, logistics and tourism, has returned to the leading position in Dubai’s economic sectors that are driving growth in the economy.

He noted that these sectors have experienced improved levels of performance thanks to timely government intervention and the continued support the government has lent to ongoing infrastructure projects. Also, the government has been instrumental in creating a sound environment for business, building up investor confidence and drawing in more investments with first-rate financial service and infrastructure.

The Chamber was busy last year setting up five new councils of business – including Tunisian, Russian, Irish, Hellenic and Chinese councils – and two business groups, the International Special Events Society and the Bankers Business Group. These groups and councils were formed to offer support for the nations and sectors represented, with the aim of expanding the overall business scope. There are now 24 business groups and 39 councils in the emirate.

Also, 208 trade delegations visited the area hosted by the Dubai Chamber. More than 870 business people, senior trade leaders and officials of the government made up these delegations, as well as those who participated in major global exhibitions like the Arabian Travel Market, Big 5, Arab Health and Gulfood.

There were 1,009 cases of mediation received by the Legal Services Department within the Dubai Chamber, including 295 settled cases. This is compared to 930 cases that were recorded in 2009. The department was involved in organizing various workshops and seminars including those on setting up a business, intellectual asset management, counterfeit protection for consumers and the drafting of legal contracts.

Last year the Dubai International Arbitration Centre also received more cases, recording 422 cases as opposed to 292 cases received in 2009. This rise of 44.5 percent by the Centre has also helped to raise awareness about how important both mediation and arbitration is when settling commercial disputes.

Emiritisation also reached 52 percent, according to the Dubai Chamber, with the number of women working increasing by 50 percent and satisfaction within employees hitting 89 percent, a nine percent increase over 2009 figures. The Chamber issued 48 various economic reports and studies over the year and 16 seminars and workshops organized by the Centre for Responsible Business, aimed at promoting a culture that focuses on practicing responsible business. There were six issues of CSR Al Youm, the Centre’s newsletter, targeted at promotion for a socially responsible corporate climate.

The Dubai Chamber was active in 10 events across the globe, most notably the Hamburg Summit: China Meets Europe. This was aimed at the creation of leadership opportunities on both ends of Europe and Asia, networking and exchanging ideas. The Chamber also participated in the Consumer Electronics Show held in the United States and the IBA Conference which is held annually.

The Chamber’s website welcomed 542,000 visitors over the course of the year, with 41 percent new visitors, indicating the Chamber is a prominent and important source of business information for firms operating or looking to operate in Dubai.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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