The non-oil trade in the UAE reached $205 million last year with foreign trade becoming one of the key sectors in the Emirates economy, according to Sheikha Lubna Al-Qasimi, the Foreign Trade Minister of the UAE. Al-Qasimi spoke at the ADNEC (or the Abu Dhabi National Exhibition Center) at the World Ports and Trade Summit currently being held there.
The summit is running until Wednesday, March 30 and is being attended by important decision makers, business leaders, experts and dignitaries from across the surrounding regions.
According to the Foreign Trade Minister the estimated amount of non-oil trade rose 14 percent from 2009 to 2010, reaching $205 billion and accounting for over 70 percent of the UAE’s GDP. She noted that foreign trade took care of more than 15 percent of the 2009 GDP for the UAE.
The minister added that some of the leading global container ports are located in the UAE and are merely hours from the demanding European and Asian markets.
Because the global ports business community came out of the 10 percent dip in container volume that occurred in 2009 it achieved a major victory in 2010. These conditions forced maritime traders and port operations to continue rationalizing freight rates, speeding up shipments and controlling the environmental impacts of their business in order to stay competitive in the industry.
Recovery and the influences seen in trade patterns as the global recession fades are up for discussion at the summit. Trade within Asia is expected to experience major growth in 2011 as the economies in India and China expand. As the performances in key trade markets create a massive order book for more capacity in container and bulk trading and the Middle East invests more funds in an expanding port infrastructure, these topics are also being discussed at the summit with great interest.Paul Holdsworth, Staff Writer, Gulf Jobs Market News