Economic News Bulletin 01/05/2010 -15/05/2010
A semi-month Economic News Bulletin That’s Issued By The Ministry of Foreign Trade in The UAE No.30 2010
President issues decree restructuring of the Board of Directors of Edition word
the Abu Dhabi Securities Exchange
President HH Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi The Draft Federal Arbitration Law
issued an Emiri Decree restructuring of the Board of Directors of the Abu Dhabi Securities
Exchange. Commercial arbitration is widely grow-
The Decree No. 7 of Year 2010 stipulated restructuring of the Board of Directors of Abu ing, expanding and is gaining great im-
Dhabi Securities Exchange with HE Nasser Ahmed Al Suwaidi as chairman and Mubarak portance due to its distinguished role in
rapid resolution of commercial disputes
Rashid Al Mansouri, Khalifa Sultan Al Suwaidi, Hamad Abdullah Al Shamisi, Abdul Hamid as well reducing burden on traditional
Mohammed Saeed, Abu Backer Siddique Khouri and Suhail Bin Fares Al Mazroui as mem- courts. In fact, commercial arbitration is
bers. Source: WAM 5/5/2010 one of the new issues that entered legal
community in the UAE during the nineties
Ministry News Bilateral Trade & Economic Relations and then it began to develop and enjoy at-
tention of many sectors, especially after
the boom in the State in the last decade,
UAE in top ten countries exporting White UAE, South Korea to strengthen coopera- which focuses in large part on attracting
foreign investors to participate in process
Sugar, Ministry of Foreign Trade tion in innovation and investment of develop-ment. Since arbitration is a
real guaran¬tee to those investors before
An analysis study conducted by the Ministry of Foreign The UAE Minister of Economy Sultan Al Mansouri, and deciding to invest in a country, the UAE’s
Trade in the United Arab Emirates has revealed that the Yoon Jeung- Hyun, Minister of Strategy and Finance, legislature recognized its importance and
reconsid¬ered its presence in a way to
UAE is the second, globally, after Uganda in the re-export South Korea, issued a joint statement in Seoul, marking respect the Will of parties to resort to ar-
of Sugar Cane with an overall quantity of 15.1 Million Tons the close of the second meeting of the UAE-Korean Joint bitration as an alternative mean to settle
/ Annually according to United Nations statistics. Economic Committee. disputes rather than courts. This concept
The study, which was conducted by the Ministry’s “Trade The two sides held in-depth discussions on ways to was man¬ifested when the UAE joined
Analysis and Information Department”, indicated that the strengthen cooperation in several areas including trade, New York Convention of 1958, similarly to
investment, civil aviation, energy and renewable energy, the GCC countries in order to admit and
UAE is ranked amongst the top ten white sugar exporting implement foreign arbitration through the
countries, globally, ...............continued on 2 infrastructure developmen...............continued on 3 Federal Decree No. 43 of 2006.
Investment News Economic News It is worth mentioning that the agree¬ment
between the GCC countries on implemen-
tation of judicial decisions and arbitration
RAK intends to invest $ 500 Million in Mohammed Bin Rashid issues decree provisions in the GCC coun¬tries was
signed in December 1995 aims at contrib-
Georgian Port appointing Emcredit as Dubai’s official uting in fulfillment of great achievements.
credit information body The draft of Federal Arbitration Act, has
RAK Investment Authority “Rakia” intends to invest $ 500
effectively con¬tributed in supporting
Million in the Georgian Poti port on the Black Sea, for next In his capacity as the Ruler of Dubai, UAE Vice President econom¬ic development in the State and
four to five years. This is according to what was quoted and Prime Minister His Highness Sheikh Mohammed bin enhancing performance of investment
by “Wall Street Journal” website from 2 prominent execu- Rashid Al Maktoum has issued decree No. 8 of 2010, envi¬ronment, therefore, the UAE’s legis-
tives in the Authority in Georgia. which identifies the Emirates Credit Information Company lature is considering a separate draft law
12/5/2010 (Emcredit) as the appointed body for providing credit infor- that addresses the subject of arbitration
high¬lighting its boom in the UAE and
mation services in Dubai. The decree mandates Emcredit that due to its investment and develop-
to comply with the criteria and instructions stipulated by mental re¬turn which upgrades economic
the DED and with the instructions...............continued on 4 progress of the State.
Views of International Organizations Conferences & Forums Also, in this Edition
UAE leads in HSBC Global Confidence Index Committee of Free Trade Agreement Dh81the total capital of
The UAE has secured its reputation as one of the lead-
studies process of negotiations with 4644 industrial plants in the
worldwide blocs UAE.....................................5
ing trading hubs worldwide, according to the latest HSBC
Trade Confidence Index. Once again in first place overall,
UAE’s attractiveness as an import and export centre has The Committee for studying free trade agreements held Entry into force of the deci-
been recognized by the local trading community. its fourth meeting. The meeting reviewed the process of sion of the custom services
Business sentiment globally showed an overall positive negotiations of free trade agreements between the GCC, fees in the State......... .7
outlook with an average global reading of 116 (110 last other countries and economic groups worldwide.
wave) on a scale of 0 to 200, with 100 as a neutral read- The meeting also reviewed steps taken by parties related 224 Billion Dirham for the
ing. Emerging markets are more optimistic scoring an to the UAE within the context of free trade negotiations. At
the end of its meeting, the committee suggested several touristic Emirati invest-
average of 122 points over developed markets 106 poin
ts......................................continued on 12 recommendations that shall ensure.........continued on11 ments 2020 .................8
A semi-month Economic News Bulletin That’s Issued By The Ministry of Foreign Trade in The UAE 1
Ministry of Foreign Trade Economic News Bulletin
UAE in top ten countries exporting White Sugar, Ministry of For- as boosting the UAE presence in Canada were also among the topics of the
eign Trade meeting.
In remarks at the meeting, Al-Qassimi stressed that the UAE economy pro-
vides huge potentials and incentives for Canadian and international busi-
An analysis study conducted by the Ministry of Foreign Trade in the United nesses and serves as a gateway of Canadian trade to the whole region.
Arab Emirates has revealed that the UAE is the second, globally, after Ugan- Source: WAM 10/5/2010
da in the re-export of Sugar Cane with an overall quantity of 15.1 Million
Tons / Annually according to United Nations statistics.
The study, which was conducted by the Ministry’s “Trade Analysis and In- Foreign Trade contributes with trade and industrial delegation
formation Department”, indicated that the UAE is ranked amongst the top in Johannesburg Show
ten white sugar exporting countries, globally, according to the international
2008 statistics for sugar, and came in the fourth place, after Brazil, Thailand The Ministry of Foreign Trade with collaboration with Abu Dhabi Department
and India, with regards to its volume of exports in this commodity, which of Economic Development organized Emirates pavilion in trade shows in
was 1.25 million tons. The study also revealed that the UAE came in 7th Johannesburg in South Africa.
in unprocessed sugar imports, with a total amount of 1.42 million tons im- Al Saleh assured on the positive results that Emirates contribution in trade
ported. shows have been achieved concerning good organization, successful col-
The study, which was conducted by Mr. Yousef Diab, an economic research- laboration among different Emirates parties, type of contributing companies
er at the Ministry, also pointed out that the UAE consumed approximately as well high - quality of the Emirati industries, pointing out the fact that the
165 thousand tons of various types of sugar during 2008. Emirati joint stock companies in the Emirates pavilion of the show were able
Source: WAM 5/5/2010 to communicate and organize trade and developed investment meetings
with African as well international companies throughout the show, which
Lubna bint Khalid Al Qasimi visits Kurdistan Region will positively be reflected in the future on the increase of Emirates exports
to South Africa, African market and increase of African investments in the
Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade will start Al Saleh pointed out the positive results achieved by the Ministry of Foreign
on 18th of May, a visit to the Kurdistan Region of Iraq, heading trade and Trade to exploit distinguished international exhibitions to reinforce the pres-
investment delegation to explore prospects of joint cooperation between ence of the Emirati products in the International market as well increase of
the UAE and Iraq. the Emirati contribution in the direct foreign investments.
During her two-day visit, Sheikha Lubna will meet Kurdistan region officials 09.05.2010
to discuss ways to translate the ideas and shared visions reached during
the visit of Dr. Barham Salih, Prime Minister of Kurdistan region, to the UAE
last February, on trade, economic, investment projects and agreements in Seminar in Abu Dhabi discusses proliferation of trade agree-
the interest of the two sisterly countries. ments
Sheikha Lubna stressed the importance of the delegation’s visit to the
Kurdistan region of Iraq, referring to UAE’s keenness to promote trade, in- The Ministry of Foreign Trade with collaboration of Islamic Development
vestment and economic cooperation with Iraq. Bank organized a seminar entitled “Proliferation of trade, regional and bilat-
Iraq ranked 11th in the UAE’s trade partners list. The volume of non oil trade eral agreements besides their impacts on multilateral trade system as well
exchange amounted last year to more than five billion dollars, constituting development policies in Islamic Countries”. This is under the patronage of
2.8 per cent of total UAE foreign trade, compared to three billion dollars in Sheikha Lubna Bint Khalid Al Qasimi, the Minister of Foreign Trade, in which
2008. this event took place in Abu Dhabi from May 17th till 19th.
Source: WAM 11/5/2010 The seminar aims to analyze the relation in terms of the article 24 of GATT
agreement, the commitment of the parties according to the laws of the WTO
UAE trade relations with Luxembourg, Vitoria discussed and shed the light on risks that surround negotiations of bilateral and re-
gional groups particularly pressures to which developing countries are sub-
UAE Minister of Foreign Trade Sheikha Lubna Al-Qassimi has received HRH ject to offer companies that exceed those agreed upon according to their
Prince Guillaume of Luxembourg and Minister of Economy ‘&’ Foreign Trade commitments with the WTO. It also aims to explain the concept of general
Jeannot Krecke who are on a current visit to the UAE. policies and how the Member States keep flexibility that they currently have
The meeting focused on relations between the two countries in trade, according to the WTO, without including new issues such as competition
healthcare, pharmaceutical industries and renewable energy. policy, government procurements, environment protection, labor rights. As
In remarks at the meeting, Sheikha Lubna stressed that the UAE economy well, addressing and analyzing experiments of some agreements in Arab
offers huge potentials and incentives for direct foreign investments. and African region, studying the results achieved and obstacles. Giving op-
Source: WAM 13/5/2010 portunity to participating countries and regional organizations to express
their experiments in the fields of trade negotiations concerning bilateral and
UAE, Canada eye stronger relations 13.05. 2010
UAE Ministry of Foreign Trade Sheikha Lubna bint Khaled Al Qassimi and
Canadian Deputy Minister of International Trade Louis Levesque have dis-
cussed ways to further promote trade and investment relations between
their two countries.
Relations between the business communities in the two countries as well
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 2
Ministry of Foreign Trade Economic News Bulletin
Bilateral Trade & Economic Relations
UAE, South Korea to strengthen cooperation in innovation and Methods of collaboration between Cairo and Abu Dhabi
Egyptian Minister of Tourism stated that the visit of the Egyptian delegation
The UAE Minister of Economy Sultan Al Mansouri, and Yoon Jeung- Hyun, to the UAE comes as an act of supporting economic and tourism relations
Minister of Strategy and Finance, South Korea, issued a joint statement in between the two countries. This is by joint discussions with senior officials
Seoul, marking the close of the second meeting of the UAE-Korean Joint in Abu Dhabi Government. This matter occurs on sidelines of the conference
Economic Committee. which is held in the Egyptian Embassy’s Headquarter in Abu Dhabi. Egyptian
The two sides held in-depth discussions on ways to strengthen cooperation Minister of Tourism addressed joint discussions with Abu Dhabi Chamber of
in several areas including trade, investment, civil aviation, energy and re- Commerce and Industry on the methods of supporting investment relations
newable energy, infrastructure development, financial services, healthcare between the private sector companies working in tourism in both countries
services, education, technical cooperation, e-government, statistics, Small and suggestions to overcome obstacles confronting the UAE Tourism com-
and Medium Enterprises (SMEs), and Intellectual Property Rights. panies in the Egyptian market.
The meeting evaluated the current economic situation and the key eco- 04.05.2010
nomic policies of the two countries. The South Korean side explained the
Korean Government’s efforts to carry out short-term response measures Dubai Chamber discusses collaboration opportunities with
to cope with the global financial crisis, as well as policies to power new Switzerland
growth engines for the economy, and presented South Korea’s future eco-
nomic policy direction. Dubai Chamber of Commerce and Industry discussed with Switzerland joint
Source: WAM 15/5/2010 investment opportunities. This matter occurs through business meeting
which is organized by the chamber as a part of annual initiative entitled
UAE Ambassador discusses reinforcing trade relations with “Investment opportunities in emerging markets”, in which the chamber had
Canada launched at the beginning of the current year aiming for reinforcing the com-
petitive powers of business community in Dubai and promoting the emirate
The UAE Ambassador in Canada met Canadian Minister of Foreign Trade as a world trade center.
in the capital Ottawa. The fields of joint investments between Dubai and Switzerland are concen-
During the meeting, many subjects of common interests were discussed trated in the sector of export, financial services, health services and elec-
along with reinforcement methods for the bilateral relations between the tronics.
two countries especially in trade fields. 10.05.2010
RAK Crown – Prince receives Swiss economic delegation
Crown Prince and RAK Deputy - Ruler received Swiss delegation that in-
cluded the Minister of Economy Lausanne State and number of Swiss Busi-
H.H discussed with Swiss delegation trade, investment and the importance
of supporting and developing them to achieve economic and trade integra-
tion between them.
Also, H.H welcomed the businessmen and their interests in studying in-
vestment opportunities and taking advantages from abilities and available
facilities in RAK which witnesses positive rapid growth in the industrial and
Fujairah Chamber discusses trade relations opportunities with
An agreement has been set between Fujairah Chamber of Commerce and
Industry and Indonesian Trade and Promotion Center in order to send dele-
gation of businessmen and youth investors of Fujairah to visit Global Trade
Show, in which it will be held in Jakarta on October the 1st.. The reason
behind that is to be aware of the development in the field of industry, local
products and Indonesian experiment in developing SMEs as part of rein-
forcing trade bonds between Fujairah and Indonesia.
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 3
Ministry of Foreign Trade Economic News Bulletin
Mohammed Bin Rashid issues decree appointing Emcredit as ing shares, debt bonds and Islamic Sukuk whether at inception or at later
Dubai’s official credit information body stages.
Source: WAM 1/5/2010
In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister
His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued decree Dubai reports a total non-oil trade of Dhs13.5bn with Malaysia
No. 8 of 2010, which identifies the Emirates Credit Information Company : Dubai Chamber’s study
(Emcredit) as the appointed body for providing credit information services
in Dubai. The decree mandates Emcredit to comply with the criteria and Malaysia is the biggest trading partner of Dubai among the Southeast
instructions stipulated by the DED and with the instructions and guidelines Asian countries as Dubai reported a total non-oil trade with the country of
issued by the UAE Central Bank, when processing credit information. Dhs13.5bn in 2009, making the latter its 14th largest trading partner for non-
This decree lays out the legal and operational framework for Emcredit, the oil products, According to Dubai Chamber of Commerce and Industry study.
UAE’s pioneer credit bureau in the Dubai and the UAE, established by the However, with total exports reaching only Dhs522m, trade balance was
Dubai Department of Economic Development (DED) in 2006, and mandates highly in favor of Malaysia.
Emcredit as the entity responsible for providing credit reporting services in Dubai’s total non-oil trade with Malaysia had expanded from just about
the emirate, with responsibility for collecting, storing, analysing and dis- Dhs4bn in 2002 to only a little less than Dhs17bn in 2008. In fact, annual
seminating credit information in Dubai. growth between 2007 and 2008 was 36%, with imports growing by 35%, and
This decree comes as part of Sheikh Mohammed’s keen interest in enhanc- exports by 44%. However, despite the growth of non-oil exports, it remained
ing transparency in Dubai’s economic sectors, as well as creating legisla- very little compared to imports.
tion to develop further the credit reporting industry in the emirate. Imports from Malaysia accounted for less than 3% of Dubai’s total imports.
Source: WAM 3/5/2010 Source: WAM 2/5/2010
Gold-for cash dispensing machine makes debut at UAE’s at Mohammed restructures board of Abu Dhabi Public Service
Emirates Palace Company
Abu Dhabi’s top hotel on Wednesday unveiled the UAE’s first ATM-type ma- H.H. Gen. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu
chine that gives those staying there the chance to withdraw 24-karat gold Dhabi and Deputy Supreme Commander of the UAE Armed Forces, issued
bars and coins. in his capacity as Chairman of Abu Dhabi Executive Council, resolution No
The ATM-style kiosk cash-for-gold dispending machine is the brainchild of 30 of 2010 restructuring the board of the Abu Dhabi Public Service Company
CEO of Ex Oriente Lux Thomas Giessler and the first international foray for under the chairmanship of Abdullah Rashid Al Otaiba, Chairmann of Depart-
the German entrepreneur’s Gold to Go” brand, which was first tested in his ment of Transport.
native country in 2009. The board shall have the following as members : Dr. Mughair Khalmis Al
Geissler, in remarks at the inauguration ceremony, said he chose Emirates Khaili, Director General of Abu Dhabi Education Council, Falah Al Ahbabi,
Palace Hotel because it had become a brand that is recognized worldwide. General Manager of Abu Dhabi Urban Planning Council, Khalifa Moham-
The cash-for-gold machine monitors the daily price of gold, dispenses small med Al Mazrouie, Director General of Abu Dhabi Municipality, Mohammed
gold bars and coins that weigh up to 10 grams with customized designs for Sultan Al Hamili, Executive Manager, Department of Finance, Rashid Lahaj
cash along with a refund guarantee. Al Mansouri, Director General of Abu Dhabi Systems and Information Centre
Source: WAM 13/5/2010 and Saif Badr Al Qubaisi, Chairman of Abu Dhabi Health Services Company
DED and SCA sign MoU to strengthen licensing procedures for Each member will serve for a three year tenure that is renewable.
joint stock and securities companies The resolution shall come into force from the date of issue and shall be
published in the gazette.
The Emirates Securities and Commodities Authority (SCA) and the Dubai Source: WAM 6/5/2010
Department of Economic Development (DED) have signed a Memorandum
of Understanding (MoU) to co-operate in the inception of public joint stock Economy Min reviews progress on implementation of 2010 op-
companies, and simplify, facilitate and develop the necessary procedures eration plans
for the licensing of securities companies in Dubai.
The MoU also includes co-ordination in the fields of training and exchange H.E. Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy, has re-
of expertise. The initiative is part of efforts to serve the national econo- viewed progress made in the implementation of the 2010 operation plans of
my and enhance the UAE’s investment environment by bringing in greater the five government bodies participating in a meeting dubbed: “Implementa-
transparency and promoting stronger corporate governance standards. tion Program for Executives of Government Bodies Under the Supervision
His Excellency Mr Abdullah Salim Al-Turifi, Chief Executive of SCA and His of the Economy Minister”.
Excellency Mr Sami Al Qamzi, Director General, DED, signed the agree- He discussed with the participants in the program their outfits’ 2011 - 2013
ment. Officials from SCA and DED attended the signing ceremony held re- strategic plans and underscored the need to adhere strictly to the guidelines
cently at the DED headquarters in Deira. of the plans and their initiatives to achieve the ultimate of their targeted
As per the agreement, the two parties will be linked electronically to issue objectives. He called for facilitating the means of achieving the best perfor-
and renew trade licenses for public joint stock companies and securities mance indices for those initiatives.
companies, to exchange information and data related to Dubai’s Annual This came during the inauguration of the program which is part of the gen-
General Meetings, and to provide data related to the procedures of issu- eral policies of the UAE Government’s Strategic Plan aimed at improving
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 4
Ministry of Foreign Trade Economic News Bulletin
performance and sharpening the technical and administrative skills of per- and address any concerns raised by the international community on peace-
sonnel of various leadership posts in government institutions. ful nuclear programs».
Source: WAM 8/5/2010 He noted that the UAE submitted its candidacy for a seat on the IAEA Board
of Governors for the period 2010-2012.
Real estate’s portfolios of banks pass pressure tests He also asserted the importance of the principle of transparency in the
development of peaceful atomic energy programs, the importance of the
National banks conducted number of pressure tests on their credit portfolios development process based on logical needs, commitment to the highest
in terms of real estate’s sector to know the stamina of these assets to bear standards of safety, security and non-proliferation, especially in a world
increase of insolvency proportion in order to pay loans till expected levels where nuclear proliferation «source of great concern».
more than current proportions of insolvency. 05.05.2010
Banking sources stated that tests conducted in most banks showed good
level of safety for these portfolios especially in major banks. This good level Mubadala assets grew by 76 % to AED 88.5 billion in 2009
of safety is the result of guarantees placed for loans despite decline of its
value. In addition, banks reserves as well the major allocations set dur- H.H General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu
ing the previous period. These allocations included covering bad debts and Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chair-
general allocations target to compensate difference among value of guar- man of the Board of Directors in Mubadala assured that Mubadala has suc-
antees and loans volume in credit portfolios. ceeded in coping with aspirations of it shareholders. It contributes in pro-
01.05.2010 moting sustainable development and leading to economic variety.
Dubai Export Development Corporation predicts UAE exports
growth to Qatar 1446 new trade licenses in Sharjah during the first quarter with
growth of 39%
Dubai Export Development Corporation predicts, which is the official gov-
ernmental corporation about the development of local export sector and According to the Director-General of Sharjah Department of Economic De-
it’s a part of the Department of Economic Development in Dubai, the UAE velopment, the continuous growth in the number of trade licenses reflects
exports growth to Qatar during upcoming month especially in the fields of the emirate’s investment attractive atmosphere, in which it shows growth
real estate’s services as well construction sector. That growth would be the rate by 10.6% in terms of licenses overall issued during Q1 2010 compared
result of great success in terms of the corporation contribution in the event. to last year. As well, growth rates by 8% and 38.6%, respectively. This matter
02.05.2010 occurs regarding renewed and new licenses compared to the correspond-
ing period in 2009. However, as the global financial crisis hit economies
Communication sector in UAE amongst the most advanced in worldwide by end of 2008 and throughout 2009, there was a decrease in the
number of new licenses being issued, from 1748 in the 1st Q 2008 to 1043 in
the world the 1st Q 2009. Renewed licenses, however, increased from 10849 to 11 272
during that period. Overall number of licenses issued by Sharjah Depart-
Vice - President of business development in the area and the Central Asia ment of Economic Development in the 1st Q 2010 grew by 10.6%. While new
in Global American Company “Qualcomm” said, in which it’s specialized in licenses increased from 1043 in the 1st Q 2009 to 1446 in the 1st Q 2010,
manufacturing chips and communications machines to Al Khaleej that the achieving growth by 38.6%. Renewed licenses increased from 11 272 to 12
company considers telecommunication infrastructure of the UAE amongst 172 (8% growth) during the same period.
the most advanced in the world. This is due to great interest given to this 05.05.2010
He also added that telecommunication sector in the Country has potentials AED 81 billion are capital of 4644 industrial plants in the UAE
in absorbing the 3rd generation services and then the fourth in order to com-
pete in the services prices, pointing out that the volume of investments by Number of industrial plants in the UAE reached 4644 with capital of AED 81
“Etisalat” and “Du” shows strong indicators of the sectors’ growth. billion and 165 million on December 31st, 2009, compared to 4219 plants
02.05.2010 with capital of AED 77 billion and 45 million in 2008. This is according to a
report released by the Ministry of Economy.
Dubai Customs inaugurates center in Dubai Silicon Oasis 05.05.2010
Dubai Customs, in a bid to ease customer services and inspection proce- E-Gulf certificate of origin impedes GCC trade
dures, has opened a new centre in a series of Customs centers in Dubai
Silicon Oasis. All inspection services, customs clearance, and investment- Emirati manufacturers said that E-Gulf certificates of Origin impede the flow
based information shall be available at the new centre for the investors and of Emirati trade to the Gulf Countries. While Gulf commodities flow into the
companies listed in the Dubai Silicon Oasis. UAE without any restrictions, they have accused the Ministry of Economy
03.05.2010 with restricting the procedures on Emirati commodities and products more
than the Gulf States.
UAE to nominate to nominate for IAEA 06.05.2010
H.H, the Minister of Foreign Affairs said that «States have developed pro-
grams for nuclear power to take necessary steps to enhance confidence
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 5
Ministry of Foreign Trade Economic News Bulletin
Emirati Tourism to grow by 3% in 2010 UAE - Japan trade is 33.7 billion in the 1st Q
Experts in Tourism, Travel and Hospitality services sector stressed the im- Surplus in the UAE trade balance with Japan recorded an increase by 80%
portance of adopting market liberation strategy and variety of tourist op- in the 1st Q comparing with 2009. The surplus achieved $ 5.39 billion (AED
tions to ensure the development and prosperity of the tourism sector in the 19.78 billion) comparing with $ 3 billion (AED 11.01 billion) in the 1st Q 2009.
Middle East. 09.05.2010
Director of Tourism and Travel Department assured that the future of the
travel sector in the region depends on the requirements of the middle- in- Institute of International Finance: 2% is UAE expected growth
come of tourists. She highlighted the importance of efforts and cooperation 2010
among the countries of the region as well focusing on the renewal and mod-
ernization of the available tourist concepts.
The report noted that the UAE witnessed a decrease in the number of tour- A recent report of the Institute of International Finance assured that local
ists by 2% last year. It predicts that it will witness an increase of 3% in 2010, banks are capable of overcoming impacts of restructuring Dubai World
as the result of Dubai and Abu Dhabi’s ambitious steps. debts which is considered minor and under control.
06.05.2010 This report predicts that the UAE economy will be recovered from the inter-
national financial crisis to record the UAE GDP by 2% (growth) this year. The
report also predicts that the level of inflation will be stable by 1%. According
Retail trade growth rate is 9.5% in GCC to predictions of Institute of International Finance, the UAE will witness a
huge surplus this year. Surplus in current accounts will achieve 7% of GDP.
Alpen Capital announced the release of the new report on the retail trade Surplus in the budget will achieve 9% of the UAE GDP.
in the GCC 2010 as a part of research services. Alben Capital has recently 10.05.2010
released a number of reports on takaful industry, insurance, Health care,
cement and petrochemicals industry in Gulf. The first report on the retail AED 957 billion are volume of expatriates banking Credit
production in GCC has been published in 2009. The report is an update for
the previous one and contains new visions.
Indicators show that the demand on the retail trade in GCC will grow by Overall of real estate’s mortgage loans of banks operating in the UAE for
9.5% (compound annual average) during 2010, 2011 and 2012. This report expatriates achieved AED 143.38 billion by end of 2009 comparing with
highlights continuous positive growth of retail trade which focuses on the AED 141.71 billion by end of the last December. It has achieved an increase
non-discretionary products during 2010 while luxurious products sector is by AED 1.67 billion and growth proportion by of 1.18%.
expected to be under control. The Central Bank statistics shows that overall of expatriates banking credit
07.05.2010 volume granted for the economic activities in the UAE achieved 957.29 by
end of January 2009. As well, AED 958.59 billion by end of the last Decem-
Ahmad Bin Said: 5% is expected growth rate in Dubai this year 11.05.2010
H.H Chairman and Chief Executive of Emirates Airline and Group and Chair- Studying new initiatives of bounced checks
man of the higher financial commission in Dubai, has predicted that the
growth rate in Dubai will reach 5% this year. He said that the main produc-
tion in Dubai has achieved good results. Concerning real estate’s sector, it Deputy- Director General of Economic Development Department said that
takes times. He also predicted that it will take three to four years to back UAE is studying new procedures concerning bounced checks.
to its level. He said in press statements that there will be new initiative issued sooner
08.05.2010 during two to three weeks.
Villas’ rents decrease by 25% - 40 % in Abu Dhabi Obaid Al Tayer: Public debt law in 2010 prior sovereign bonds
Experts work in Abu Dhabi stated that individuals and companies’ demand
on villas for residence or trade offices increased. This is due to decrease in The Minister of State for the Financial affairs assured that the UAE will issue
the demand of rents during the current year. It has decreased by 25% - 40 %. a comprehensive law stipulating the issuance of public debt bonds and es-
08.05.2010 tablishment of a unit to manage debts during this year, prior processing the
issuance of any sovereign bonds. He noted that public debts market will be
launched which requires a legal political healthy environment, management
Malaysia attracts 30 thousand Emirati tourists in 2010 of Risk, principles for the government and the management of the budget.
Efficiency of the market bonds will depends on the standards of account-
The Malaysian Minister of Tourism said to Al Khaleej: “Number of Emirati ing and auditing, disclosure, infrastructure and availability of the structure
tourists who visited Malaysia last year was estimated by 22158. She ex- which is capable of implementing the contracts.
pected that number will increase to 30 thousand by end of this year, adding He assured that the draft law was deliberated in the Federal National Coun-
that the Emirati tourist spends lots of money. cil and it is being processed in other official authorities for the purpose of
The Minister said that discussion with the Emirati officials focused on finalizing the context.
strengthening relations and increase of flights from 24 flights per week 11.05.2010
through the Emirates Airlines and 7 flights from Abu Dhabi to Malaysia per
week, particularly during summer.
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 6
Ministry of Foreign Trade Economic News Bulletin
Zewail to Al Bayan: Mohammed Bin Rashid has dynamic vision 2009 against AED 788.9 billion during 2008, with decrease by AED 128.8
billion and with a proportion by 16.3%.
American-Arab Scientist Ahmad Zewail, who is awarded Nobel Prize in As for the most important trade partners, the results showed that India, Chi-
Chemistry, assured his interest of the UAE Vice-President, PM and Dubai na, the United States, Germany, Japan, the UK, Italy, South Korea, France
Ruler vision. He added that H.H Sheikh Mohammed Bin Rashid has a distin- and Saudi Arabia, respectively are the most states from which the United
guished personality as well admires dynamics and hates the bureaucracy. Arab Emirates imported in 2009 with overall value by AED 287.2 billion or
12.05.2010 by 64.2% of the UAE imports value overall.
Increase of Emirates Airlines profits to $ 364 million during fis-
cal year 2009-2010 Dubai for trade operations is able to procure finance
Moody’s declared that Dubai World for trade operations shall be able to
Chairman of Board of Directors in Emirates Airlines declared that the car- procure other finance resources, if the creditor banks refuse to restructure
rier’s profits pertaining to the Government of Dubai has reached $ 964 mil- their financial commitments by $ 555 million due next July.
lion during the fiscal year ending on March 31 2010, recording an increase 14/5/2010
by 416% compared to the previous fiscal one.
Contract by AED 1.1 billion for the development of “Zkm field”
Entry into force of UAE customs service’s fees decision ADMA grants contract by $ 300 million (AED 1.11 billion) to develop the
sub-field of Zkm next June. ZADCO also offered the tender of construction
Decision of the Council of Ministers No. 45 for the year 2009 entered into works, procurements, and engineering works for the first phase of Zakum
effect regarding the custom services fees in the UAE issued by H.H the UAE field development project. This is by the amount of (overall cost) $ 15 billion
Vice – President, PM and Dubai Ruler, on December 31st . during the third quarter of this year.
This decision stipulated that the customs centers in the UAE shall gather 14/5/2010
customs fees for the customs services which shall be provided as follows:
customs card for the transportations, machinery AED 30, an application for
amendment of the customs card (by the client for error) AED 10, replace- Removal of 3 companies from S&P control
ment of any official document issued by the customs office AED 100, state-
ment of re-export AED 100, import statement for exempted goods (untaxed) “S&P” excluded three governmental companies in Abu Dhabi from the credit
land and sea AED 80, import statement for not exempted goods (taxed) control list on the basis of certain government support. These companies
AED 70, export and temporary export statement AED 100 as well statement included “Mubadala”, “IPIC” and Tourism Development Authority”. S&P as-
of transit by AED 50. sured on the rating of these companies.
Mohammed Bin Rashid: we have solid base for a good eco- 16% of the UAE trade growth through Al Fujairah ports
nomic launch Director- General of Fujairah Chamber of Commerce and Industry assured
that the UAE succeeded to exploit its distinct strategic location on Oman
H.H the UAE Vice – President, PM and Dubai Ruler described the interna- Gulf as well Indian Ocean, the ideal exploitation to accelerate progress,
tional financial and economic crisis as a shock that slightly affected many urban, social and economic boom which reflects on the standard of living of
of the world states economies with recession and decline. However, the the Emirate and its citizens.
UAE considers it as a challenge and requires from us a pause in order to 15/5/2010
re-arrange issues as well launch again.
Merging and acquisition market in gulf grew to $ 25 billion 2010
Trade deficit with America declines by 25% in the first quarter and $ 100 billion by 2011
Deficit in the UAE trade balance with the United Sates declined by 25% dur- A recent report expects that merging and acquisition market in GCC will
ing the first quarter of 2010 to reach AED 9.1 billion against AED 12.12 billion achieve recovery during this current year in order to reach overall value of
in the same period of last year. signed deals in 2010 to $ 25 billion till $ 100 billion next year.
Data of the American Department of Commerce showed that overall trade 5/5/2010
between both countries declined by 22% during the same period to reach
AED 10.99 billion in the first quarter of 2009.
UAE trade in 2009 exceeded AED 660 billion, 74% for Dubai
The National Statistics Center issued the final results for the foreign trade
statistics pertaining to the UAE in 2009. Results indicated that the UAE for-
eign trade overall volume has approximately reached AED 660.4 billion in
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 7
Ministry of Foreign Trade Economic News Bulletin
Korath to invest Dh1b on new retail network Sharjah non-oil exports to touch Dh3.1bn in 2009
Korath Holding, one of the oldest business groups in the UAE, said on Mon- The emirate’s non-oil exports grew 0.07 per cent last year.
day that it would invest Dh1 billion over three years to set up a retail net- Sharjah’s non-oil exports grew 0.07 per cent last year and reached Dh3.1
work under the brand KM. billion, compared to the Dh2.89bn recorded in 2008, according to figures
The Dh1.8 billion group said its new venture, KM Retail, would open the first available with the emirate’s Chamber of Commerce and Industry.
concept store in Abu Hail on May 17. The Sharjah Chamber of Commerce and Industry also said the figures have
“We will open 30 multiple KM Retail format stores, which are designed to prompted it to make field visits to businessmen in order to help them ex-
meet global standards in retail experience, across the UAE this year,” said plore new markets and bolster existing ones.
Riyaz Korath, chief executive officer of Korath Holding. Hussain Mohammed Al Mahmoudi, Director-General of the chamber, told
This means, the group will be adding one million square feet of retail space Emirates Business that it was keen to retain its businessmen and ensure
during the year 2010. a quick recovery from the slump by offering companies the greatest pos-
Korath Holding, which has diversified business interests ranging from soft- sible support.
ware development and logistics to manufacturing and construction, cur- “Although the growth in exports is marginal, it continues to be an increase
rently runs 25 retail outlets, including supermarkets and department stores and not a decrease, as found in other countries. The UAE and Sharjah have
under brand names KM Trading and Al Safa in the UAE and Oman. maintained growth despite the impact of the global economic downturn,”
The multiple KM retail format stores will comprise convenience stores, su- he said.
permarkets, department stores and hypermarkets. The chamber has prepared programmes to further boost the emirate’s trade
“These will be further sub-branded for easy identification as KM Daily, KM and economy, Al Mahmoudi added.
Value, KM Experience and KM respectively.” “We are looking at exploring new markets in the Mena region and in central
The new entity also has plans to open speciality retail outlets and stores. Africa.
“With more than four decades successful operation though our two brands “Currently, 17 businessmen are visiting Libya, Tunisia and Algeria. The
KM Trading and Al Safa, we will leverage our learning and competence to seven-day trip started on Saturday and is aimed at helping businessmen
confidently take the new retail brand KM to greater heights,” said Korath. explore new markets in these countries for expanding their businesses or
“Each of the retail formats under KM has been carefully developed, and, exporting their products,” he said.
with perfect execution will further strengthen our group’s competitive posi- “Similar trips, partially funded by the chamber, will target other countries.”
tion as a leading retail group in the region,” he said. He said Sharjah’s total exports to the Mena and central African countries
Korath said in line with the group’s vision to make KM a multi-national were valued at Dh333 million in 2008. Of this Dh155m was the value of
brand, retail outlets in multiple formats will be launched first in the UAE, exports to Algeria, Libya and Morocco, Dh150m to Sudan, Ethiopia and
followed by launches in other GCC countries and India. Kenya, Dh18m to Syria, and Dh10m to Ghana.
“KM will be in a position to optimise cost structures in several areas based “Since products made in Sharjah are able to compete in these markets,
on internal synergies and resources available within the group,” he said. working to enhance exports or expand businesses in these countries will
The optimised cost structures will in turn enable the group to deliver more give instant results,” he said, and added: “Sharjah’s non-oil exports now
value and quality in each of the retail formats to every customer of KM, reach 40 countries.”
Korath argued. Source: Emirates Business 26/4/2010
The group has added experienced retail professionals from internationally
successful retail chains to ensure quality is delivered and maintained to W Hotels Worldwide to Debut in the United Arab Emirates in
that of highest standards, he said.
Source: Khaleej Times 11/5/2010 2013 With the New W Abu Dhabi Hotel
First W Hotel in the UAE Illustrates W’s Continued Commitment to Expand
Borouge opens its logistics hub in Singapore Globally by Opening Luxury Boutique Hotels in Primary Destinations In-
cluding London, Paris and Hong Kong.
Rashed Saud Al Shamsi, Chairman of Borouge’s Marketing Company W Hotels Worldwide, the hotel category buster and industry innovator, has
joined Lee Yi Shyan, Singapore’s Minister of State for Trade and Industry signed an agreement with Belbadi, a local UAE multidisciplinary corpora-
and Manpower, and William Yau, CEO of Borouge’s Marketing Company at tion, to bring the design-led lifestyle brand to the United Arab Emirates in
the official opening ceremony of the CWT logistics complex in Singapore 2013. Located on the waterfront of Al Bateen Wharf, W Abu Dhabi will be
on May 11, 2010. part of a multi-component development, including high-end retail stores,
CWT, being one of the largest logistics company in South East Asia, will restaurants and residences and will offer stunning views over the marina
handle up to 330,000 tonnes of value-added polyolefins from Borouge per and the open sea. The luxury boutique hotel will feature 350 stylish guest
year (t/y), including packing, repacking and distribution to Borouge’s cus- rooms, including 25 suites and two “Extreme Wow” suites (W’s interpreta-
tomers throughout South East Asia. tion of a Presidential Suite), a signature spa with 12 treatment rooms, three
Borouge, a leading provider of innovative, value-creating plastics so- restaurants, a lounge and a rooftop night club.
lutions, is a joint venture between the Abu Dhabi National Oil Company “Abu Dhabi is an important market for Starwood as we continue a strong
(ADNOC) and European-based chemical and innovative plastics solutions growth pace in this booming, vibrant capital of the UAE,” said Roeland Vos,
provider, Borealis. President of Starwood Hotels & Resorts, Europe Africa and Middle East.
Source: WAM 11/5/2010 “With Abu Dhabi joining the roster of international openings for W over the
next two years, we are honored to partner with Belbadi as we add this key
destination to W’s global portfolio.”
W Abu Dhabi will offer W brand exclusives including W’s signature Living
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 8
Ministry of Foreign Trade Economic News Bulletin
Room experience (W’s transformation of the traditional lobby), five glamor- Chinese Hawawi studies expanding investments in UAE com-
ous WET pools and SWEAT (W’s state-of-the-art fitness centre). The hotel munications’ sector
will also feature more than 5,000 square metres of ultra-modern meeting
and event space and a full-service WIRED business centre. These offerings Vice- President of the Chinese “Hawawi” company assured that “Etisalat” is
will be complemented by the brand’s signature service promise, Whatever/ considered an official strategic partner in the domain of the latest technolo-
Whenever®, providing guests whatever they want - from an adventurous gies in the world.
desert safari to exploring the Arabian Gulf on a private yacht - whenever He said that “Etisalat” Company was the first in the Arab World which ap-
they want it. All rooms and suites will also feature the W Hotels signature plies “Three G’ for video Communications; it is also one of the first world
bed with feather-top mattress, 350 thread-count cotton sheets and goose companies that covers cities of the UAE with the fibers-optic network.
down comforter. He added that “Hawawi” Company which sales approximately reached
As the market leader, Starwood currently operates close to 50 hotels in 2009 $ 218 billion strongly exists in the UAE communications market,
throughout the Middle East under seven of its nine brands, including more pointing out that it manages its operations in the Middle East through its
than 20 hotels in the UAE. W Abu Dhabi will be the W brand’s third hotel regional office in Dubai.
in the Middle East, following the openings of W Doha Hotel & Residences Vice-President mentioned that the company contributed to establish the
(opened in 2009) and W Amman, scheduled to open in 2012. largest network in the world “G B O N F T T” with the Emirati Communica-
“Welcome to the elegant rejuvenation of Al Bateen,” said George Papagrig- tions Company since it’s the fast way to transfer information to Arab World.
orakis, Board Director of Belbadi and Managing Director of Bateen Wharf He also clarified that the company has been working in the Emirate market
Properties. “W Abu Dhabi will be a prime catalyst to enhance the delicate earlier and has entered into a strategic partnership with Etisalat and “Du”
transformation from history to modern lifestyle. We are confident and hap- Company to provide modern services in terms of mobile phones, including
py entering this long term relation with Starwood and we feel privileged in the fourth generation services in mobile phones with Etisalat.
complementing the Tourism Development & Investment Company’s hospi- In this regard, he appointed that his company has launched in 2003 the first
tality plans for the Al Bateen Wharf area, Abu Dhabi and the UAE at large.” trade network with the “Etisalat” in the UAE. This was the first network of the
The Al Bateen district of Abu Dhabi is the oldest occupied area of the UAE third generation “Three G” in Arab World. The company has also launched
capital, vividly reflecting the heritage and tradition of the city. Today, the in 2006 the first network “HSBA” in the region with the Etisalat Company.
area is being redeveloped by TDIC as a signature waterfront destination. 8/5/2010
The first stage of redevelopment, including the re-opening of the historic
marina, has already been completed, giving way now to delivering a re-
vived waterfront lifestyle. Global hotels search for location in Dubai
“Tradition, heritage and prime location within the city make Al Bateen
Wharf an important part of our hospitality growth strategy for supporting Global hotels compete to expand their presence and increase their invest-
Abu Dhabi as it becomes an international tourism destination,” said Lee ments in the UAE; they are looking forward to entering the Emirati market in
Tabler, Chief Executive Officer of TDIC. “We are committed, along with our order to play a role in growth process and be part of distinctive movement
partners, to delivering world-class destinations to the emirate. We wel- which distinguishes the tourism sector. This is according to future visions
come the high level of hospitality that W will bring to the region as it further and expected growth strategies in Dubai and Abu Dhabi.
complements Abu Dhabi’s already diverse tourism offering.” Chains of global hotels perceive that UAE provides charming beaches and
Source: www.hospitalitynet.org 3/5/2010 different shows related to marine activities, business tourism and resorts.
In addition to Dubai reputation as a unique destination for shopping and
AED 16 billion are assets of DIFC developed infrastructure, such as hotels and roads made this emirate an
exceptional tourism destination and all global hotels seek to have a loca-
Governor of Dubai International Financial Center said in his comments on tion therein in order to receive certain tourists who fly there from all over
the financial results of Dubai International Financial Center , that the year the world.
2009 was a new year of challenges due to continuous financial and eco- 08/05/2010
nomic crisis impacts. This led to impose a difficult business atmosphere
regarding DIFC and other global financial institutions. AED 224 billion are Emirati tourism investments by 2020
He added that the last year results of DIFC have been affected by that.
Therefore, the company’s net equities reached $ 820 million (AED 3 billion) The report of Al Mazaya Holding Co. mentioned a growth in the expecta-
against $ 1.67 billion in 2008. tions of analysts and observers concerning the Gulf tourism sector, con-
3/5/2010 sidering that huge investments in terms of economic development as well
increase of national wealth due to revenues of oil prices. In addition, popu-
Al Hamili : we are optimistic of investment opportunities in lation growth and developing advanced tourism facilities shall enhance
Turkmenistan flow of tourists to the region. Weekly report of Al Mazaya Holding Co.
stated that the World Travel & Tourism Council is expecting an increase in
The Minister of Energy expressed his optimism to obtain one of the offshore the value of investments in the Emirati sector of tourism reaching AED 224
fields in Turkmenistan. The UAE is looking forward to gaining exploration billion by 2020, which will constitute 43.2% of UAE investments overall by
opportunities in Turkmenistan water, where Abu Dhabi Investment Author- that time. The Council also expected in a recent report that the contribution
ity intends to expand its investment activities in the oil and gas fields. “Mu- proportion of Tourism and Travel Sector in the Gross Domestic Product of
badala” company expressed its hope to invest in the Caspian Sea region. the UAE during the year is around 16.6%.
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 9
Ministry of Foreign Trade Economic News Bulletin
Investment News Conferences and Forums
Abu Dhabi raises its share to 9% in Australian company Minister of Economy: UAE will benefit from the Korea’s ad-
vanced technologies to establish knowledge based economy
Abu Dhabi Investment Authority raised its share from 5.5% to 9% in Aus-
tralian Intel Company, which gathers road fees. This matter arouses ex- Sultan Bin Saeed Al Mansouri, Minister of Economy, will lead UAE’s del-
pectations that the Authority can take the company out of the Macquarie egation to South Korea, to participate in the 2nd Joint committee meetings
Infrastructure Group. between the two countries. The discussions, which will be held in Seoul
11/5/2010 from May 11 - 13, will also be attended by senior executives from various
government sectors in UAE.
A Memorandum of Understanding between the Chamber of Al Mansouri said the meeting will focus on innovation and technology, and
hope to leverage South Korea’s experience in advanced technologies to
Abu Dhabi and British Board of Investment further strengthen UAE’s knowledge-based economy. He said this will high-
ly support the direction of the UAE government to enhance the concept of
An agreement of strategic partnership was signed between Abu Dhabi Glo- Knowledge based economy.
bal Excellence, related to Abu Dhabi Chamber of Commerce and Industry The joint committee meeting will focus on enhancing cooperation across
and British Board of Investment in the specialized distinction in qualifying various sectors, especially in the fields of small and medium enterprises,
enterprises in terms of corporate excellence standards. healthcare.
This agreement stipulates that Abu Dhabi Global Excellence shall become A number of agreements relevant to economic and investment cooperation
a reference in GCC for enterprises wishing to qualify themselves to be dis- will also be signed between UAE and South Korea, mainly in the fields of
tinctive in the field of Business and obtain an award (Investors in Excel- intellectual property rights, statistics and e- governance.
lence). This agreement shall contribute in enhancing sustainable develop- Source: WAM 10/5/2010
ment, mainly in the corporate excellence in the United Arab Emirates and
other states in the region. Besides, providing them with the best sciences
and skills in the field of Business distinction. Dubai showcases investment opportunities at South American
12/5/2010 road show
Erdogan discusses enhancement of investment opportunities The Dubai Department of Economic Development (DED) is leading a high-
with Abu Dhabi level Trade Mission under the leadership of His Excellency Mr Sami Dhaen
Al Qamzi, Director-General of DED, to South America to strengthen bilat-
Turkish Prime Minister received delegation of Abu Dhabi Department of eral trade and highlight the investment opportunities in Dubai.
Economic Development. He welcomed the delegation and praised out- The week-long campaign, being promoted as ‘Dubai - An Economic Hub
standing relations between the UAE and Turkey, praising economic role and your Gateway to MENASA’, will cover Brazil, Argentina, and Chile,
that the UAE is performed in Arab and International arenas. This led the three of the fastest-expanding economies in South America that have
UAE to be an economic pacemaker that should be followed in the region steadily enhanced their trade relations with the United Arab Emirates in
and worldwide. recent years.
He also praised the Emirati investments in Turkey where the encourage- Launching the Trade Mission in Sao Paulo, Brazil, Al Qamzi said the initia-
ment environment of investors. In addition, its distinctive geographic loca- tive will enable entrepreneurs and investors from the fast-growing markets
tion which links the East and West. in South America and the UAE to network and explore opportunities for
12/5/2010 partnerships and business expansion.
Source: WAM 2/5/2010
$ billion are DP World containers port cost in India UAE – New Zealand procedures to support cooperation in
DP World invests more than one $ billion in the containers port in India, in trade and investment
which it’s decided to receive containers ships of huge cargos. This matter
occurs to limit domination of Singapore and Colombo on the Indian mari- Abu Dhabi concluded works of the third meeting of Joint Economic Commit-
time trade. tee between the UAE and New Zealand, whereby the Minister of Economy
13/5/2010 signed the closure statement with the Minister of Trade in New Zealand.
It was agreed to exchange the expertise in the fields of consumer rights,
research, development and standards.
The closure statement of the Joint Economic Committee’s meeting included
a series of practical steps to enhance economic cooperation between the
two countries in all sectors and domains, mainly trade and investment as
well cooperation in the SMEs, agriculture, intellectual property rights, tour-
ism and travel.
As for the enhancement of trade exchange between both countries, it was
agreed to take steps that shall increase the averages of trade exchange
between them, concerning merchandise, services, overcoming all difficul-
ties and obstacles that could hamper this trend.
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 10
Ministry of Foreign Trade Economic News Bulletin
Conferences and Forums
UAE leads growth in hotel investment in the region UAE submits working paper to assign governance system of
regional monetary financial organizations
Arabian Hotel Investment Conference AHIC 2010, which concluded its works
in Dubai, presented horizons and opportunities in the Hotel Sector of the As a complement to the UAE participation in the 33rd preparatory meeting
Emirates since it’s one of the most important states that, leads development of the Financial Ministries Agents Committee in order to enhance financial
operations in the sector in the entire region. relations of the UAE at the regional level. The Minister of State for Financial
Participants in the conference confirmed that Dubai shall lead the growth in Affairs chaired the UAE delegation to the 84th meeting of the Financial and
the sector since it has a unique experience in the development of various ho- Economic Cooperation Committee held in Riyadh.
tels, from different categories all over the past few years. In addition, Dubai The meeting discussed what was stated in the economic side: the vision of
has infrastructures in which they allow to continue the growth, mainly in the Qatar to activate the role of the GCC, mainly concerning the integration of
economic hotel projects. the demands of Customs Union. Whereby it was decided to authorize con-
3/5/2010 cerned ministerial committees to reach to the best mechanism among mem-
ber states, as a preliminary to announce beginning of working according
Advisory of free trade agreements addresses the list of strate- to the final situation of the Customs Union, early 2011. The meeting also
gic merchandises reviewed necessary mechanisms to activate the article No. (5) in terms of
economic agreement related to the enhancement of the investment envi-
Advisory Committee for Free Trade Agreements, formed by several govern- ronment among GCC, the establishment of joint projects and increase of
mental local entities in Abu Dhabi discussed number of subjects related to the bilateral investments which contribute in integration among the member
free trade agreements mentioned on the agenda, which also included the states. In addition, confirming the role of the Gulf Investment Corporation
results and recommendations of the Technical Committee meeting for Stra- (GIC) in joint projects.
tegic Merchandises, that was already constituted in order to study and de- 10/5/2010
termine its list in the emirate, in which they are exported to international
The Committee reviewed the list of strategic merchandises as a preliminary
to submit it during the free trade agreements’ negotiations, in coordination
with the Ministry of Foreign Trade and some other concerned entities to
make sure it’s characterized with exemptions and elimination of customs
obstacles, so that merchandises can enter the markets of the countries in
the process of negotiations to sign free trade agreements with no obstacles.
It was also discussed and reviewed the commitments pertaining to the trade
of services, which shall be adopted and to submit them during negotiations
of free trade agreements in coordination with the Ministry of Foreign Trade.
They will include service sectors which will be liberalized and opened to the
foreign services suppliers.
Committee of Free Trade Agreement studies process of nego-
tiations with worldwide blocs
The Committee for studying free trade agreements held its fourth meeting.
The meeting reviewed the process of negotiations of free trade agreements
between the GCC, other countries and economic groups worldwide.
The meeting also reviewed steps taken by parties related to the UAE within
the context of free trade negotiations. At the end of its meeting, the commit-
tee suggested several recommendations that shall ensure complete coor-
dination and effective cooperation between all the parties concerned with
free trade agreements in the Country in order to reach the expected positive
results by signing these agreements and to achieve what serves the inter-
ests of all national sectors related to free trade agreements.
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 11
Ministry of Foreign Trade Economic News Bulletin
Views of International Organizations
UAE leads in HSBC Global Confidence Index Dubai globally ranks the 9th and Abu Dhabi the 19th in offices
The UAE has secured its reputation as one of the leading trading hubs
worldwide, according to the latest HSBC Trade Confidence Index. Once A semi-annual study pertaining to the cost of offices, was issued by “C B
again in first place overall, UAE’s attractiveness as an import and export Richard Ellis Group Inc.” for Researches and Worldwide Consultancy, de-
centre has been recognized by the local trading community. clared that Dubai globally occurred among the highest ten expensive offic-
Business sentiment globally showed an overall positive outlook with an es worldwide. Rental prices of offices in Dubai annually reached $ 108.92/
average global reading of 116 (110 last wave) on a scale of 0 to 200, with square feet. This matter led Dubai to rank the 9th while Abu Dhabi ranked
100 as a neutral reading. Emerging markets are more optimistic scoring an the 19th. Rental prices of offices in Abu Dhabi annually reached $ 72.71/
average of 122 points over developed markets 106 points. square feet. The study also presented a worldwide decline reaching 4.6% in
Encouraged by the UAE government’s trade regulations and business en- rents compared to the prior year.
vironment, the UAE scored 134 (last survey 118), the highest score from all 7/5/2010
countries surveyed, followed by India at 133 (last survey 117) and Vietnam
at 132 (last survey 110).
Source: WAM 3/5/2010 16 hotels in the UAE among the best worldwide
American report: Dubai is the first worldwide to organize con- Global Expedia encyclopedia chose 16 hotels in the UAE among its list “In-
siders Select 2010” for the best hotels and tourism resorts worldwide during
ferences and exhibitions the year 2010, in which it includes 110 thousand hotels. “Hilton Dubai Ju-
meirah” is top of the list in terms of the best hotels in the UAE. Hilton Dubai
Curators of the New York Dental Exhibition confirmed in a report that was Jumeirah ranked the 256th worldwide with rating by 98.9% while Shangri-La
recently issued that organizing conferences and exhibitions in Dubai is the Abu Dhabi Hotel ranked the 505th by 97.7%.
first in the Middle East and worldwide despite worldwide economic chal- 7/5/2010
The report was submitted by the US delegation after participating in the UAE
International Dental Conference & Arab Dental, presented great success of Burj Al Arab is globally the highest and “Emirates Palace” is the
the conference and exhibition, in which it had great worldwide participa- most expensive
3/5/2010 According to new rating of worldwide hotels, “Burj Al Arab” Hotel was
called “the highest hotel worldwide”. The Hotel’s height reaches, which is
UAE records lowest average of piracy in the Gulf area also classified with 7 stars, 1050 feet. In the same list, “Emirates Palace”
Hotel was called “the most expensive hotel in the world”. Its construction
cost reached, which included the use of gold, silver and marble more than
An independent report that was issued by IDC for Research presented strat- $ 3 Billion.
egy of five points, in which the UAE government can implement within the 15/5/2010
next four years in order to limit averages of piracy.
The report was issued under the patronage of “Business Software Alliance”
that’s the pioneer worldwide alliance which represents sector of software
and other sectors related to manufacture computers for governments and
global markets, entitled “How to limit piracy of software in the Middle East
and Africa”, determines five major bases in terms of legislation, implemen-
tation, learning, cooperation and leadership in order to execute effective
and sustainable policies in order to limit piracy of software and maintain the
rights of intellectual property.
Concerning the sixth annual study of the Business Software Alliance and
IDC Enterprise pertaining to the worldwide sector of software, which was
issued in May 2009, the report confirmed that the UAE has the lowest aver-
age of software piracy in the Gulf area with an average of 36%. This is due to
the prominent legislations, strict execution and intensive media campaigns.
Piracy averages in the UAE witnessed increase by 2% in comparison with
the year 2006 which registered 34%. This matter confirms the necessity of
continuing efforts to decrease spread of piracy in all the Country.
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 12
Ministry of Foreign Trade Economic News Bulletin
Feedback of Analysis & Trade Information Department
Foreign Trade Data Supplier
The Ministry of Foreign Trade has become one of the most important sources to obtain data on the United Arab Emirates for-
eign trade, both at the local or global level. With the increase of the dealers’ number, the requirements of the inner work¬ings
of the Ministry’s personnel, the timing factor, the speed of response, the Ministry has taken the initiative to establish data
provider for trade that shall perform as an information platform in order to pass the foreign trade data from the current phase
(static) to the information and trade knowledge phase (dynamic) which will support the Government decision in the foreign
trade field by using what shall be provided by modern computer technologies and in a manner easily used by professionals
More importantly, the goals and initiatives of the Ministry, in addition to tasks assigned must be served and achieved espe-
cially the strategic goal pertaining to the increase of the trading country competition in the regional and international markets
by providing the foreign trade data in the form of a hierarchy so as to facilitate comparisons which shall support the easy
analysis of these data. Besides, it will be difficult to help the decision-makers to develop their effective strategy that shall be
related to the foreign trade on the basis of export and import; the mentioned form of hierarchy shall also serve the strategic
goal related to the development of a foreign trading policy that shall keep pace with the world trade developments and serve
the country’s economic interests through rapid cost-benefit analysis so as to conclude treaties and free trade agreements.
Foreign trade statistics are known as a monitoring of the commodity flows’ movement between a State and the rest of the
world countries. These statistics shall take one of these two forms : exports or imports. By definition, we can conclude that
these statistics include commodity flows carried out on two basis: the first is the temporal element and the second is the
geographical element (the world countries). Therefore, importance of dealing was originated with these data and classify-
ing them in a common unified manner. The Harmonized System (HS Code) was adopted for the commodity flows and their
classification; the international classification for the countries (ISO Alpha 3 Code, Numeral Code) that’s issued by the United
Nations was adopted.
Thus, the role of the Ministry of Foreign Trade by adding the second dimension of such data and turning them into “an informa-
tion platform” by creating a dynamic basis for the foreign trade data, according to the latest systems and international tariffs,
both at the technical level or the data quality criteria level; such mentioned role shall aim at reaching the easiest and shortest
way so as to expose these data and as determined by the final user, where these data users are from different trends : some
of them focus on the geographical, temporal and commodity side, each separately or jointly for one or many of the for¬eign
trade elements (non-oil exports, re-export, imports) as a value and a quantity where the project was included (the trade data
supplier) within the scope of the Ministry’s initiatives. Therefore, an internal team was formed to complete the project.
You may have access to the foreign trade data provider through the Website of the Ministry of Foreign Trade :
Then click on the icon of trade statistics and the information page shall be displayed as showed below :
The followings are the inquiry steps about the trading information :
1. Select one country or more from the list “Countries”. In case you did not select any country, the data shall be displayed
as an overall showing all the countries.
2. Select a year or more from the list “Years” . You have to select at least one country, knowing that the data are provided
for a time series extended from 1999 to 2009.
3. Select one section or more from the “Harmonized System”, and in case you did not select any section, the data will
be displayed as an overall including all the sections. And in case you wish to show the chapters, you can select one
chapter or more from the list “Chapters”. It should be mentioned that the chapters that can be used, shall be only the
ones included within the sections that were only chosen. In case you did not select any chapter, the data shall be
displayed as an overall including only the chosen sections.
4. Select the value of (non-oil exports, imports, re-export, trade balance, trade) and the quantity of (non-oil exports,
imports, re-export) from the trade movement list “Trade Flow”. One movement or more should be chosen.
5. It is considered as an additional choice to chose from the list “Trade Flows Filters” where the user can add a condition
(AND, OR, NOT) for each value of the (non-oil exports, imports, re-export, trade balance, trade) in order to exceed or
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Ministry of Foreign Trade Economic News Bulletin
be inferior to a certain value. In this option, you must select one year or more, and determine all the coun-
tries from the list “Countries”. Thus, you must identify the value of the (non-oil exports, imports, re-export,
trade balance, trade) and the quantity of the (non-oil exports, imports, re-export) from the list “Trade Flow”.
You should also select one movement or more so that the inquiry’s result shall be displayed with the coun-
tries’ data realizing the specified condition or the conditions.
The steps from (1 to 5) can display the data either by using the table or the graph. By selecting the icon on
the top of the data basis page, you can make your choice of performance.
6. The user can select from the list “Trade Leads” which is an additional choice and add a condition related
to showing the maximum or minimum number and the list of the countries through the value of the (non-
oil exports, imports, re-export, trade balance, trade) for one of these countries. In this option, you must
select one year or more, and determine all the countries from the list “Countries” . Furthermore, you should
identify the value of (non-oil exports, imports, re-export, trade balance, trade) and the quantity of (non-
oil exports, imports, re-export) from the list “Trade Flow”. Then, you must select one movement or more
so that the inquiry result shall be displayed with the countries data realizing the determined condition or
conditions. In order to display the inquiry result, you must select the icon on the top of the data basis page.
7. You will be able to determine from the list “Show Headers” the priority of the emergence of the variables in
the columns and replace them in order.
This kind of Information result could be converted into Excel sheet, or PDF or Word.
Hoping that you participate and provide us with your point of views and proposals pertaining to the Foreign Trade
data available on the Ministry of Foreign Trade Website through your kind participation in completing the elec-
tronic questionnaire in order to realize improvement and development and gain customer satisfaction.
For more inquiries, please contact the Department of Analysis and Trade Information in the Ministry of Foreign
Trade at the following addresses:
E.mail : email@example.com
Tel. : 009712 4956000
Fax : 009712 4956075
P.O.Box : 110555, Abu Dhabi, United Arab Emirates
Media News Bulletin reflects the perspectives of Media means that are
P.O Box :110555 - Abu Dhabi occurred in the UAE
United Arab Emirates Prepared by
Tell : + 971 02 4956000 Analysis & Trade Information Department
Fax : + 971 02 4499164 firstname.lastname@example.org
A semi-month Economic news bulletin that’s issued by the Ministry of Foreign Trade in the UAE 14