Category: Trading

DUBAI: Dubai has registered a 3.3 percent rise in the real gross domestic product (GDP) in the first nine months of 2023, further demonstrating its economic strength, resilience and robust growth potential. The achievement reflects the city’s sustainable development strategies and its continued dynamism as a leading global economic powerhouse.

From bustling tourism hubs to tech-powered communications networks, Dubai’s economic landscape illustrates the depth and wide-ranging nature of its diversification. Accommodation and food services activities witnessed a remarkable 11.1 percent growth, solidifying Dubai’s position as a global tourism leader. Transportation and storage services followed suit, surging by 10.9 percent, highlighting the emirate’s role as a prominent international logistics hub. The information and communications sector, with a 4.4 percent increase, underscores Dubai’s commitment to embracing cutting-edge technologies and fostering a thriving knowledge economy. This multifaceted growth acros
s diverse sectors provides further evidence of Dubai’s economic stability and adaptability.

Reflecting on the emirate’s recently released economic data, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, applauded Dubai’s continued economic attractiveness.

“Dubai’s sustained economic growth is a testament to the vision and strategic directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai,” Sheikh Hamdan bin Mohammed said. “This success is the result of the harmonious collaboration between all of Dubai’s economic stakeholders, including its public and private sectors. It is also a reflection of Dubai’s favourable economic climate, robust world-class infrastructure, pro-business regulations and deep talent pool which together consistently draw in a diverse array of investors and entrepreneurs from all corners of the globe.”

He further noted that the latest growth figures paint a clea
r picture of progress towards the ambitious goals of the Dubai Economic Agenda D33, which aims to double the city’s economic growth and make it one of the world’s top three urban economies by 2033.

“To maintain this growth trajectory, we are focused on building on our strategic partnerships and further enhancing our frameworks for innovation, investment and enterprise, reinforcing Dubai’s position as a leading global economic hub in the coming decade,” Sheikh Hamdan added.

Dubai’s economic engine saw vibrant activity in the first nine months of the past year, as revealed by the latest figures from the Dubai Data and Statistics Establishment. Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy excelled with a 2.6 percent increase in education, while electricity, gas, water and waste management activities grew by 2.2 percent. Manufacturing saw a 2.2 percent surge, and the city witnessed a 1.9 percent rise in professional services.

Helal Saeed Al
Marri, Director-General of Dubai’s Department of Economy and Tourism, commented, ‘Dubai’s economic performance continues to build on the robust, sustainable policy and business-first initiatives that have been actualised as part of the long-term development strategy launched by our visionary leadership for the emirate.

‘Our success is also a result of the continuous, collaborative efforts between the public and private sectors. Together, we are working within a unified framework to realise the objectives of the Dubai Economic Agenda D33. Our focus is not only on maintaining the current momentum but also on further strengthening an environment that enables businesses to thrive. We are committed to creating sustained and attractive investment opportunities across key sectors, laying a robust foundation for the next decade that will further bolster our resilience and position us as a global leader in a highly fluid and inter-dependable economic landscape.’

Hamad Obaid Al Mansoori, Director-General of Digital D
ubai, said, “Recent data indicates that Dubai’s comprehensive economic system operates with the highest levels of harmony and efficiency. This success is fuelled by the vision of our leadership, built upon an exceptional legacy of achievements, and propelled by a future vision with global reach that positions Dubai among the ranks of the world’s most dynamic and competitive cities.

Younus Al Nasser, Chief Executive of the Dubai Data and Statistics Establishment, Digital Dubai, said, “In today’s world, real-time data is a true mirror of the economic reality of any city or country. The data we are witnessing on Dubai’s performance in the first nine months of 2023 contributes to attracting investors looking for a better future in an economic environment that keeps pace with development and creates the best opportunities to turn economic results into inspiring and attractive success stories.”

Hadi Badri, Chief Executive Officer of the Dubai Economic Development Corporation, Dubai Department of Economy and Touri
sm, said, “Dubai’s economic performance is a clear reflection of the effective policies and initiatives that we have implemented as part of our long-term development roadmap. This strategy, envisioned and set forth by our leadership, is not just a plan but a reality that is coming to fruition in our emirate.

‘Looking forward, we aim to solidify Dubai’s position as a top strategic priority for global business decision-makers in 2024. Our goal is to ensure that Dubai remains at the forefront of economic innovation and a hub for international investment, leveraging our unique position to offer unparalleled opportunities for the global market.’

Accommodation and Food Sector grows 11.1 percent

Accommodation and food services activities grew by 11.1 percent in the first nine months of 2023, reflecting Dubai’s exceptional tourism strengths. The value added by these activities in the first nine months of 2022 was AED10 billion, growing in the same period in 2023 to AED11.1 billion. The contribution of these activi
ties to GDP was 3.1 percent in 2022 and 3.4 percent for the same period in 2023. This growth comes as Dubai continues to position itself as one of the world’s leading hubs for attracting events, conferences and tourist groups from around the world.

Transportation and Storage Sector expands 10.9 percent

In the first nine months of 2022, the value of Dubai’s transport and storage sector reached AED38.7 billion, rising in the first nine months of 2023 to reach a robust AED42.9 billion, an increase of 10.9 percent. The contribution of transport and storage activities to GDP increased from 12.2 percent in the first nine months of 2022 to 13.1 percent in the same period of 2023. This growth reflects the development of the logistics sector driven by advanced infrastructure and high-performance economic activity.

ICT Activities rise by 4.4 percent

Information and Communication Technology (ICT) activity represents the backbone of development in various fields and other sectors and is the basis for digital transfor
mation initiatives and investments in the knowledge economy, and various other scientific fields. While the value of this activity was about AED14.3 billion in the first nine months of 2022, it increased to AED15 billion in the same period of 2023, achieving a growth of 4.4 percent.

Real Estate Activities increase by 4 percent

Dubai’s real estate market remains firmly in the ascendant, with a 4.0 percent growth in added value within the first nine months of 2023. This brings the sector’s value to a robust AED26.8 billion, showcasing continued demand for both residential and investment opportunities across the emirate. The growth reflects Dubai’s continued attractiveness as a global real estate destination.

Finance and Insurance Sector grows 2.7 percent

Dubai’s financial and insurance sector, a significant contributor to the economy, posted a growth of 2.7 percent, reaching AED37.3 billion in the first nine months of 2023. This momentum reaffirms Dubai’s commitment to building a dynamic and diversified fin
ancial ecosystem. With innovation and expansion on the horizon, Dubai’s future as a leading financial hub remains secure.

Education Sector expands 2.6 percent

The value added by the education sector in the first nine months of 2022 amounted to AED5.7 billion, rising to AED5.8 billion in the same period of 2023, a growth of 2.6 percent. Education is one of the vital activities that provides a measure of social and economic development.

Manufacturing Sector grows 2.2 percent

In a globally competitive landscape, Dubai’s manufacturing sector demonstrated resilience, with a 2.2 percent growth, pushing its value to AED27.4 billion in the first nine months of 2023. This steady progress showcases the emirate’s adaptability and commitment to fostering diverse industries.

Electricity, Water, and Waste Management Activities grow 2.2 percent

Dubai’s lifeline industries – electricity, water, and waste management – grew 2.2 percent to reach AED10.9 billion in the first nine months of 2023. This increase reflects the
rising demand for services in this sector.

Growth of other activities

As per Dubai Data and Statistics Establishment figures, many other activities showed growth. These included professional, scientific, and technical activities, which expanded by 1.9 percent, construction activities which rose by 1.6 percent, and wholesale and retail trade activities, which expanded by 1.5 percent. This multifaceted progress paves the way for Dubai’s sustained development and future success.

Source: Emirates News Agency

DUBAI: Abdullah bin Touq Al Marri, Minister of Economy, inaugurated the 3rd edition of World of Coffee Dubai 2024, organised by DXB Live and the Specialty Coffee Association. The exhibition features over 1,650 local, regional, and global brands and companies, marking a 50 percent increase in space. This year’s event has garnered significant global interest, with 51 countries participating in its activities. The exhibition will run until January 23, 2024.

Bin Touq, accompanied by Timur Abdiljalil, Consul General of Kyrgyz Republic in Dubai and the Northern Emirates and Khalid Al Hammadi, Senior Vice President of DXB Live along with Yannis Apostolopoulos, Chief Executive Officer, The Specialty Coffee Association (SCA), toured the pavilions featured in the exhibition. He lauded the impressive influx of visitors and the wide participation of brands and exhibitors from across the globe. He commended the event organisation’s efficiency and praised the hard work of the teams involved.

During his visit, Bin Touq al
so toured the Roosters Village, Cupping Room, and Brew Bar pavilions, thoroughly inspecting the arrangements for the upcoming 2024 UAE National Barista Latte Art Championships. The competitions present participants with the chance to qualify for the esteemed World Barista Championship. In addition, Bin Touq observed the preparations for both the Coffee Design Awards and the Best New Product Awards.

The 2024 edition of World of Coffee focuses on sustainability in the coffee industry, emphasizing the need for responsible practices to ensure a continuous coffee supply. The Expo showcases regional market growth and addresses the increasing demand for specialty coffee. It features lectures and workshops on the sustainable coffee movement, promoting eco-friendly agricultural practices and aiming to preserve biodiversity and improve coffee quality.

On the inaugural day, a diverse array of events and activities were held, among which 2 sessions dedicated to Yemeni Coffee by Fatima Khabeer and Mervat Haider, and ano
ther session focused on significant Cold Brew approaches and featured insights from Julia Leach.

Shouq BinRedha, Exhibition Manager of World of Coffee Dubai 2024, said, ‘The 2024 edition of the Expo is set to build upon the successes of its previous editions. It is introducing fresh privileges and programs, including workshops and lectures, to enhance the overall experience. The event is showcasing various global happenings such as the Coffee Design Awards and Best New Product Awards, aimed at acknowledging innovation and excellence in the coffee industry while fostering collaboration and partnerships among exhibitors, visitors and leading companies. Serving as a vital platform, the event facilitates the unveiling of new products, exchange of expertise and knowledge, and networking with experts and innovators in the coffee industry. This year’s Expo is featuring the Roosters Village, Cupping Room and Brew Bar pavilions, offering diverse experiences for visitors. Additionally, a series of interactive sessions
and workshops are focussing on the most effective approaches for resource utilisation and sustainable practices in the coffee industry.’

Khalid Al Mulla, the Chief Executive Officer of the Specialty Coffee Association -UAE Chapter, said, ‘We are excited about the 3rd edition of World of Coffee 2024 in Dubai, recognising the growing significance of this event as a premier destination for coffee enthusiasts and both local and international companies involved in coffee production. The exhibition provides a unique opportunity to gain insights on diverse cultures and artistic approaches to coffee preparation, stay abreast of the latest industry trends, and engage in discussions on promoting sustainability in the coffee sector. Held in the UAE, World of Coffee plays a pivotal role in strengthening the bonds of cooperation and communication between international brands and their regional partners in the rapidly expanding coffee industry. The remarkable attendance at this event, coupled with the associated activitie
s, underscores the increasing popularity of specialty coffee in both the country and the region. It further emphasises Dubai’s prominent role as a hub for creativity and innovation in the coffee industry.’

Aleeshia Bailey, President, JAMROCK GREEN CORPS, said, “We are thrilled to participate in the World of Coffee Dubai for the first time, acknowledging the global significance of this event which is focused on the coffee industry. The exhibition offers us a unique opportunity to showcase our products both locally and globally, connecting with coffee enthusiasts, professionals, and experts alike. Throughout the Expo, our primary goal is to highlight our commitment to ensuring the excellence of our coffee products through a range of practices. These practices include the use of organic fertilisers, cultivating coffee beans at elevations ranging from 3,500 to 5,000 ft., growing coffee beans in volcanic soil, and selecting distinct varieties such as Arabica, Typica, and Geisha. Our coffee varieties have received
certification from the Jamaica Agricultural Commodities Regulatory.’

The World of Coffee 2024 aligns with the steady expansion of the coffee industry in the region. Market studies and analyses predict continued growth in the coffee market in the coming years. According to Data Bridge Market Research, the value of the coffee and Espresso drinks market in the MENA region is expected to reach around US$1.33 billion by 2030, increasing from approximately US$1.085 billion in 2022, with an anticipated Compound Annual Growth Rate (CAGR) of 2.6 per cent over the specified timeframe.

Source: Emirates News Agency

HANOI: Over 17 years of being a member of the World Trade Organisation (WTO), Vietnam has seen hallmark economic growth thanks to economic integration into the world, providing strong momentum for further development, with its export value rising almost eight-fold, from US$48 billion in 2007 to $371.85 billion in 2022, since its official entry into the WTO.

In its latest report, the Vietnam News Agency (VNA) said that since joining the WTO on 11th January, 2007, Vietnam has evolved into one of the 20 largest trading economies. The disbursed foreign direct investment (FDI) stood at about $23.18 billion in 2023. While many major economies recorded contraction last year, Vietnam was a bright spot with a GDP growth rate of 5.05 percent.

Vietnam’s international trade rocketed 6.6-fold since entering the WTO, according to the Ministry of Industry and Trade (MoIT).

The country has established itself as a manufacturing base of many multinationals, including hi-tech companies, and is gradually moving up on regional
and global production chains.

In 2023, the Vietnamese economy was valued at $430 billion while per capita income increased $160 from the previous year to $4,284, the report further shows, with the highest GDP growth recorded in 2022, at over 8 percent.

MoIT Minister Nguyen Hong Dien said international markets and trade relations continue to be expanded. The recent conclusion of talks on a free trade agreement (FTA) with Israel and the signing of the minutes on the conditional conclusion of negotiations on a comprehensive economic partnership agreement with the UAE have opened the door wide for Vietnamese goods to enter the Middle East, which has combined GDP of about $2 trillion.

Vietnam has signed and implemented 16 FTAs with over 60 partners, which account for nearly 90 percent of the global GDP.

Source: Emirates News Agency

DAVOS: The Abu Dhabi Department of Economic Development (ADDED) led the Emirate’s official economic delegation to the 54th Annual Meeting of the World Economic Forum (WEF), which concluded yesterday in Davos-Klosters, Switzerland, to showcase ‘Falcon Economy’s attributes, ample growth opportunities, and commitment to transformative strategies, steering towards a sustainable, green economy that positions Abu Dhabi at the forefront of global initiatives leading to Net Zero, driven by innovation and technology.

The high-level delegation, led by ADDED, comprised key entities including Abu Dhabi Global Market (ADGM), Abu Dhabi Investment Office (ADIO), Hub71, and Abu Dhabi Residence Office (ADRO). Together, they formed a robust platform representing leading economic powerhouses in Abu Dhabi, dedicated to exploring business opportunities and fostering strategic relations with global leaders.

Over the course of four days, the delegation actively engaged in more than 50 bilateral meetings with industry leaders and
representatives of both the public and private sectors worldwide. This participation underscores Abu Dhabi’s commitment to contributing to global economic conversations and fostering collaborative efforts towards a sustainable future.

The delegation’s discussions with global economy leaders in Davos focused on enhancing cooperation and attracting talents, businesses, and investments to grow, thrive and expand out of Abu Dhabi.

Ahmed Jasim Al Zaabi, Chairman of ADDED, said, ‘During the past few days at Davos, we met with many esteemed delegates from across the world and shared our efforts to transform into a ‘Green Falcon Economy’ through innovation and entrepreneurialism. As the global economy is experiencing multi-faceted transformations impacting all geographies and industries, we believe a collaborative and proactive approach is needed to guide our world to a better future. To this end, we are engaging with global powerhouses to devise innovative solutions to current and future challenges,’.

‘Our soarin
g ‘Falcon Economy’ presents a model of harmonising between advanced technologies, sustainability, human development, and economic growth. Our initiatives to further enhance a vibrant, globally competitive, and entrepreneurial ecosystem to generate opportunities for all, enabling them to reach their full potential are paying off. Foreign investments in Abu Dhabi witnessed a significant 9.7% increase, reaffirming the Emirate’s attractiveness to investors and its rising position as Capital of Capital,’ Al Zaabi added.

ADDED was part of UAE’s largest delegation to the World Economic Forum (WEF), with over 100 senior representatives of federal and local government entities, and a special pavilion to highlight the UAE’s initiatives to elevate its stature as a hub for global business, finance, trade, and innovation by offering a unique environment of security, stability, global networks, and business opportunities.

Al Zaabi shared his views on UAE’s approach to bridging East and West by enhancing trade and investm
ent flows, and the country’s commitment to fostering regional economic integration, referring to the vital role played by Comprehensive Economic Partnership Agreements (CEPAs) signed with key partners.

He also highlighted Abu Dhabi’s efforts to become the regional hub for entrepreneurship and innovation, high-tech Manufacturing, digital and automation, and finance. He elaborated that Abu Dhabi’s future growth model focuses on accelerating the move towards exporting goods, services, and innovations.

Source: Emirates News Agency

SHARJAH: Al Dhaid Agricultural Exhibition, organised by Expo Centre Sharjah, continues its successful run into the third consecutive day, featuring over six panel discussions and scientific workshops conducted by a team of agricultural experts and specialists.

The third day sessions have delved into crucial topics related to sustainability within the agricultural and livestock sector, including the latest developments in wheat production, such as new wheat breeds, and the application of international best practices in wheat cultivation.

The discussions are particularly significant in the UAE, with Sharjah playing a pivotal role in food security. The event is organized in collaboration with the Sharjah Chamber of Commerce and Industry and with the support from the Department of Agriculture and Livestock.

Attracting a significant number of farm owners and agricultural professionals, the exhibition showcases cutting-edge technologies and equipment in agricultural development. It has become a platform for intr
oducing innovative solutions in hydroponics, vertical farming, advanced irrigation, and horticulture techniques.

Attendees also have the opportunity to avail themselves of the services offered by various entities and institutions participating in the exhibition, which are instrumental in enhancing production and achieving self-sufficiency.

Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, said: ‘By hosting leading corporate and institutional participants, the exhibition seeks to present breakthrough solutions encompassing the latest fertilisers and techniques, guaranteeing high-efficiency, top-notch agriculture that is both relevant and sustainable. It fosters the sharing of expertise and experiences, while offering comprehensive knowledge on the most up-to-date pillars of agricultural development, which ensures a successful contribution to food security by expanding the land-area for cultivating wheat, a strategic crop. These efforts work towards food security targets, meeting the requirements of agricul
tural expansion with expertise for addressing climate challenges and adapting to water scarcity.’

Representatives of agricultural companies participating in the event said Al Dhaid Agriculture Exhibition is a unique platform for communicating with farmers to identify sector priorities – as farmers are the ones practicing in the field and dealing with various agricultural requirements.

Engineer Mohammed Elshafei, Sales Manager for Al Mubarak Agro-Chemicals, said a main focus of the exhibition is techniques for refining wheat cultivation. By participating in the event, his company has been able to promote its products, especially pesticides, designed to raise the productivity and quality of wheat crops. The company’s products, he said, increase the number of ears cultivated by providing good seeds and effective pesticides to control the pests associated with wheat cultivation.

Engineer Omar Abdul Rahim of Al Yamama Fertilizer Industries, which specialises in both chemical and organic fertilisers, said the or
ganisation of Al Dhaid Agriculture Exhibition by the Sharjah Chamber and Expo Centre Sharjah is an important step. He noted that Al Yamama’s product offerings include fertilisers and pesticides with applications in the development of wheat cultivation.

The exhibition, which concludes on Sunday evening, has brought together numerous ministries and government entities and over 50 companies operating in the agriculture and livestock sector, along with experts, farm owners, and farmers.

Source: Emirates News Agency