Dubai exports, re-exports hit three-year high
By Andy Sambidge.
Dubai exports and re-exports hit a three-year high of US$5.9 billion in May, a senior business leader said on Wednesday.
Abdul Rahman Saif Al Ghurair, chairman of Dubai Chamber of Commerce and Industry, said latest data showed that the performance was 26 per cent higher than in the same month last year.
The value of Chamber members' export and re-exports for the first five months of 2011 reached $27.2 billion, he added.
This is a 17.6 percent increase compared to $23.1 billion registered for the same period in 2010.
"This is extremely positive news for Dubai's economy," said Al Ghurair while presiding over a Chamber organised seminar. "Overall, these figures are a strong indication that Dubai is on track to attain its forecast economic growth of 3.5 to 5 per cent for this year," added Al Ghurair.
He further said that the city's business environment continued to thrive "with lower rents, a recovery in the banking sector and continued reform measures" helping to boost investor confidence.
Al Ghurair maintained that the first half of this year had seen sustainable growth across Dubai's trade, tourism and logistics sectors.
His comments came a day after Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai's Supreme Fiscal Committee, said key sectors of Dubai's economy grew in the first half of the year.
The emirate's trade and business hub is recovering from last year's $25 billion debt restructuring in its flagship company, Dubai World, after its 2009 standstill sent global markets reeling.