Dubai's trade with Egypt grows 36 per cent in 2012 Q1
Dubai's trade with the Arab Republic of Egypt recorded a significant growth of 36 per cent during the first quarter of 2012, reaching Dh2.2 billion (US$600 million), compared to Dh1.6 billion ($440 million) in the first quarter of 2011, Dubai Customs announced yesterday.
According to the latest statistics released by Dubai Customs on Dubai's foreign trade during the first quarter of this year, the value of Dubai’s total imports from Egypt during the period from January to March of this year reached Dh540 million, compared to Dh484 million during the same period in 2011, while Dubai’s exports to Egypt reached Dh512 million compared to Dh308 million in the first quarter of 2011. Re-exports from Dubai to Egypt reached Dh1.2 billion, compared to Dh795 million in the first quarter of 2011.
In 2011, Dubai’s trade with Egypt reached Dh8.4 billion, compared to Dh7.2 billion in 2010, growing 16 per cent, with Dh2 billion worth of imports from Egypt, Dh2 billion worth of exports to Egypt, and Dh4.3 billion worth of re-exports.
According to a Dubai Customs statement: “This growth is a result of the special political and commercial relations that the UAE shares with Egypt, and the interest of both countries in promoting joint Arab action, and their efforts to achieve Arab economic integration."
The mutual investments in both countries are seeing strong growth, with the total UAE investments in Egypt reaching Dh18.4 billion. These are long-term strategic investments designed to support the Egyptian economy and include agriculture, industry, real estate and tourism sectors, and are expected to witness further growth in the coming period.