Inter-Arab trade rose 8.8%

Non-oil trade between the UAE and other Arab countries rose 8.8 per cent in 2009 to $27.6 billion, even as global trade shrank, according to the Minister of Foreign Trade, Sheikha Lubna bint Khalid Al Qasimi.

She expects inter-Arab trade to witness further growth this year based on the anticipated increase in the UAE's non-oil trade and the growth in UAE-Arab trade during the first eight months of 2010 by 3.5 per cent at $18.2bn.

Speaking at the Arab Business Councils Forum in Dubai on Monday night, the minister stressed that the stimulation of trade and economic cooperation, and the increase of trade between Arab countries requires Arab businessmen and Arab business entities in the UAE to translate the many and diverse investment opportunities in the UAE and other Arab countries into real projects that would meet the needs of Arab markets and promote Arab economic growth.

Sheikha Lubna explained that the recent global financial crisis serves as a catalyst and motivation for all Arab countries to develop their cooperation and achieve complete integration in order to strengthen the capacities that contribute to the development of their economies and keep them better positioned to confront potential future challenges.

She also highlighted the UAE's economic developments, adding that: "The successes that the UAE has achieved over the years have made it a model emerging economy that is capable of growth and excellence and confronting all circumstances, and of contributing to the stability of the global economy".

Sheikha Lubna added that the UAE's success in overcoming the effects of the global economic crisis in a short period is considered a great achievement, pointing out that many local economic sectors are now witnessing rapid growth relying on the country's strong economic components, its competitive legislative and legal infrastructure, its ideal investment environment, in addition to a number of executive actions undertaken by the country, which have contributed towards instilling confidence in the UAE's business climate, both locally and globally.

She also said that the economic indicators of the UAE this year are encouraging and positive, and that the performance of a number of economic sectors in the country during 2010, most notably trade, tourism and logistics, proved that the UAE is moving forward in the process of growth and prosperity, anticipating the growth of non-oil foreign trade by 16 per cent this year - at a time when the country's total non-oil foreign trade has already registered a 9 per cent increase during the first eight months of this year reaching $130bn - and a 36 per cent growth in non-oil exports to $14.6bn.

She referred to the continuous growth in the numbers of new companies investing in the UAE, with Dubai registering a 45 per cent increase during the first 9 months of 2010 in comparison with the same period last year.

She further called on Arab investors and other international partners to take advantage of the ideal business environment of the UAE in the areas of trade and investment, and in all economic sectors and to optimise their utilisation of this environment in what meets their interests and aspirations.

Sheikha Lubna  affirmed that the UAE enjoys strong and brotherly ties with the other Arab countries. She added that these ties are strongly supported by the UAE's leadership with the aim of promoting Arab Economic integration and achieving economic, commercial and investment partnerships especially in light of the availability of many opportunities, and the means to make them successful.

Ihsan Al Qatawnah, President of the Jordan Business Council which organised the meet, said that the UAE is a success story and an example of outstanding achievements in the Arab world, stressing that the excellent investment environment of the UAE, which is backed by ideal governing legislations, facilities, and a modern infrastructure has made it a global economic beacon and model.

Al Qatawnah called on investors and business owners to contribute effectively towards establishing investments and joint ventures and encouraging bilateral trade between the UAE and their countries, stating that each Arab country has developmental and strategic projects with good returns in the areas of health, agriculture, higher education, roads, housing and others.

He also called on UAE and GCC financial institutions and investment companies to expand their investments in Arab countries, thus contributing towards solving the social and economic problems that most Arab countries are currently suffering from.

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