Ajman GDP surges 27% to hit Dh10bn

Ajman's gross domestic product (GDP) grew by 27 per cent in 2007 over the year before to touch Dh10 billion, according to the emirate's Chamber of Commerce and Industry.

Obaid Ali Al Muhairi, Chairman of Ajman Chamber of Commerce and Industry, told Emirates Business the increase, which he termed significant, could be attributed to the growth of investments in various sectors in the emirate.

"The Government of Ajman has given high priority and attention to ensuring a promising atmosphere for all investors. In a relatively short span of time, the emirate has grabbed the attention of investors and has come to be regarded as an important business centre," Al Muhairi said.

He added that over the past five years – from 2003 to 2007 – the volume of trade, or exports and re-export, has increased with an annual average growth rate of 47 per cent. While in 2003 the value of trade stood at about Dh1.5bn, in 2007 it reached about Dh5bn, he said.

Al Muhairi also added that in 2007 the industrial sector recorded a growth of 10 per cent compared to 2006, which was reflected in the number of licences issued. Moreover, the value of overall trade activities in Ajman reached Dh4.9bn last year, a nine per cent growth compared to 2006.

"Observing the seasonal trade activities over the past five years we have noticed business volumes increase during the months of March, April and May, and also during the fourth quarter of every year – October, November and December," Al Muhairi said. He blamed the summer lull in business on the climatic factors of heat and humidity.

Al Muhairi expects Ajman's economy to witness an even greater boom, especially since the chamber is focusing on efforts to sustain and increase the level of investor interest in the emirate's economy.

He said the chamber has opened channels of communication with each economic sector independently by setting up councils, that include representatives of the government as well as the business sectors.