Dubai's non-oil exports may jump 36 per cent in 2011 and grow at the same pace next year, boosted by political stability and new trade with East Africa and Central Asia, a government official said, although analysts see a slowdown in 2012 on the global economic outlook.
Dubai, which accounts for 28 per cent of the UAE’s economy, is seen benefitting from political stability, growing tourism to its landmarks such as the world's tallest tower Burj Khalifa or an indoor ski slope, and new emerging trade partners.
Saed Al Awadi, chief executive of the Dubai Export Development Corporation (EDC), said he expects exports to grow 36 per cent in 2011.
"Next year, (exports) will be within the same figure which is 36 percent, it will continue as good as this year's growth," he told Reuters on the sidelines of an exporters forum.
"Our non-oil exports in the first half of 2011 are 36 per cent higher than in 2010, from Dh33 billion ($8.99 billion) to Dh45 billion," Awadi said.
Last year, he forecast Dubai's non-oil exports, which account for around 13 per cent of the overall trade flows, would grow 20 per cent in 2011.
Dubai's central geographic location, airport and seaport infrastructure, business environment and political stability were driving exports growth, Awadi said.
"We are developing new markets including East Africa and Central Asia, these are the two new markets for 2012," he said.
Trade with conventional markets such as India, the Gulf Cooperation Council countries, Middle East, North Africa and South Asia would continue to grow, he said.
Imports increased by 21 per cent to Dh214 billion in the first six months of the year, Awadi said, citing data from Dubai Customs.
Re-exports rose to Dh86 billion in the first half of the year from Dh69 billion in the same period in 2010. Dubai's non-oil trade data exclude trade in its free zones.
Analysts polled by Reuters in September expected the UAE economy to expand by 3.8 per cent in 2011 and at the same pace in 2012 helped by robust oil prices.