GCC Leads as Highest Export Market for Dubai Companies
The members of the Dubai Chamber of Commerce achieved a cumulative total in exports and re-exports valued at $77.46 billion.
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The Dubai Chamber of Commerce, operating under Dubai Chambers, reported that its member companies achieved a substantial combined total in exports and re-exports, amounting to AED284.5 billion ($77.46 billion) during 2023. This performance showcases the important trade activities facilitated by the Chamber.
Dominance of the GCC Market
The Gulf Cooperation Council (GCC) emerged as the primary export and re-export destination for the Chamber’s members, capturing a significant 55.6% share of the total, equivalent to AED158.1 billion ($43.05 billion). This prominence affirms the critical role of the GCC in the trade strategies of the Chamber’s members.
Global Reach and Market Diversification
Beyond the GCC, the Chamber’s trade network extended across various regions. The Middle East (excluding the GCC) contributed 21.8% to the total exports and re-exports, valued at AED62 billion. Following closely, the Asia-Pacific region accounted for 9.5% with AED27 billion, while African markets represented 7.9% with AED22.4 billion.
European and North American markets contributed 3.5% and 1.4% with values of AED10.1 billion and AED3.9 billion, respectively. Lastly, Latin American markets made up 0.3% of the total, reaching approximately AED1 billion.
Strategic Initiatives and Leadership Vision
Mohammad Ali Rashed Lootah, the President and CEO of Dubai Chambers, emphasized the organization’s commitment to enhancing Dubai’s foreign trade and achieving the Dubai Economic Agenda (D33) objectives.
In 2023, the Chamber’s strategic expansion included opening 16 new representative offices worldwide, aiming to diversify its members’ export markets and support the robust business community in Dubai.
Lootah highlighted the adaptability and competitive edge of Dubai traders, facing global trade challenges with agility. The variety in export and re-export destinations reflects the dynamic and resilient nature of Dubai’s trade sector.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
