Dubai large growth rate for non-oil foreign trade

Foreign non-oil trade of the Emirate of Dubai, in the United Arab Emirates, has increased at a rate of 41% in 2004 to reach 215.73 billion Dirham ( USD 58.74 billion) due to a real estate upsurge.

Figures issued by Dubai commission for ports, costumes and free zone showed that non-oil trade increased by 25% in the four past years and is expected to grow by 64% in 2005.

The commission attributed the growth to the revival in the stock market which witnessed during the four past months a series of easy preliminary issuances in addition to the increase in the number of international companies which opened regional offices in Dubai.

Revenues which represent 69.1% of non oil trade increased to 37.1% to reach 179.046 billion Dirham. The re-exportation activity increased by 51.1% to 57.037 billion Dirham.

The commission expected growth in the GNP at a rate of 10% in 2005, thanks to factors including the growth of non oil sector. Comparatively, the GNP increased at 16.6% to reach 98.1 billion Dirham in 2004.