Dubai’s economy is bouncing back with latest trade figures revealing that Dubai’s trade grew exponentially to over 1.32 trillion dirhams (about US$ 362 million) in 2013, leading to a growth of about 7.6%.
Regarded to be one of the richest regions in the oil-laden Middle East, the UAE and in particular Dubai has long been the cynosure of the world’s eyes as far as its economic richness and prosperity are concerned. But for the last couple of years the region has been tackling several economic problems that almost came close to crippling the Dubai economy very severely.
But thanks to the massive efforts undertaken by the region’s financial and economic authorities, balance seems to be slowly being restored in the region as far as economic trends are concerned. Several core sectors in the region have been buoyed by surges which have accounted for a substantially positive impact on the overall economy of the region.
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According to latest reports, it has emerged that Dubai’s trade grew exponentially to over 1.32 trillion dirhams (about US$ 362 million) in 2013, leading to a growth of about 7.6%. These figures are for the non-oil based commerce activities conducted in the region and strongly suggest that the region’s economic revival is not a distant dream but a reality that’s taking place with more vigour, each passing day.
In addition to the strong trade activities, some of the other key areas in the region which have charted trends of positivity in 2013 include:
- The property sector which is expecting some landmark project launches with project figures estimated to cross over ‘10s of billions of dollars’
- There was a surge of about 53% in terms of prime-time property deals recorded across the region totaling over 230 billion dirhams in 2013
- In totality, the property sector in the region experienced a growth of about 20% in 2013 indicating the resurgence of the property sector in terms of contributions to the region’s economy
- The percentage of tourists also rose up to 11 million, indicating a significant increase of about 10% as compared to in 2012
- There was an increase of about 12% in the commerce licenses issued by the governmental authorities in 2013
Alongside these positive trends, there were also some acute areas of concern like the comparative rise of imports in the region vis-à-vis exports in the region. Imports rose to over 800 billion dirhams in comparison to export figures totaling to around 518 billion dirhams in 2013.
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As far as the region’s commerce partners are concerned, India, China and the United States – in that order – were the three leading nations in terms of Dubai’s export-based trade activities were concerned with commerce volumes of about 137 billion dirhams, 135 billion dirhams and 86 billion dirhams respectively. In terms of import-based commerce activities being carried out by region, Dubai carried out maximum trade activities with China, United States and India, in that order.
Yet another important aspect that emerged about the region’s economic activities included a slight upward growth in commerce activities between Dubai and Iran in 2013 as compared to 2012 figures. The commerce activities between Iran and Dubai had plunged quite drastically on account of imposing of international sanctions in Iran as an offshoot of its contentious nuclear energy program. In 2012, commerce activities between Dubai and Iran had slid down to about 25 billion dirhams – a slide of about 31% – which rose in 2013 to about 26 billion dirhams or about two percent.
These trends of positivity have been seen as a definite rejuvenation of the region’s – and as such of the entirety of UAE’s – economic scenario leading to the restoration of the region as the place where global societal revolution occurs at its finest!