Kingdom is Dubai’s top GCC non-oil trade partner
Saudi Arabia accounted for 45 percent of Dubai’s total trade within the region, the Dubai Chamber of Commerce and Industry said in a statement. The emirate’s trade within the region is witnessing a higher pace of growth, according to the report.
Oman and Kuwait followed with 19 and 16 percent of Dubai trade respectively.
While Qatar’s GDP at $210 billion was larger than that of Oman at US$ 81.8 billion and Kuwait at $163.6 billion, its share of trade with Dubai was lower at 12 percent.
Being the smallest economy, with a GDP of $33.9 billion and a population of 1.36 million, Bahrain accounted for the lowest share of 8 per cent of Dubai’s trade in the region.
“Dubai’s robust trade ties with the GCC countries highlight its key role in enhancing business and trade activities in the region and beyond,” said Hamad Buamim, president and CEO of Dubai Chamber.
“The latest Dubai Chamber report highlights Dubai’s leading status as the regional commercial hub with state-of-the art infrastructure and a world class business environment.
“Over the years, Dubai Chamber has been the main engine of trade growth in Dubai, and contributed to the development of the emirate’s economy by creating a favourable atmosphere for investment and business.”
Dubai recorded a total net trade of $23.7 billion (AED87 billion) with other GCC countries in 2015. Highest net trade resulted from Saudi Arabia, for a share of 51 percent of the total, while net trade with Oman contributed 18 percent. Trade with Kuwait and Qatar both led to shares of 13 percent to total net trade, while trade with Bahrain accounted for five percent.