PHOTO
Saudi Arabia emerged as the top export market for members of Dubai Chambers in the first half of the year, posting a 15% year-on-year growth to reach 35 billion dirhams ($9.5 billion). The total value of exports and re-exports for Dubai Chambers also rose by 7% over the same period to reach AED137.6 billion.
The Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has also revealed the GCC region was the top export and re-export market for its members during H1 2023.
Members’ exports to Kuwait were valued at AED12.8 billion, while exports to Qatar grew by 39.3% compared to the same period in 2022 to reach AED12.4 billion. Additionally, exports to Oman also achieved year-on-year growth of 20% in the first half of 2023, amounting to AED7.8 billion.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, attributed the growth to evolving global market conditions and the entity’s efforts to “provide international investment opportunities.”
Egypt and Iraq were also top performers, with exports and re-exports reaching AED5.3 billion and AED4.7 billion, respectively. Iraq’s performance recorded a year-on-year growth of 95.8%.
Southern Africa was the fastest-growing region for members’ exports, recording a year-on-year growth of 81% to reach AED477.2 million, up from AED264 million in H1 2022.
Central Asia recorded the second-highest growth rate at 66%, with a value of AED1.2 billion, up from AED708.3 million during the same period last year. Eastern Europe was third, with an increase of 63% and a total value of AED717.1 million, up from AED440.9 million in H1 2022.
(Writing by Bindu Rai, editing by Seban Scaria)
