ABU DHABI, 10 June 2007 — Saudi Arabia was the top exporter to Abu Dhabi during the January-March period with trade value estimated at AED2.3 billion. Germany and US came second and third with total trade value at AED1.8 billion and AED1.7 billion, respectively.
Mohammed Sultan Al-Hamili, assistant undersecretary of Finance Department, said imports surged to around AED15 billion during the first quarter of 2007 from AED10.25 billion for the same quarter in 2006.
He noted that re-exports dropped to AED1.6 billion from AED2.3 billion for the period under review.
‘’Non-oil exports soared in the first three months of the year to AED2.1 billion from AED799.6 million for the same corresponding period in 2006,’’he added, citing Abu Dhabi Customs Department figures.
The quarterly statistics also indicated that Qatar emerged as the key re-exporter via Abu Dhabi with trade value at AED208.7 million.
India came second with AED181.3 million, followed by France at AED140.9 million.
As for the non-oil exports, Kuwait led the list with exports reaching AED287.4 million. Saudi Arabia took the second slot with a total exports in the first quarter worth AED199 million followed by Qatar with AED109.7 million. The statistics said that foreign trade of Abu Dhabi for April 2007 stood at around AED6 billion.
Meanwhile, Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during the 1st week of June 2007, reached AED1.599 billion, comprising 32.1 percent of the total value of stocks traded during the period.
The value of stocks sold by foreign investors during the same period reached AED1.613 billion, comprising 32.3 percent of the total value of stocks traded during the period.
The value of stocks bought by institutional investors during the first week of June reached AED1.185 billion, comprising 23.8 percent of the total value of stocks traded during the period.
The value of stocks sold by institutional investors during the period reached AED1.198 billion, constituting 24 percent of the total value of stocks traded during the period.
Separately, more than half of business people in the Gulf Arab region polled by HSBC expect profits to grow by more than 5 percent in 2007, the bank said yesterday.
HSBC said 57 percent of 1,063 business people from the six Gulf countries said profit growth would exceed 5 percent, down slightly from 59 percent of respondents in the first quarter. It said 52 percent of the respondents were planning to increase investment in their businesses.
