Dubai: Saudi Arabia accounted for 45 per cent of Dubai’s total trade in the region in 2015, the Dubai Chamber of Commerce and Industry said in a report on Monday.
The kingdom’s trade with Dubai is “witnessing [a] higher pace of growth,” the chamber said. Oman and Kuwait followed Saudi Arabia with 19 per cent and 16 per cent, respectively.
In 2014, Dubai’s trade with the Gulf Cooperation Council (GCC) countries registered a growth of 3 per cent to touch Dh117.5 billion, amid a decline in oil prices. But it increased to 8 per cent the following year, with a value of Dh126.6 billion.
“Dubai’s robust trade ties with the GCC countries highlight its key role in enhancing business and trade activities in the region and beyond,” stated Hamad Bu Amim, president and chief executive of the Dubai Chamber.
Dubai’s non-oil trade grew 16 per cent in 2012 to Dh1.23 trillion. Growth, however, slowed to 8 per cent to touch Dh1.33 trillion in 2013.
The following year’s performance was similar, with a value of Dh1.33 trillion, while in 2015 it was Dh1.28 trillion.
Trade with GCC countries in 2015 had been favourable to Dubai, leading to a total net trade of Dh87 billion during the year, according to the report.
The highest net trade resulted from trade with Saudi Arabia, which accounted for 51 per cent of the total, while net trade with Oman contributed 18 per cent.
Trade with Kuwait and Qatar represented 13 per cent, while trade with Bahrain accounted for 5 per cent.