Dubai Chamber members’ exports, re-exports reach Dhs23.1 billion in May

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A view of the building of Dubai Chamber of Commerce & Industry, a hub of local and global businesses.

The value of exports and re-exports of Dubai Chamber members grew 28.3 per cent year-on-year (YoY) to reach Dhs23.1 billion in May 2022, marking the highest level since August 2018.

Members’ exports and re-exports amounted to Dhs104.3 billion between January and May 2022, achieving 15.8 percent YoY growth when compared to the same period last year. Over 291,000 certificates of origin were issued by the Chamber in the first five months of this year, recording a growth of 7.1 per cent YoY.

Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, said that growth in member exports reflects the positive impact of the Chamber’s successful approach to identifying growth opportunities in promising markets. “Such efforts support the objectives of Dubai’s strategic plan to boost foreign trade by up to Dhs2 trillion in five years, as earlier announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai,” he added.

Al Ghurair further stated that the Chamber’s smart services, market intelligence and network of international offices have enabled member companies to diversify export markets, streamline trade processes and make informed business decisions.

Hamad Buamim, President & CEO, Dubai Chambers, said the strong trade performance of member companies in the first five months of 2022 signals a rise in business confidence and Dubai’s growing economic competitiveness. He added that the latest figures reflect the agile nature of the emirate’s business community, which has been able to navigate new challenges and reposition for recovery in the post-pandemic period and beyond.

Chamber member exports and re-exports to GCC markets between January and May 2022 amounted to Dhs55.5 billion, marking a 11.1 per cent YoY increase compared to the same period in 2021. Member exports and re-exports in May 2022 reached Dhs12.6 billion, marking a 12.1 percent increase compared to the previous month.

As per the Chamber’s report, GCC countries accounted for 55 percent of the total exports and re-exports of the members in May 2022. Member exports and re-exports to the top 10 markets outside the GCC jumped 20.5 per cent to reach Dhs31.5 billion YoY in the first five months of 2022.

In May alone, exports and re-exports of Chamber members in the same category recorded a growth of 16.3 percent YoY to reach Dhs6.6 billion.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

FAB’s merger: First Abu Dhabi Bank (FAB) Egypt has announced the completion of the legal merger of Bank Audi Egypt, where all the bank’s assets in Egypt will accordingly operate under FAB’s newly introduced brand identity “FABMISR”. The legal merger and launch of FAB’s new brand in Egypt come after obtaining all required regulatory approvals, including the final approval of the Central Bank of Egypt (CBE) and the General Authority for Investment & Free Zones (GAFI).

Furthermore, the system integration under the new identity is expected to be completed in the fourth quarter of this year, whereby customers will be able to conduct their banking transactions and services in all branches under the new brand “FABMISR”.

Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market with assets of over EGP185 bn (equivalent of  $10 billion) as of March 31st, 2022 operating with 69 branches and 207 ATMs.

“We are proud of the successful legal merger, which will enable us to further extend our operations’ footprint in Egypt—one of the most promising strategic markets in the region. This investment highlights our firm confidence in the Egyptian economy, in line with government initiatives to foster the investment climate across all sectors. FAB believes that Egypt is a strategic gateway to MENA; hence, this step will undoubtedly contribute to our strong position regionally and globally. We are also looking forward to contributing to Egypt’s strategic “Vision 2030” and bolstering bilateral relations between Egypt and the UAE,” Hana Al Rostamani, Group Chief Executive Officer of FAB, said.

From his side, Karim Karoui, FAB Group Head of Mergers and Acquisitions and Chairman of FABMISR, stated: “As the largest bank in the UAE, FAB continues to implement its ambitious growth strategy through focused acquisition activities. The recent legal merger of Bank Audi Egypt is considered one of our most prominent milestones towards expanding FAB’s presence in Egypt reinforcing our commitment to the Egyptian market. Finally, I would like to thank the relevant regulators in Egypt for cooperating with us to finalize the legal merger, reflecting the Egyptian government’s commitment towards enhancing Egypt’s investment climate.”

Mohamed Abbas Fayed, FABMISR CEO, highlighted the bank’s vision for the new entity, stating: “We will work over the coming period on expansion opportunities to strengthen our presence in the Egyptian market, which presents promising investment opportunities given its unique demographics.

WAM

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