China Still Leads as Dubai’s Top Trade Partner
The crown prince of Dubai recently announced that China has preserved its place as Dubai’s leading trade partner in 2015 with more than $47 billion in commerce. India came in second with $35 billion and the United States at $22 billion, While Saudi Arabia preserved its place as top Arab partner with $22 billion then Germany at fifth with $12 billion. United Arab Emirates non oil foreign trade stands at $349 billion in 2015 a decrease of 3.6 percent from $362 billion last year. From the non oil foreign trade, $216 billion were from imports and $36 billion came from exports and $ 96 billion from re-exports.
Sheikh Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of the emirate of Dubai, stated that Dubai and UAE’s economic diversification strategy has achieved their objective which demonstrated the economic resilience of the country and its ability in adapting to international market fluctuations. Oil makes 29 percent of the country’s local economy and in September the Ministry of Economy and Foreign Trade planned to reduce the value to 19 percent for the next ten years.
Ninety percent of the country’s oil reserve are located in Abu Dhabi, the biggest sheikdom and the capital city of the Arab State, wherein the Crown prince stated that Dubai’s trade sector will continue to perform significantly and contributes to the economic growth of the country.