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FINANCIAL NEWS
Dubai 2005-2009 imports up 25%
24 Jul 2011
(MENAFN) Dubai Exports’ chief executive, Saed Al Awadi, said that Dubai’s imports went up more than 25 percent between the years 2005 and 2009 due to growing demand for aluminum and copper products, reaching more than USD98.01 million of annual spending, reported The National.
Al Awadi added that the emirate could manufacture these products instead of importing them in order to become self-sufficient; in addition, it could increase the participation of the industrial and the export sectors in order to raise the country’s GDP.
He also said that in 2010, manufacturing contributed with 13 percent of the emirate’s economy, where items made of gold accounted for around two thirds of direct exports.
It is worth noting that in 2010, foreign capital in Dubai accounted for 16 percent of investment in the manufacturing sector, where half of that money came from other Gulf countries.
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