FINANCIAL NEWS

Dubai sees 7.8% increase in Q1 exports

18 Apr 2012

(MENAFN) Dubai’s exports and re-exports saw a 7.8 percent growth to USD16 billion during the first quarter of 2012, confirming the sector as one of the frontrunners of the Gulf emirate’s economic growth, Arabian Business reported.

According to the Dubai Chamber of Commerce and Industry, the issuance of Certificates of Origin rose by 5.3 percent to 177,502 during the quarter compared to a year earlier.

The GCC countries saw an increase in exports, reflecting faster economy activity in the region. The International Monetary Fund (IMF) predicted 4.2 percent growth for the Middle East and North Africa this year from 3.5 percent in 2011.

According to IMF’s report, oil-exporter economies will grow by 4.8 percent, while oil-importer economies will expand by 2.2 percent.

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