GCC is Top Market for Export and Re-Export from Dubai

GCC is Top Market for Export and Re-Export from Dubai

Saudi Arabia named as the top destination according to a Dubai Chamber of Commerce report

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that the GCC was the top export and re-export market destination for its members globally during the first half of 2023.

Saudi Arabia was named as the top destination for members’ exports, with the total value recording year-over-year growth of more than 15% to reach US$10 billion.

Members’ exports to Kuwait during H1 2023 were valued at US$3.5 billion, while exports to Qatar grew by 39.3% compared to the same period in 2022 to reach a value of US$3.4 billion.

Exports to Oman achieved year-over-year growth of 20% in the first half of 2023, amounting to US$2.2 billion, while exports and re-exports to Egypt reached a total of US$1.5 billion. Meanwhile, exports to Iraq soared to US$1.5 billion, representing year-over-year growth of 95.8%.

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Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, commented: “The diversity of our members' export and re-export markets reflects their flexibility in responding to rapidly evolving global market conditions and is supported by our efforts to provide international investment opportunities.”

Lootah highlighted the vital role of Dubai International Chamber’s representative offices and the introduction of various commercial investment opportunities, which have been instrumental in increasing the value of members' exports and re-exports by 7% during the six-month period.

He added: “Dubai Chambers remains committed to achieving the goals of the Dubai Economic Agenda and accelerating sustainable economic development.

"We are keen to enhance access to new markets for the emirate's business community to meet our strategic targets, serve the interests of the private sector, and further boost the competitiveness of Dubai’s dynamic business environment.”

According to data from Dubai Chamber of Commerce, high rates of growth in the value of members’ exports and re-exports during H1 2023 were recorded for countries in various regions across the globe.

Read More: Dubai's GDP Grows 2.8% in Q1 2023 to Reach US$30.3 Billion

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