Complex Made Simple

Dubai Chamber seminar assesses recent economic trends and outlook for EU, Asia, Africa and Latin America and prospects of cooperation with Dubai and UAE

As part of its efforts to provide economic intelligence to the business community, the Dubai Chamber of Commerce and Industry hosted a seminar on assessing economic trends and outlook for world’s major economies including US, EU, Asia, Africa and Latin America in light of their impact on the UAE economy and the potential these markets hold for UAE businesses.

Held at the Chamber premises on Thursday, the seminar which aimed at establishing a forum for interaction amongst businesses, was attended by top company officials as well as entrepreneurs and business leaders.

In its focus on the US, EU, Asia, Africa and Latin America economic trends and outlook, the seminar stated that the US and EU represent the main sources of import for UAE’s capital goods, financial services, investment assets, hard currencies and tourist flows.

The second presentation highlighted the emerging Asian economies which it said are the main trading partners for goods while the developing economies of Africa are the source of the UAE industry raw materials and a destination for the country’s exports and re-exports besides representing a good potential for its investments.

The fourth presentation focused on Latin America as these emerging economies hold a great potential for both trade and investment that UAE businesses need to explore for the future growth of the country.

In his welcome speech, Dr. Belaid Rettab, Senior Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber, gave an overview of the global economic outlook for 2013 which he said is positive. The industrialised economies, which had been contracting since the global crisis, had shown steadily positive, albeit low, growth, said Dr. Rettab.

He added that the total UAE and Dubai’s economies are both expected to grow by at least 5% while Dubai’s contribution to the UAE’s ranking 23rd globally and number one regionally is immense, according to World Bank Group’s Doing Business 2014 report.

Dr. Belaid further stated that there has been a substantial growth in Dubai’s exports and re-exports this year while the decline in exports to war-torn and sanctioned major markets in the region had been more than compensated by the growth in other markets in the region like Iraq and GCC countries.

He also said that the year-on-year comparisons point to improving expectations, reaching a peak of 80% for Q4-2013 which is based on the winning of the bid to host the World Expo 2020.

The seminar organised by Dubai Chamber informed the business community about the trends and outlook which are based on latest data and studies and help the business representatives to benefit from the expectations to enrich their trading and investment activities while enhancing their competitiveness in the overseas markets.