عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Abu Dhabi's Non-oil Foreign Trade During H1 Grows 12%

The total value of Abu Dhabi's non-oil foreign trade amounted to about AED124 billion ($33.7 billion) during 1st half of 2022. WAM
The total value of Abu Dhabi's non-oil foreign trade amounted to about AED124 billion ($33.7 billion) during 1st half of 2022. WAM
TT
TT

Abu Dhabi's Non-oil Foreign Trade During H1 Grows 12%

The total value of Abu Dhabi's non-oil foreign trade amounted to about AED124 billion ($33.7 billion) during 1st half of 2022. WAM
The total value of Abu Dhabi's non-oil foreign trade amounted to about AED124 billion ($33.7 billion) during 1st half of 2022. WAM

The total value of Abu Dhabi's non-oil foreign trade amounted to about AED124 billion ($33.7 billion) during 1st half of 2022, compared to AED110 billion and 313 million, with a growth rate of 12%, recorded in the same period of 2020, Emirates News Agency (WAM) reported Friday.

Exports during the first six months of this year increased to 26%, at a value of AED49 billion and 479 million, compared to AED39 billion and 193 million during the same period in 2021, it said.

Re-export activities increased to 6% at a value of AED23 billion and 43 million, compared to AED21 billion and 689 million recorded during the last year, while the Exports in the UAE increased to 4%, recording a total value of about AED51 billion and 475 million, compared to AED49 billion and 432 million last year.

The value of the trade-in commodities from normal metals and their products increased to AED24 billion and 516 million, with a growth rate of 22%, compared to AED20 billion and 112 million in 2021, WAM said.

The trade-in sound and image machinery and broadcasting equipment and their accessories recorded growth during this period with 23%, compared to AED17 billion and 903 million recorded last year. The trade-in pearls, gemstones, precious metals and their products have increased to 40% at a value of AED17 billion and 245 million recorded last year.

According to WAM, Saudi Arabia had the largest total value of shares traded compared to the countries, where the trade increased to AED28 billion and 636 million, with a growth rate of 3% compared to AED27 billion and 906 million recorded during the same period in 2021. It was followed by Switzerland with a total value of AED9 billion and 530 million, with a rate of A growth of 260% compared to last year.

The United States followed Switzerland with AED9 billion and 330 million, a growth rate of 21%, then China with AED5 billion and 959 million with a growth rate of 9%, and Kuwait with AED5 billion and 870 million with a growth rate of 13% compared to last year.

Director-General, General Administration of Customs, Abu Dhabi Customs, Rashed Lahej Al Mansoori said: "Abu Dhabi Customs continues to walk steadily towards achieving its vision to be a World-Class Customs Authority, leading change effort to enhance security, facilitate trade and provide distinguished services, constantly prompting to invest in advanced technologies that rely on digital technologies and artificial intelligence, which effectively contributes to saving time and effort for customers, and supports their choice of the Emirate of Abu Dhabi to be a destination for their operations."

He added that Abu Dhabi Customs has succeeded to develop proactive strategic services that contributed effectively to develop the customs work system through the land, sea and air ports and facilitate customs inspections.
As for Ahmed Mahmoud Fikri, Director-General of Statistics Centre-Abu Dhabi, he said that the Centre looks forward to developing an advanced statistical system that consolidates continuous cooperation with its partners from producers and users of statistical data to provide continuous support to policymakers in the Emirate.

Most Viewed

 
 
Business

IMF: Middle East Faces Pivotal Economic Moment

Azour speaks during a presentation of the Regional Economic Outlook update (AFP)
Azour speaks during a presentation of the Regional Economic Outlook update (AFP)
TT
TT

IMF: Middle East Faces Pivotal Economic Moment

Azour speaks during a presentation of the Regional Economic Outlook update (AFP)
Azour speaks during a presentation of the Regional Economic Outlook update (AFP)

The International Monetary Fund said the Middle East, North Africa, and Pakistan were facing a pivotal and exceptionally difficult moment in their modern economic history after the war that broke out on Feb. 28, 2026, describing it as a severe and multifaceted shock to one of the world’s most strategically important economic corridors.

The IMF said the conflict was not merely a border crisis but had disrupted “three pillars of stability, energy markets, trade routes, and business confidence,” triggering a global energy shock and weakening supply chains.

Amid these challenges, Saudi Arabia’s economy emerged as a model of resilience, showing what the IMF described as “exceptional sturdiness” that enabled it to absorb the impact of disruptions to the Strait of Hormuz and a decline in regional output, supported by the pillars of Vision 2030, which strengthened fiscal discipline and logistical flexibility.

Jihad Azour, director of the IMF’s Middle East and Central Asia Department, said while presenting an update of the Regional Economic Outlook in Washington, on the sidelines of the IMF and World Bank Spring Meetings, that the war was reshaping the region’s economic outlook.

At the center of the shock was energy, he said, noting that the Strait of Hormuz, “the world’s most critical energy chokepoint, through which roughly one-fifth of global oil supply and about one-quarter of global LNG trade normally transit,” had come close to a standstill.

He said disruptions and shutdowns had cut oil and gas output across Gulf Cooperation Council countries, pushing Brent crude above $100 a barrel, while “European gas prices rose by roughly 60 percent, exceeding the spike observed after Russia’s invasion of Ukraine,” putting global energy security at risk.

He said energy disruptions caused by the war would weigh heavily on Gulf exporters, while oil-importing countries such as Egypt and Jordan were facing higher commodity prices and weaker remittance flows.

More broadly, the Middle East and North Africa region is expected to see a marked slowdown in growth this year, with real GDP projected at about 1.1%, significantly below pre-war forecasts, before a recovery in 2027, according to the IMF.

Azour said the shock extended beyond oil and gas, noting that “commodity disruptions extend beyond oil and gas,” affecting fertilizers, chemicals, and other products in which the region holds a strategic position.

He warned that rising food costs were directly threatening vulnerable populations, saying that “these price increases translate directly into higher food costs for some of the world’s most vulnerable populations,” particularly in import-dependent economies across the region and beyond.

He added that the conflict had also affected services, saying, “air traffic collapsed at major Gulf hubs, maritime insurance premiums surged, shipping routes lengthened, and logistics chains weakened,” highlighting the broad impact on aviation and logistics.

The IMF said some oil-importing economies in the region relied heavily on Gulf countries for energy imports and financial flows, leaving them exposed if the conflict intensified or persisted.

Saudi experience

Azour said one of the most important lessons from the war and the disruption of the Strait of Hormuz was the need to diversify trade routes.

“This shock underscores the importance of building greater resilience and strengthening integration,” he said, adding that this includes “diversifying trade routes and deepening regional cooperation,” to ensure the continued flow of goods and energy.

He said Saudi Arabia’s approach under its strategic vision went beyond infrastructure development to a broader reshaping of logistics networks. By expanding alternative ports on the Red Sea and strengthening land and rail connectivity, the kingdom reduced its reliance on a single maritime chokepoint.

He said this ability to create parallel trade routes allowed Saudi trade to continue effectively despite disruptions to regional corridors, offering a model for protecting economic security and ensuring uninterrupted supply flows.

Egypt

Azour said economic reforms implemented by Egypt, along with stronger policy buffers, were helping the country better manage external shocks.

He said allowing the exchange rate to become more flexible helped absorb shocks, while higher reserves provided reassurance to markets.

Regional divergence

The IMF report highlighted a sharp divergence across countries. Qatar faced a steep downgrade to growth forecasts due to damage to its gas infrastructure, while Oman showed relative resilience given its geographic position outside the Strait of Hormuz.

At the same time, financing pressures increased on Egypt, Pakistan, and Jordan as sovereign spreads widened, prompting Azour to stress that the IMF stood ready to support countries.

He said that if oil production recovered and the Strait of Hormuz fully reopened, countries would be able to increase output quickly, adding that higher oil prices compared with pre-2026 levels would help producers recover some of their losses from the crisis.

Business

Pakistan Central Bank Receives $2 billion from Saudi Arabia as Part of Broader Financial Support Package

Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
TT
TT

Pakistan Central Bank Receives $2 billion from Saudi Arabia as Part of Broader Financial Support Package

Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).

Pakistan announced that it has received $2 billion from Saudi Arabia’s Ministry of Finance as part of a broader financial support package.

Earlier, Pakistan’s Finance Minister, Muhammad Aurangzeb, said that Saudi Arabia had committed to depositing an additional $3 billion, while extending an existing $5 billion loan for three years instead of renewing it annually.

This support comes as Pakistan faces repayment of $3.5 billion to the United Arab Emirates, putting pressure on its reserves, which stand at about $16.4 billion.

Saudi Arabia has a history of assisting Pakistan during economic crises, including a $6 billion support package in 2018 that included deposits and deferred oil payments.

Business

Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
TT
TT

Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)

Gold prices rose on Thursday as growing optimism about a possible end to conflicts in the Middle East calmed inflation worries and improved prospects for lower interest rates.

Spot gold rose 0.5% to $4,815.15 per ounce by 0926 GMT, after rising to a one-month high in the previous session. US gold futures for June delivery gained 0.3% to $4,836.50.

"For the month of March gold was under pressure because of the need for liquidity in the metal following the war, but that is kind of mostly run its course, that need for liquidity," said Nitesh Shah, commodity strategist at WisdomTree.

Shah added that he expects gold prices to remain very well supported as concerns surrounding central bank independence and dollar debasement risk still remain prevalent, Reuters reported.

Optimism grew on Thursday that the war in the Middle East may be near an end, with a key Pakistani mediator in Tehran and the administration of US President Donald Trump talking up hopes for a deal that would open the crucial Strait of Hormuz.

Crude oil prices were up more than 1% on Thursday, but remained well below the $100-a-barrel mark.

"Gold remains supported amid renewed optimism around de-escalation. The pullback in oil prices is easing some of the inflation concerns that weighed on prices earlier in the conflict. The move reflects a broader shift in market focus," ING analysts said.

Global equities vaulted past their previous all-time highs in Asian trading as optimism grew about a deal to end the Iran war.

Gold prices fell to as low as $4,097.99 an ounce on March 23 as high inflation concerns due to soaring energy prices raised expectations of a more hawkish approach to intrest rates by the US Federal Reserve, weighing on the non-yielding metal's demand.

Prices have since recovered as investors now see a more than 34% chance of at least one US interest rate cut by 2026-end, up from 32% a day prior, as per CME's FedWatch Tool.

Among other metals, spot silver rose 1.4% to $80.12 per ounce, platinum gained 1% to $2,130.25, and palladium was up 0.9% at $1,587.25.