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Dubai’s Non-oil External Trade Reaches $322b in 2020

Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of COVID-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020 - (WAM)
Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of COVID-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020 - (WAM)
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Dubai’s Non-oil External Trade Reaches $322b in 2020

Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of COVID-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020 - (WAM)
Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of COVID-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020 - (WAM)

Dubai’s foreign trade in 2020 touched AED1.182 trillion ($322 billion), with total trade volume in 2020 reached 100 million tonnes, driven by a 6% year-on-year volume growth in the second half of the year.

Overall value of exports in 2020 grew 8% to AED167 billion while imports accounted for AED686 billion and re-exports totalled AED329 billion, state news agency WAM reported.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said: "The exceptional growth performance of Dubai’s external trade sector reflects the emirate’s impressive resilience and its ability to recover and grow amidst international crises. Dubai has set an example for the world in dealing with both the economic and health repercussions of the pandemic. We were able to quickly renew our momentum of growth and reestablish our global leadership in various sectors."

"This growth has been made possible by robust governance and the stimulus packages the Dubai Government launched under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The stimulus packages included a number of initiatives to support the foreign trade sector and enable it to continue playing its important role in national economic growth. The strong trade performance signals a positive start to the ‘Year of the 50th’’ and the efforts to achieve the goals of the UAE Centennial Plan 2071," noted Sheikh Hamdan.

For his part, Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation said: "Dubai’s external trade sector impressively overcame the impact of a global trade downturn in 2020. With the gradual opening of borders, Dubai’s trade volumes started recovering and growing quickly in the second half of 2020. In the third quarter, Dubai’s trade surged 34% compared to Q2, and in Q4, trade grew by 7% to AED326 billion compared to Q3."

"To develop the external trade sector and play a greater role in maintaining Dubai’s leading position in global trade, the Dubai Chamber has been restructured by creating three new chambers of commerce. The new chambers will enhance support for the trade sector by creating new solutions for the needs of investors and companies as part of a strategy to grow the emirate’s global trade in line with the vision of Dubai’s leadership for the next 50 years."

Dubai’s direct trade in 2020 totalled AED711 billion, while trade through free zones reached AED464 billion and customs warehouse trade weighed in at AED7 billion. Airborne trade accounted for AED559 billion. Sea trade reached AED421 billion while land trade touched AED203 billion.

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Business

Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.

Business

Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.

Business

Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.