Gold and diamonds were among the most popular imports into the UAE in the first three months of the year, with the country’s consumers buying about 200,000 kilograms of the materials, valued at around Dh37.9 billion, according to data from the Federal Customs Authority.
Cars took second place, with Dh12.4 billion purchased in the first quarter, as the UAE’s consumers took advantage of the low yen to buy Japanese cars.
The UAE’s total non-oil trade reached Dh256bn in the first quarter of this year, down slightly compared to the first quarter of 2013, when Dh270bn of trade was recorded.
The UAE ran a deficit in terms of its non-oil trade in the three months to March, spending Dh166.4bn on imports, compared to receipts of Dh89.6bn from exports and re-exports combined.
The balance of non-oil trade is watched closely by the UAE Government, which aims to diversify away from oil to ensure economic growth and current account surpluses in the future.
The Australasia and Asia-Pacific region remained the UAE’s largest trade partner, accounting for 43 per cent of the country’s non-oil trade, worth Dh106bn.
European trade grew by 3 per cent compared to the previous year, accounting for 27 per cent of total trade, and was valued at Dh67.2bn. Trade with the Middle East and North Africa accounted for 14 per cent, or Dh35.1bn.
The US and Caribbean accounted for 10 per cent of quarterly non-oil trade, valued at Dh24.1bn, followed by West and Central Africa, which accounted for 4 per cent of trade, and East and South Africa, which accounted for 3 per cent.
The value of non-oil trade between the UAE and GCC reached Dh22.9bn in the first three months, with imports from the GCC accounting for Dh7.4bn, while exports and re-exports totalled Dh15.4bn.
Saudi Arabia was the UAE’s largest non-oil trade partner in the Middle East. Total value of the UAE-Saudi non-oil trade totalled Dh8.3bn, accounting for 36.2 per cent of total trade with GCC countries.
Oman was the UAE’s second-largest trade partner in the Gulf with Dh6bn, or 24.6 per cent of Gulf trade, followed by Kuwait and Qatar, both valued at Dh3.2bn.
In 2013, total trade between the UAE and the rest of the world totalled Dh 1.53 trillion.
abouyamourn@thenational.ae
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Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Result:
1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds
2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds
3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds
4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds
5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds
6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
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