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SBF's mission to Oman, Qatar and UAE facilitates useful networking and market opportunities
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The Gulf States are a bright spot amidst the global economic downturn
Singapore, 24 March 2009 - Business opportunities still abound in the Gulf States as delegation members found out during the SBF-led business mission to Oman, Qatar and the United Arab Emirates in March this year.
The mission, which followed the signing of the Gulf Cooperation Council-Singapore Free Trade Agreement (GSFTA) in December 2008, gave the 29 delegates from various industry clusters first-hand exposure to the overall business environment and emerging sectors of the three economies. SBF facilitated meetings with high-level government officials, enabling delegates to network and establish valuable business contacts during the various briefing and business matching sessions.
The mission was led by Mr. Teng Theng Dar, SBF CEO, Chairman of the SBF Middle East Business Group (MEBG) and Non-Resident Ambassador to Oman; Dato Mohd Zain bin Abdullah, SBF Council Member and Vice-Chairman of MEBG and Mr. Shabbir H Hassanbhai, Vice-Chairman of SBF MEBG, and supported by International Enterprise Singapore and the Malay and Indian business chambers.
The MEBG - an SBF initiative - serves as a business platform to help Singapore businesses tap into the opportunities in the emerging Middle East and North African markets. It was launched in March 2007 by Senior Minister Goh Chok Tong, together with His Excellency Sheikh Salman bin Hamad Al-Khalifa, Crown Prince of Bahrain.
This is SBF's second business mission to Qatar and UAE, having led a similar mission in late January/early February 2008, in conjunction with the visit by Senior Minister Goh Chok Tong to the two countries. In December 2007, SBF's MEBG also organized a high-level dialogue session and networking lunch for senior officials and business delegates from Singapore and Oman in conjunction with the visit by H.H. Sayyid Fahad Mahmood Al-Said, Deputy Prime Minister, Sultanate of Oman and an accompanying business delegation.
"In the face of the current global economic slowdown, the Middle East region and in particular the Gulf Cooperation Council (GCC) regional markets remain one of the few bright spots in the world. Although there is a slower growth in the economies, the momentum for Government-led investments in the areas of infrastructure and social development is expected to continue. SBF, as the apex business chamber, is pressing ahead with its business facilitation efforts to assist its members network and tap into business opportunities in economies like the GCC region. Especially with the conclusion of GCC-Singapore FTA, and Oman being the first to ratify the FTA, Singapore companies, which are well regarded in this region, can look forward to business growth opportunities outside their traditional Asian markets," said SBF CEO Mr. Teng Theng Dar.
The GCC countries are currently continuing their efforts in diversifying their economies through various major government-funded investments and projects. This trend will likely offer Singapore companies new market opportunities for their products and services and these companies can use the business mission as a useful platform to network with high-level business and official contacts in the three countries.
During this trip, SBF engaged with the other national business chambers in the three countries during this visit to help the business communities on both sides to increase the awareness of the GCC-Singapore FTA and oversee actual facilitation between the companies. These efforts which aim to strengthen such bilateral exchanges is closely supported by IE Singapore, SBF's key partner government agency for internationalization.
Going forward, SBF will continue work with its partners to do nation-wide FTA outreach programmes once the GCC-Singapore FTA is ratified. In addition, SBF will also continue in its long-term efforts of promoting business exchanges through facilitating more visits to the GCC countries and receiving more inbound delegations in 2009/10. SBF plans to visit Saudi Arabia later this year.
Oman (13 - 16 March)
Oman was the first of the Gulf Cooperation Council members to ratify the GSFTA which means that Singapore-based companies exploring business ventures in Oman will have a head start over others given the Omani private sector's keenness to partner with us fortheir national development.
SBF and the Oman Chamber of Commerce and Industry (OCCI) took the opportunity of this ratification to renew the MOU signed in 2005 to incorporate new articles, including the formulation of a joint action plan to help the business communities from both sides to promote and tap on the benefits of the GSFTA. One other key addition to the new MOU was the formation of a Singapore-Oman networking group to facilitate the exchange of business opportunities. Three other MOUs were signed during the Oman trip?C one between a subsidiary of the Infocomm Development Authority of Singapore and Information Technology Authority of Oman, and two others by Singapore companies pursuing projects in Oman.
Both OCCI and local companies express keen interest in strengthening Oman-Singapore business ties. Mr. Abdul Adheem Abbas Al Bahrani, Director General of Oman Chamber of Commerce said, "Possibilities of establishing Oman-Singapore joint investment are very high and this will bring a common benefit to both parties. Apart from the huge incentives and encouraging facilities offered by the Sultanate, Oman Chamber of Commerce and Industry can provide support and assistance to the Singaporean businessmen with the coordination of concerned government authorities. We are always at the reach of investors and ready to guide them to the right directions and to find out partners from Omani private sector."
Two business delegates who shared the Director General's vision were Top Great Engineering and Marine Private Limited's Mr. Michael Wee and Modern Monstessori International Group's Dr. T Chandroo.
Business Development Manager Michael Wee said, "We chose Oman as we reckoned this country to be a lower cost area as compared to other countries. Also, our basic infrastructure costs are covered as a result of a recently concluded business and we are able to capture new businesses at marginal overhead cost increment. Close proximity of Oman to the Gulf area and Qatar also allow for land logistics within a one-day window with no customs duty tax due to the GCC Agreement."
CEO T Chandroo noted, "There are great business potential associated with the Middle East ?C particularly in terms of early childhood education. Today, there are close to 8 million people in Oman and UAE combined and if we can pioneer our unique brand of business in these vastly untapped markets to develop a niche interest and demand, then it will certainly bode well for us and our business."
With the high level of interest shown by business delegates from both countries, Oman's foreign investment incentives and the esteem of the Singapore brand name, our local companies, especially SMEs, are well placed to explore projects in infrastructure, real estate, tourism, ICT, health services and logistics services.
Qatar (16 - 19 March)
Delegates met Mrs. Ebtehaj El Ahmedani, Qatar Chamber of Commerce and Industry (QCCI) Board Member and attended briefings on the economy and business outlook by QCCI, Qatari Businessmen Association (QBA) and Qatar National Bank. The Secretary General of QBA, Mr. Issa A.S. Abu Issa, informed delegation members that in future, Qatar will be emphasizing on sectors such as infrastructure, healthcare, education, energy and sewage and airport construction. The business matching session saw some 30 Qatari companies, largely from the oil and gas and construction sectors, turning up to meet their Singapore counterparts.
United Arab Emirates (20 - 24 March)
The mission delegates met Mr. Hamad Buamin, Dubai Chamber of Commerce and Industry's (DCCI) Director General, and they were given an update on the economy. DG Buamin expressed interest for both Singapore and Dubai to be joint partners in cross border investments, especially in view of Singapore's strong links to China which is a major source of capital funds. The delegation was advised to focus on infrastructure projects as the bulk of the UAE government's expenditure will be channelled in this area.
Singapore companies' presence in Oman, Qatar and UAE.
Oman: Top Great, Skyholding, Indostraits, Seven Seas Victory Knights, ASM Technologies (IT consulting), NCS (e-government), Shangri-la Hotel, Hotel Chedi, Banyan Tree.
Qatar: Keppel Integrated Engineering and other Keppel Group companies (including operating a dockyard at Ras Laffan), Pico.
UAE: Super Galvanising Steel, TT International, Creative Labs, Charles and Keith, Pasta Mania, Jurong International, Sembcorp, DBS Bank, Surbana
ANNEX
Event : Mission to Oman
Date / Time : 13 March 2009 - 16 March 2009
Document : Oman Country Brief - For Media
Country Background
1. Oman is one of the six gulf cooperation country in the Middle East. It shares its borders with United Arab Emirates, Saudi Arabia and Yemen. Most of Oman's populations are concentrated on the north and the eastern coastal region of the sultanate. The capital of Oman, Muscat is currently the only developed commercial centre in the country.
Political Overview
2. Political stability has been a key highlight of the reign of Sultan Qaboos, the ruler of Oman. This is ensured through a combination of respect for the Sultan (for his contributions towards the development of Oman from a tribal nation in the 70s to a significantly more developed country as of now). In addition, Sultan Qaboos has also introduced constitutional reforms establishing some degree of political participation.
3. The only political risk apparent to Oman is the lack of an obvious successor given that power has yet to be transferred by constitutional means.
Economic Overview
4. The Sultanate is rich in oil and gas, which dominates the country's economy, contributing more than 30% of total GDP and 66% of export earnings. Confirmed oil reserves stand at around 5.5 billion barrels, and the daily production is around 800,000 barrels per day. Oman's oil fields have reached maturity, and oil production is gradually declining. In response to this decline, the government has given top priority to production and export of natural gas. Oman's natural gas reserves are estimated at around 29 trillion cubic feet.
5. Discovery of copper has seen the emergence of a considerable mining industry. Oman is also rich in other metallic and non-metallic minerals, including coal, gold, silver, chromites, industrial rocks and minerals such as silica, limestone, granite, marble, and salt. Coal deposits have been estimated in excess of 122 million tonnes. Water is an issue in Oman, although the country has relatively large underground water reserves.
Economic Strategy
6. The leadership of Oman is well aware that the sultanate is excessively dependent on oil and seeks to diversify away from its dwindling oil supply (which is small compared to its neighbours) into the following sectors where concrete and concise plans have been implemented since.
Gas and downstream petrochemical
Tourism and Hospitality
Infocomms Technology and Information Technology
Manufacturing Industries for Export
Services (such as logistics, port management and others)
7. The Sultanate also seeks to reduce its dependency on foreign labour in order to create more jobs (to reduce unemployment) for native Omanis. As such, Sultan Qaboos has introduced the "Omanisation" strategy that involves a decree that requires employers to hire only Omanis in selected vocations.
8. The key sectors of the economy are:
Oil and Gas: Oil revenues make up almost 40% of Oman's total GDP and over 60% of export earnings, but the government expects this figure to fall. Oman has 5.5 billion barrels of proven reserves—ample resources—but fields are now reaching maturity and the prospect of further finds is waning. The natural gas sector is making spectacular progress, encouraged by the government's economic diversification drive and a wide-scale exploration and development effort. The continued focus on gas is expected to boost production and reserves, although the country is also looking at imports as a backstop to ensure the growth of its gas-based industrialization projects.
Industry: Private domestic and foreign investment in the non-oil sector is being encouraged, along with reductions in government spending and privatization. Manufacturing (including LNG) accounted 18% of GDP in 2007 while construction's share stood at 3%.
Agriculture: Agriculture offers minimal room for development, given the country's poor climatic and geographic conditions; in 2007, it accounted for only 1% of total GDP. The value of agricultural output has grown from 154 million Omani rials in 2001 to 205 million rials in 2007. Oman's main agricultural export is fish. The government's Vision-2020 economic plan projects the shares of agriculture and fishing in GDP at 3% and 2%, respectively.
Bilateral Trade
9. Total Bilateral trade in 2007 was more than S$570 million. The total trade value has traditionally been in Oman's favour with imports from Oman accounting for 67% of the total trade at $388.2 million. 2007 figures shows that Oman ranks at being the 65th trade partner of Singapore and the 5th largest trade partner in the Middle East countries.
10. Bilateral trade has primarily been driven by the exchange in petroleum related products and the increase in the value of these products has widened the trade imbalance between the two countries. Top five imports from Oman are petroleum and products, lime cement stone, heating and cooling equipment, and sand and gravel.
11. Singapore's exports to Oman in 2007 stands at S$188 million. Export increased modestly from S$158 million in the previous year. Our top five exports to Oman include industrial machinery, road vehicles, general industrial machinery, electrical machinery, pumps and bearings.
12. Oman's major trading partners for 2005 is listed in the table below:
Event : Business Mission To Qatar (Doha)
Date / Time : 16 March 2009 - 19 March 2009
Document : Qatar Country Brief - For Media
Country Background
13. The State of Qatar is an Arab emirate in Southwest Asia, occupying the small Qatar Peninsula on the northeasterly coast of the larger Arabian Peninsula. Qatar is an independent state in the Southern Arabian Gulf surrounded by Saudi Arabia, Bahrain, the United Arab Emirates and Iran.
Political Overview
14. Qatar has a stable and increasingly democratic political system, although the al-Thani family remains firmly in control of it. The country's first local elections took place in March 1999 and a new constitution was passed by referendum in April 2003, paving the way for the transfer of some power from the reformist Emir Sheikh Hamad bin Khalifa al-Thani to a partly elected legislature and independent judiciary. The Emir is well respected and is unlikely to face a serious challenge to his authority in the foreseeable future.
15. Key Government Leaders:
Economic Overview
16. Qatar's economy was initially based upon subsistence agriculture, fishing and pearl diving, but the commercial exploitation of Qatar's crude oil reserves from 1949 onwards marked the start of a remarkable transformation in its economy and today its small population is one of the wealthiest in the world. The industrialization process started accelerating from 1973, and the government began serious attempts to diversify the economy away from oil-based industries. In the 1990s, an aggressive programme of investment in energy infrastructure started to reap dividends.
17. The economy of affluent Qatar is centred on hydrocarbon production and export and has been heavily controlled by the government, which owns all the agricultural land and controls most of the nation's economic activity. With reforms to make private ownership and investment in Qatar more attractive, the small private sector is expanding quickly. The oil and gas sector accounts for one half of Qatar's national output and approximately 90 percent of export earnings.
18. In the 1990s, Qatar also developed its banking sector and other service businesses, such as tourism, grew as well, although many of the new businesses are still closely related to the fortunes of the oil and gas sector. Qatar continues to invest heavily in projects that leverage its vast reserves of natural gas; including facilities that produce petrochemicals, convert gas to LNG and other liquid petroleum products, and that convert its electricity generation plants from oil-powered to gas-powered plants. Currently, rapid expansion of the natural gas export business is driving Qatar's GDP growth. The economy has expanded in real terms by two-thirds since the end of 1996; the country's strategy of developing its enormous gas resources appears to be paying off handsomely.
19. Qatar's economy maintains its growth momentum with the constant addition of various projects that further expands the economy. Driving the economy forward is the ever expanding Natural Gas sector and related industries, which continues to primarily lead the economic diversification efforts. However, in the coming years the non-oil and gas sector will increasingly contribute significantly to the overall GDP, as major initiatives (Qatar Financial Centre, Education City, Qatar Science and Technology Park, Energy City Qatar, Tourism, Construction and Real Estate, Sports, Conferences etc.) to diversify the economy come to fruition.
20. Besides the oil and gas industries, Qatar's future economic progress will be the result of major investments in infrastructure projects such as the construction of the new Doha International Airport. Apart from the booming economy, more investor-friendly laws and facilities have also been crucial in attracting foreign private investment to the country.
21. Qatar's economy is to deliver impressive numbers and will continue to do so for many years to come since the country is looking for ways to diversify their income. The government is encouraging both entrepreneurship and foreign participation in joint venture. Qatar welcomes foreign participation in joint ventures through technology supply, market administration and equity participation. Foreign investors may invest in all sectors of the national economy provided they have one or more Qatari partners whose share shall not be less than 51% of the capital. The government offers several attractive incentives for joint ventures. Qatar is also trying to attract foreign investment in the development of its non-energy projects by further liberalizing the economy.
22. The key sectors of the economy are:
Oil: Oil continues to account for over half of exports, while condensate exports have also been on the rise. There are only 3.7 billion barrels of proven recoverable oil reserves, however, a factor that has turned attention to the development of gas reserves and offshore petroleum opportunities. Oil production capacity has increased to 875,000 barrels per day by end of 2006.
Gas: Qatar has the world's third-largest reserves of gas, and has invested massively in recent years to develop LNG production and exports. The North Gas Field was discovered in 1979, and it is considered the largest non-associated gas field in the world. A fourth LNG plant was opened in early March 2003, doubling the country's LNG production capacity. In addition, the government has, with the U.A.E.'s Offsets Group, agreed to develop the Dolphin project. It aims to build an integrated gas pipeline system for Qatar, the U.A.E., and Oman. The final agreement was signed in December 2001, and the project, the first of its kind in the Middle East, is expected to become operational in 2007.
Industry: The industrial sector contributes around 15% to GDP and employs 25% of the workforce. Heavy industries, the majority of which are state-owned joint-venture companies, have expanded in recent years thanks to increased state investment. Companies are typically involved in petrochemicals, fertilizers, cement, and plastics. The government is also eager to develop and expand light industry (including food processing, building materials, household utensils, and furniture), and offers incentives for such projects. The government has committed itself to investing US$110 million in developing industrial plants, most of which are concentrated in the industrial city of Messaieed.
23. Oil and gas are the main natural resources of Qatar. Its proven recoverable oil reserves were estimated around 14.5 billion barrels in 2004. Of this, 4.5 million barrels are crude oil and the rest are condensates. Japan is the largest customer of Qatari oil. Qatar's proven reserves of natural gas are approximately 910 trillion cubic feet, which makes Qatar the third-largest owner of natural gas resources after Russia and Iran. On the other hand, the country faces a shortage of fresh water, and relies on desalination plants for supply of fresh water to residential areas. The country faces a number of environmental problems including air pollution from smog and burning oil fields, and the release of untreated industrial and urban waste into the Persian Gulf.
Trade Profile
24. The bulk of Qatari exports are made up of oil and gas, and condensates. The main destinations for exports are Japan, Singapore, South Korea, and Australia (about 80% of Qatar's crude output is exported under contract to Japan). The country imports most of her requirements, except concrete and steel bars. The main imports are machinery and transport equipment (typically 42% of total), manufactured goods (20%), other manufactures (19%), food and live animals (15%), and chemicals (6%). European Union (EU)-Gulf Cooperation Council (GCC) trade talks in 2006 show expressed optimism on both sides that an agreement can be reached before the end of 2006.
25. Qatar's major trading partners for 2005 is listed in the table below:
Bilateral Trade
26. Trade between Singapore and the Qatar rose by 60.7% in 2007 to S$6.67 billion. Overall, Qatar was Singapore's 21st largest trading partner in 2007.
27. Exports rose from S$287.8 million in 2006 to S$378.5 million in 2007. Key exports were civil engineering equipment parts, iron pipes fittings, telecommunication equipment, measuring equipments and petroleum products refined.
28. Imports also rose from S$182 million in 2006 to S$264 million in 2007. Main import items were civil engineering equipment parts, measuring instruments, telecommunication equipment, refined petroleum products and mechanical handling equipment.
29. Singapore's Trade with Qatar (Value in S$ Thousand)
30. Top 10 Imports (Value in S$ Thousand)
31. Top 10 Exports (Value in S$ Thousand)
Event : Business Mission To UAE ( Dubai and Abu Dhabi)
Date / Time : 20 March 2009 - 24 March 2009
Document : UAE Country Brief - For Media
Country Background
1. Bordered by Saudi Arabia in the south and west and Oman in the east, UAE is a constitutional federation of seven states namely the Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al Qaiwain. The Emirate of Abu Dhabi represents 85% of this total area of 83,600 sq km in the country.
Political Overview
2. The United Arab Emirates has one of the most stable political environments in the region. Federal ties between the emirates have been strengthening and the ruling families are secure at the head of the seven emirates.
3. Key government leaders:
Rulers of the 7 Emirates
Economic Overview
4. United Arab Emirates is the second-largest economy in Middle East after Saudi Arabia. UAE has been most successful in diversifying away from the hydrocarbon sectors.
5. The U.A.E. economy remains supported by its huge oil wealth, which is derived primarily from the emirate of Abu Dhabi. During the current oil boom, the U.A.E. government has implemented prudent economic policies that have improved its domestic and external finances, and has built up its foreign-exchange assets to cushion the economy against external shocks like an unexpected plunge in the price of oil.
6. Meanwhile, the decentralized nature of the U.A.E. government has allowed individual emirates to set their own course of development, with Dubai leading the way. Dubai, which has tiny oil reserves, has nonetheless experienced robust growth in recent years by adopting market-oriented economic policies. Its success in attracting substantial amounts of foreign investment has quickly propelled Dubai into a regional leader in the financial services, tourism, and trans-shipment sectors. Other emirates such as Sharjah and Ras al Khaimah are pursing similar development strategies as well.
7. The rapid economic expansion of the past five years has not come without challenges, however. The U.A.E. economy has come under strain from infrastructure constraints and labor and equipment shortages, leading to rising inflation. Limited by its pegged exchange rates, the United Arab Emirates, like other Gulf Cooperation Council (GCC) countries, is using various monetary and administrative measures, such as price controls and subsidies, to help combat inflation.
8. UAE relies heavily on foreign workers for both skilled and unskilled jobs. About 80% of the labor force comes from abroad (South Asia). To tackle the problems of unemployment and underemployment among U.A.E. citizens, the government has periodically implemented a policy of "emiratization," which in effect requires businesses to hire native workers at the expense of foreign labor.
9. Labor-market conditions are expected to deteriorate with the current crisis with the downturn in economic activity and dented business confidence have weighed down conditions in the U.A.E. labor market. The credit squeeze has significantly affected the formerly booming construction and real estate sectors, with numerous projects being delayed or canceled, resulting in rising layoffs by developers and real estate agencies.
10. The current-account balance has posted huge surpluses over the past five years. The country has benefited from surging export growth on the back of higher oil output and prices. Following large, successive surpluses during 2003?C06, the current account registered a record-high surplus in 2007. Preliminary estimates published by the U.A.E. central bank showed that the current-account surplus rose to US$37.0 billion (19% of GDP) in 2007 from a revised surplus of US$36.3 billion (22% of GDP) in 2006.
11. Higher oil and non-oil exports boosted the trade surplus in 2007. The United Arab Emirates' total exports amounted to US$180.9 billion in 2007, which represents a 24% increase from the previous year. Oil exports grew 23% to US$71.2 billion, thereby driving total petroleum exports to US$84.4 billion in 2007. Non-oil exports-including re-exports-jumped 28% to US$96.5 billion. Import growth continued to expand rapidly as well, surging 32% to US$116.6 billion in 2007.
12. Dubai has led the country in growth of non-oil exports in recent years. The United Arab Emirates' two largest emirates, Dubai and Abu Dhabi, have both reported strong growth rates in exports, imports, and re-exports. In 2006, Dubai's non-oil exports climbed 63%, to US$5.0 billion. Imports totaled US$59.9 billion - a 15% increase from year-earlier levels. Meanwhile, similar trade trends were witnessed in Abu Dhabi as well, where non-oil exports rose 44% to US$1.2 billion in 2006. Imports also grew 30% to US$12.4 billion in 2006. The statistics and details regarding trade activity for Dubai and Abu Dhabi are symbolic of the rapidly growing foreign trade in the emirates.
13. The UAE was the third highest ranking country in the Gulf Cooperation Council (GCC) in the World Economic Forum Global Competitiveness Index for 2008 - 2009. It was ranked 31, a few notch below Qatar and Saudi Arabia.
Economic Strategy
14. Diversification of UAE's economy has helped isolate the country from the full effect of fluctuating oil prices. And it is this diversification away from oil, which presents some of the most attractive opportunities for exporters and businesses.
15. A key economic strategy has been the use of free trade zones (FTZs), which have been a significant contributor to FDI and non-oil growth, while allowing the state to retain tight control over the economy. An important FTZ is the Jebel Ali Free Zone in Dubai. Dubai also boasts the Dubai Internet City free zone, which was launched in 2000 Other zones are located in Sharjah, Fujairah, Ajman, and the Abu Dhabi island of Saadiyat. The government is expected to maintain the FTZ policy as a means of generating growth in new sectors.
The key sectors of the economy are:
Oil and Gas:
The energy sector continues to dominate the economy. The country has the world's fifth-largest proven oil reserves (9% of total world reserves), 98% of which are concentrated in Abu Dhabi and Dubai. The largest oil field in the Emirates is the offshore Upper Zakum in Abu Dhabi with an estimated 48 billion barrels in place, with recoverable reserves of 18 billion barrels. The country has the world's fourth -largest proven natural gas reserves (5% of total world reserves) according to OPEC.
Tourism
Already benefiting from its position as a regional air link, Dubai is hoping to attract tourists for longer stays with its multi-billion-dollar schemes and has announced plans to launch the region's first no-frills airline to take advantage of the recent rise in intra-regional travel. Besides the Palm Island resort on reclaimed land off Dubai, also in development is a US$10-billion project to construct a new city/resort—Dubai Marina.
Banking Sector
UAE plays a key role as a regional financial center, with a well-developed, well-supervised, and expanding banking sector, which continues to perform strongly. Offshore banks operate in the free zone on Saadiyat, as part of the country's efforts to establish an offshore financial center with stock, futures, and commodities exchanges. The Abu Dhabi Free Zone Authority has sole regulatory authority over the free zone.
Construction
The growth in the tourism industry is propelling the expanding construction industry. The Marina City project, numerous infrastructure plans such as the Dubai and Abu Dhabi airport expansions and the construction of more power and desalination plants will continue to provide a steady source of growth for the UAE construction sector. In 2006, Dubai was developing 24 million square feet of commercial office space, ranking it second worldwide for real estate construction activity.
Trade Profile
16. The UAE economy continues to grow rapidly, due to the continuing developments of Dubai and Abu Dhabi.
17. UAE's major trading partners for 2005 is listed in the table below:
Bilateral Trade
18. Trade between Singapore and UAE rose by 4.3% in 2007 to S$12.2 billion. Overall, UAE was Singapore's 19th largest trading partner in 2007.
19. Exports rose from S$5.05 billion in 2006 to S$5.26 billion in 2007. Key exports were telecommunication equipment, jewellery, refined petroleum products, civil engineering equipment parts and precious stones & pearls.
20. Imports also rose from S$6.64 billion in 2006 to S$6.91 billion in 2007. Main import items were crude petroleum, refined petroleum products, non-monetary gold, jewellery and telecommunications equipment.
21. Singapore's Trade with UAE (Value in S$ Thousand)
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