Business in the UAE is picking up, according to recent reports. Foreign, non-oil trade increased 22% in the first half of 2011, as compared with the same period last year. Figures released by the Federal Customs Authority the UAE’s non-oil foreign trade increased by AED 80.7 billion to AED 445 billion. According to the figures, India, China, the US, Germany, Japan, United Kingdom, Italy, South Korea, Saudi Arabia, and Switzerland topped the exporters list in the first half of the year.
Looking at the longer term, the UAE’s global trade is expected to grow by 126% in the next 25 years. Qatar’s growth is expected to be even more dramatic with growth forecast by 160% by the end of 2025. Citing a HSBC study, arabianbusiness.com predicted that trade volumes in the MENA region will grow by 84.7% in the next 15 years. Saudi Arabia, Iran, the UAE, Kuwait and Qatar are the region’s top five traders, though growth in Saudi Arabia is expected to slow by 2025.