Key players to take part at Seatrade in Dubai

The event is under the patronage of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

“According to the World Trade Organisation, world trade growth of 4.5 per cent is expected this year, which although slower than the five per cent previously forecast, it is still nearly double the 2.5 per cent growth expected for 2013. The WTO added that conditions for improved trade are gradually falling into place, although the past few years of sluggish trade growth had reinforced the need to make progress in the multilateral negotiations,” said Chris Hayman, chairman of the organisers of Seatrade.

GCC trade continues to record a surplus — $558 billion in 2012, with Saudi Arabia accounting for almost half of that figure — and it is estimated that the surplus hit at least $492 billion last year. In 2012, GCC exports topped $1 trillion for the first time, double that of 2009, a third of which was exported from UAE ports. Hydrocarbons represented $692 billion or almost 70 per cent of the total export value.

“Given the global economic backdrop, these are impressive figures, the GCC is now the 12th-largest economy in the world reaching $1.56 trillion in 2012 according to the National Bank of Abu Dhabi,” added Hayman.

— business@khaleejtimes.com