The emirate of Dubai saw its non-oil foreign trade jump 46% in the first quarter of 2008, reaching AED 214bn (US$58.3bn), as compared with AED 146.5bn (US$39.9bn) for the same period last year.
According to a recent report from the state-owned conglomerate Dubai World, Dubai's exports soared by 79% in the first quarter of this year to AED 10.43bn, up from AED 5.83bn in the first quarter of 2007.
Re-exports also grew during this period by 73.5% to AED 37.28bn against 21.49bn last year, as did imports from AED 64.22bn in 2007 to AED 96.12bn - an increase of nearly 50%.
But this growth is not unrelated to the emirate's energy resources. Sultan Ahmed Bin Sulayem, Chairman of Dubai World, comments: "The growth of Dubai's non-oil economy also comes as a result of the noticeable rise in the international oil prices, which led to a corresponding increase in government income and the public spending on developmental projects. The unprecedented construction boom and the tourist and commercial development are also factors which largely contributed to this growth."
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