Dubai’s trade totals $130 billion
Reinforcing its reputation as the trading hub of the Middle East, Dubai has achieved an amazing 36 per cent growth in trade in 2005, with total trade through the city touching Dh480 billion ($130.69 billion) compared with Dh351 billion in 2004.

The figure covers values of direct trade, free zone trade and customs warehouse trade through Dubai, according to statistics compiled by the Statistics Department of Dubai Ports, Customs and Free Zones (PCFC).
The compounded average growth rate between 2000 and 2005 is an astonishing 194 per cent. In 2005, direct trade grew 30 per cent to reach Dh280 billion, free zone trade increased 47 per cent to Dh178 billion, and customs warehouse trade grew 49 per cent to Dh21 billion.
Total imports increased from Dh229.8 billion in 2004 to Dh308.3 billion in 2005, while exports jumped from Dh64.5 billion to Dh92.4 billion during the same period. Re-exports increased from Dh57 billion in 2004 to Dh78.8 billion in 2005.
The significant growth in trade reflects the overall growth of Dubai and the UAE, and signals the UAE’s arrival as one of the major trading nations in the region. The figures indicate that Dubai has further enhanced its reputation as a major re-export hub, with re-exports recording a 38 per cent year-on-year growth. Also, the remarkable surge in exports point to increased activity in the manufacturing sector in the UAE, especially in the free zones, the report said.
Machinery, electrical and electronics equipment formed the bulk of total imports with a 23.7 per cent share, followed by semi-precious and precious stones and metals and imitation jewelry at 23.6 per cent.
Vehicles, aircraft and transport equipment accounted for 11.4 per cent of imports, with other products combining to make up the remaining 41 per cent. Base metals and products made from it comprised the majority of total exports with a 29 per cent share, followed by prepared foodstuffs and mineral products at 17.4 per cent and 6.5 per cent respectively.
Other miscellaneous products together formed the remaining 46 per cent. In re-exports, semi-precious and precious stones, metals and imitation jewellery commanded a 33.9 per cent share. Machinery, electrical and electronics equipment had a 26.5 per cent in total re-exports while vehicles, aircraft and transport equipment had a 9.4 per cent share.
India replaced China as Dubai’s leading trading partner in 2005. Total imports from India last year were worth Dh24 billion, with China coming next at Dh22 billion, followed by the US, UK and Japan. India also constituted Dubai’s largest export market with total exports of Dh881 million, ahead of Pakistan which accounted for exports worth Dh833 million. Kuwait, US and Iran rounded out the list of Dubai’s top five export markets.
India also maintained its position atop the list of top re-export destinations. Total value of re-exports to India in 2005 was pegged at Dh18 billion, while re-exports to Iran amounted to Dh11.8 billion. Iraq, Switzerland and the Netherlands followed next with Dh5.4 billion, Dh3.6 billion and Dh2.9 billion respectively.

Saudi tops in millionaires
Saudi Arabia accounted for the largest number of high networth individuals (HNWIs) — people with net financial assets of at least $1 million — in the Middle East, followed by the UAE, says a new report on world wealth.
Saudi Arabia posted an increase of 13.5 per cent in the number of millionaires last year, compared to the previous year. The number of HNWIs in Saudi Arabia grew to 80,100 versus 70,600 in 2004, said the 10th anniversary edition of the World Wealth Report, which was released by Merrill Lynch and Capgemini.
The number of millionaires in the UAE rose 11.8 per cent last year to reach 59,000 from 52,000 in 2004. The number of millionaires worldwide grew to 8.7 million people last year.
The HNWI population grew most dramatically in South Korea, rising 21.3 per cent. It grew 19.3 per cent in India; 17.4 per cent in Russia, and 15.9 per cent in South Africa.
The Middle East recorded the highest growth in HNWI financial wealth at 19.7 per cent in 2005. The region’s growth is impressive compared to the 8.5 per cent global growth in the wealth of high net worth individuals to $33.3 trillion in 2005.
The report found that the number of HNWIs worldwide grew by 6.5 per cent over 2004, to 8.7 million, and that the number of Ultra-HNWIs — those who have financial assets of more than $30 million — grew by 10.2 per cent to 85,400 in 2005. The report forecast global HNWI financial wealth to reach $44.6 trillion by 2010, growing at an annual rate of 6 per cent.

Bahrain exports hit $2.2bn
Bahrain’s exports reached BD842.6 million ($2.24 billion) last year as against BD739.7 million in 2004, showing an increase of BD102.9 million, according to the Central Informatics Organisation and Bahrain Monetary Agency.
Bahrain’s non-oil exports increased by BD 76.9 million to reach BD754.1 million, up from BD677.2 million in 2004.
The value of re-exported goods reached BD88.5 million as against BD62.5 million in 2004.
Non-oil imports increased by BD21.5 million, reaching a value of BD1.42 billion in 2005, up from BD1.39 billion in 2004.

Moscow costliest city
Moscow has surged past Tokyo and London to become the world’s costliest city with a cost of living almost 25 per cent higher than in New York, Mercer Human Resource Consulting said in its annual survey.
Designed as a reference guide for staff on international placements, the survey allocates New York 100 as its benchmark and ranks every other city against it. On that basis, Moscow surged three places from 2005 to come on top of the league with 123.9, followed by Seoul, also up three places on 121.7, and Tokyo, last year’s leader, on 119.1.
Hong Kong climbed five places to fourth on 116.3, with London down two to fifth place on 110.6, Osaka down four to sixth on 108.3 and Geneva down one to seventh on 103.
Copenhagen was unchanged at eighth on 101.1 and Oslo likewise unchanged at 10th equal on 100 — the same score as New York, which was down three places.
Paraguay’s capital Asuncion remained in last place on the list of 144 cities on six continents with a score of 43.5.