Trading places

Dubai’s non-oil direct foreign trade jumped by 54.3 per cent during the first half of 2008 compared to the same period in 2007.

A report issued by the statistics department of state-owned corporation Dubai World (DW) revealed a massive jump of around £16.34bn, to reach £46.4bn. A huge leap in comparison to the £30.1bn achieved last year during the same period.

Saeed Al Qaizi, DW’s director of procurement, contracts and statistics, said that the growth reflected the strengthening position of Dubai as a global trading centre.

“Excellent development of infrastructure and reinforcement of its competitive potentials have helped Dubai to become an attractive economic hub for investment”, he said. “This is clearly reflected in the report, which has been prepared from carefully documented data of the trading activity in the emirate.”

Top rank

The UAE now ranks at 16th among 52 countries in the World Economic Forum’s inaugural Financial Development Index, which was released earlier this month.

The UAE in general and Dubai in particular have been able to leapfrog to a significant status in the “shortest period of time and in high transparency,” said Hani Al Hamili, secretary general of the Dubai Economic Council.

The rankings consider several factors such as business environment, financial stability, size and depth of capital markets and ease of access to capital.

The US came top of the list followed by the UK, Germany, Japan, Canada and France respectively.

Going underground

The final touches are being given to the first elevated station for the Dubai Metro, which is to be on Sheikh Zayed Road.

There will be a total of 47 stations including two underground transfer stations – one at Union Square in Deira, which is the largest one in terms of size, and the Bur Juman Station in Bur Dubai, which is the deepest one at 30 metres below ground level.

The interiors of the stations will be designed in themes based on one of the four elements of nature: Water, Air, Fire and Earth. While exterior design of the elevated stations takes the form of a unique shell-shaped roof, reminiscent of the pearl diving heritage which is an integral part of Dubai’s history.

Property ladder

Dubai-based real estate players have predicted an upturn in the market owing to price stability in Dubai’s real estate sector. Having a currency pegged to the relatively weak US dollar is continuing to be beneficial for investors, making Dubai look attractive for European investment.

Manal Shaheen, director of sales, marketing and customer service for Nakheel; Nasser Rafi, managing director, Hamptons International – Middle East for Emaar Properties and Ali Al Rahma, chief executive of Eqarat.com, all confirmed that there was no need for gloomy sentiment in Dubai’s realty market. Demand for properties in Dubai continues to rise across residential and commercial sectors with no sign of abating, despite recent melancholy predictions from some analysts.

Spa indulgence

Dubai is set to become the number one spa destination in the world by the year 2010 as global trends see more visitors seeking healthy holidays for rest and relaxation. The emirate is leading international growth in spas, with the industry as a whole experiencing a 17 per cent year on year growth. And with several exciting new luxury properties coming online over the next few years, Dubai’s spa offering is expected to soar even further.

The UAE’s spa business is now the most profitable in the Middle East and North Africa (MENA) region, as the combined annual revenues of the 212 facilities in the country hit almost £154 million annually, a study revealed.

Research conducted by SRI International and Intelligent Spas showed the UAE ranks first in the industry, as it is home to the highest number of spas with an income growth rate of 34 per cent a year.  

Ian Scott, director of the UK and Ireland representative office of Dubai Tourism and Commerce Marketing comments: “The emirate has one of the highest concentrations of spas per capita in the world, and the growth in the spa industry reflects the trend of today’s hectic society where people are now seeking a high-quality wellness experience. Dubai provides a diverse and world-class spa offering where visitors can expect the best spa facilities in a variety of settings whether it’s at the beach, city or desert.”