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Last Updated: Oct 27, 2009 - 9:33:43 PM |
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| UAE is the second largest investor in Sudan |
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| Qatar News Agency - 28/08/2008 |
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(MENAFN - Qatar News Agency)The economic relations between Sudan and UAE witnessed accelerated development during the last five years, UAE becoming the second largest investor in Sudan after China with a total investment of about USD7 billion.
The bilateral trade between the two countries also grew annually by more than 30 percent, a study by Dubai Chamber of Commerce and Industry (DCCI) showed. Sudan''s economy is booming on the back of the increase in oil production, high oil prices, and large inflows of foreign direct investment.
Real GDP growth registered more than 10 percent per since 2006. The country continues to take steps toward liberalization, the study carried by the third Economic Bulletin of DCCI and relayed by Emirates News Agency (WAM) said.
According to the country ranking list published by the International Monetary Fund (IMF), UAE ranks in the 37th place with nominal GDP of about US USD 192 billion, while Sudan is ranked in the 65th place. In 2007, Sudan real GDP grew by 12.8 percent indicating the large expansion of the economy.
Although the UAE economy is larger than that of Sudan in terms of GDP, but the GDP growth rate of Sudan is faster than that of UAE (12.8 percent and 8.5 percent respectively). On the other hand, the UAE per capita GDP of USD 49.9 thousand exceeds that of Sudan which was estimated at USD 2.5 thousand. The industrial and the services sectors are the major drivers of the economy of the two countries.
Both sectors occupy the lead share of their respective GDPs.
However, agriculture has an equivalent share in the economy of Sudan (31.5 percent). Contrary to that, the agricultural sector accounted for only 2 percent in the UAE GDP, according to the study. In 2006, Dubai trade with Sudan, not including the free zones, accounted for more than 90pc of the UAE total trade with Sudan.
Therefore, Dubai trade with Sudan in the year 2007 inclusive of free zones is used to represent the recent UAE trade with Sudan. Trade between Dubai and Sudan flourished during the recent years.
In 2007, Dubai non-oil foreign trade with Sudan totaled AED 3.1 billion, out of which, 78 percent were re/exports and 22 percent were imports.
During the period 2002-2007, Dubai imports from Sudan increased by cumulative annual growth rate (CAGR) of 50pc, while on the other hand, Dubai re/exports to Sudan increased by CAGR of 29 percent. In 2007, Dubai imports from Sudan increased by 66 percent.
In 2007, Dubai imports of pearls, precious or semi-precious stones, precious metals from Sudan accounted for more than 88pc of the total imports followed by the mineral fuels, mineral oils, bituminous substances, mineral water, which accounted for 9pc. The less imported products are oil seeds, oleaginous fruit, industrial or medicinal plants (0.8pc) and aluminum and articles thereof (0.4 percent).
Dubai re-exports to Sudan are dominated by the nuclear reactors, boilers, machinery , parts thereof that accounted for 21 percent of the total exports/re-exports followed by electrical machinery and equipment and parts thereof (15 percent), vehicles other than railway or tramway rolling-stock (12 percent) and plastics and articles thereof (4 percent).
The diversification of Sudan economy has opened the door for variety of investment opportunities in different fields such as agriculture, manufacturing and services.
Agricultural sector is one of the Sudan''s strongest sectors. As the availability of cultivated land and natural irrigation systems provide an extra opportunity for investments in the agricultural sector. This is an opportunity that the UAE can look at, in terms of direct investment on food products, food processing and manufacturing and direct trade.
This will assist UAE to ensure the availability of food stocks and achieve their strategy of food security, said the study. QNA)
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