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Mar, 22 2018

UAE firms predicts growth in trade volumes next year

It said, as the country and region undergoes major economic transformation that focuses on diversification, businesses opportunities are increasingly plentiful.

UAE firms predicts growth in trade volumes next year

77% of UAE firms predicts rise in trade volumes in next year.

New HSBC survey says that,"The UAE's push for diversification is bearing fruit for local companies".

According to a new report, more than 77 % of UAE-based businesses project an increase in trade volumes in the next twelve.

The HSBC report also showed that 62% expect to see a jump in service trade volumes.

It said, as the country and region undergoes major economic transformation that focuses on diversification, businesses opportunities are increasingly plentiful.

According to the report, service exports of which transport and tourism will grow at an average of 6 percent per year.

Sunil Veetil, regional head of Global Trade and Receivables Finance for HSBC MENAT said, “Although oil prices have impacted the GCC’s economies over the last year, the UAE’s push for diversification is bearing fruit.”

"As we get closer to Expo 2020, we will see an increasing number of contracts being awarded in preparation, which in turn, increases opportunities for businesses”

“Speaking to our corporate customers in the UAE, it is clear that intra-regional trade routes will be of growing importance over the next twelve months – particularly Saudi Arabia, Kuwait. The pivot to Asia however remains strong for the long term, with countries such as India, China and Japan being key import and export destinations – reflecting strong bilateral ties. By 2030, 46 percent of the UAE’s total goods imports for example, will come from Asia.”

In an era of diversification, UAE is emerging as a digital economy, the report said, adding that over 34 percent of the UAE’s services businesses - higher than the global average of 30 percent - believe greater use of technology will be their main driver for trade growth.

However, as businesses actively learn and adapt to the latest technologies, cyber-security, and 70% of them are concerned about cyber threats.

 

 

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