UAE-OMAN non-oil trade increases to Dhs362 billion in last 10 years
The total non-oil trade between the UAE and Oman from 2012 to 2021 amounted to more than Dhs362 billion, recording a growth rate of 98.9% to reach Dhs46.5 billion by the end of 2021, compared to Dhs23.4 billion by the end of 2012, according to data from the Federal Competitiveness and Statistics Centre (FCSC).
The data showed that non-oil exports accounted for 33% of the total non-oil trade during the past ten years, recording a value of Dhs120 billion, while the share of re-exports was 45.5%, with a value of Dhs165 billion, while imports accounted for 21.5% of the total non-oil trade. Oil between the two countries during the same period recorded at nearly Dhs77 billion.
The volume of trade exchange between the two countries during the first half of this year amounted to Dhs24.2 billion, distributed as follows: Dhs8.8 billion for the re-exports, Dhs9.9 billion for non-oil exports, and Dhs5.4 billion for imports.
According to the data of the report on the volume of foreign trade between the two countries, 2013 recorded an increase in non-oil trade exchange by 23% to reach Dhs28.8 billion, compared to the volume of trade in 2012.
The year 2019 recorded the highest rate of trade exchange between the UAE and the Sultanate of Oman during the past decade at Dhs48 billion, while 2021 recorded a growth of 10% to reach Dhs46.5 billion, compared to Dhs42.3 billion by the end of 2020.
The report showed that petroleum oils and mineral oils (non-crude) topped the list of the top five most important commodities imported from Oman last year with a value of Dhs1.49 billion, followed by iron ores concentrates with a value of Dhs1.45 billion, iron or steel bars with a value of Dhs1.36 billion, and semi-finished products from Iron or steel valued at Dhs830 million, and insulated wires and cables with a value of Dhs370 million.
Raw, semi-worked, or powdered gold topped the list of the top five commodities exported to Oman with a value of Dhs2.41 billion, copper wires with a value of Dhs1.31 billion, petroleum and mineral oils (not raw) with a value of Dhs916 million, and cigaretes with a value of Dhs889 million and steel products with a value of Dhs765 million.
In the list of the top five commodities that were re-exported to Oman during 2021, cars came in the first place with a value of Dhs3.47 billion, mobile phones with a value of Dhs1.84 billion, car parts and supplies with a value of Dhs631 million, data processing machines with a value of Dhs625 million, and soap and laundry products worth Dhs584 million.
Oman and the UAE share a strategic trade partnership that supports the economies of the two countries and develops investment opportunities between them, with agreements and memoranda of understanding covering financial and real estate activities, as well as in agricultural, fish and animal products, to name a few.
Last year, the 2nd OMAN-UAE Economic Forum, held at Dubai Chamber of Commerce and Industry on the sidelines of the Sultanate of Oman’s participation in Expo 2020 Dubai, discussed the consolidation of economic partnership between the business communities in the two countries in manner that serves economic relations, commercial exchange, investments and programmes of cooperation at government and private levels.
KERYAS PAPER’ S $ 4 0 M INV EST M ENT: Keryas Paper Industry announced that it will set up their upcoming Krat liner project in UAE with a capacity of 200,000 Metric Ton Per Annum (MTPA) at an investment of $40 million in the pulp and paper manufacturing unit.
On the side lines of the just concluded Propaper Dubai 2022, the Keryas Paper Industry Group also signed a MOU with C2C Consultancy,
India, for the complete design and engineering of the proposed project. The project is designed to produce low GSM Krat packaging paper with a basis weight of 60 to 80 as anchor GSM. The mill will also have the capacity to produce 150 GSM basis weight of Krat packaging paper. The project helps fulfil the gap in market demand particularly for the lower GSM ranges.
The project will be one of the largest across GCC countries and expected to commence the production within 18 to 20 months, a Keryas Group statement said.
Keryas Paper Industry LLC has its existing production line in Sohar, Oman, with the capacity of 180,000 TPA which was commissioned in July 2021. The existing line has achieved more than 120% of its design capacity in a short span of time with superior quality end product.
In view of continuous developments and sustainability, Keryas ordered the advanced cleaning system for their dryer screen area from Europe and America in order to ensure the quality of the finished product and to enhance the machine run ability.
In order to preserving the Nature and to reduce the vulnerability to environment, Keryas invested in the egg tray manufacturing unit to handle the sludge waste from the paper making process.
Non-oil exports accounted for 33% of the total nonoil trade during the past ten years, recording a value of Dhs120 billion, while the share of re-exports was 45.5%, with a value of Dhs165 billion