The total trade volume between Ajman, UAE, and Qatar grew 68 percent reaching AED521 million ($141.86 million) in the third quarter of 2023, compared to the same period in the previous year.
Mohamed Ali Al-Janahi, executive director of the Member Support Services Sector at the Ajman Chamber of Commerce and Industry, stated that the volume of trade between Qatar and Ajman in Q3 of this year grew by 68 percent. Its total value reached AED521 million, compared to AED310 million in Q3 of 2022.
Al-Janahi explained that ships, boats, iron and steel products, and mineral oils are some of Ajman’s most important export products.
Trade exchange
The UAE and Qatar have strong economic, investment, and trade relations. The volume of non-oil trade exchange between the two countries rose last year to a record high. The total trade exchange reached AED14 billion in 2021 and AED31 billion in 2022. That represents a growth of 121.4 percent, according to the UAE’s Ministry of Economy.
The ministry confirmed that the volume of trade exchange between the UAE and Qatar in 2010 amounted to about AED8.6 billion compared to AED31 billion last year.
These numbers reflect the established and strong relations between the UAE and Qatar under the Gulf Cooperation Council (GCC). The countries have historical ties supported by a common cultural and social heritage. Hence, this allowed the consolidation of relations that are reflected in various economic, cultural, and creative sectors. Likewise, the relations between the UAE and Qatar contribute to a stable and prosperous GCC.
Read: Global trade forecasted to decline by $1.5 trn in 2023: UNCTAD
Investments between the two countries
According to the UAE Ministry of Economy, the volume of Qatari investments in the UAE reached AED4.3 billion. Additionally, Qatari trademarks registered in the UAE reached 1,475. Moreover, the number of Qatari commercial agencies in the UAE reached 8 and the number of Qatari companies reached 14.
The most important sectors for Qatar in the UAE are the financial, insurance, manufacturing, real estate, occupational, scientific, and technical sectors. Qatar also invests in the hospitality, wholesale and retail, mechanical, mining, information, communications, administrative, and support services sectors.
When it comes to the UAE’s investments in Qatar, the total amounted to AED29 billion, according to the ministry. The UAE invests in multiple Qatari sectors including construction, aluminum, pharmaceuticals and cosmetics, energy, and wholesale and retail. Moreover, the UAE has various shopping and entertainment centers in Qatar. The UAE also has multiple real estate, travel and tourism, cooling, oil, and natural gas projects in the country.
For more news on logistics, click here.
