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Direct export jump 23 percent
Dubai’s direct exports in 2009 surged 23 percent over the previous year’s, investment firm EFG-Hermes reported on April 13. Export value last year reached 52.4 billion UAE dirhams, compared to 42.6 billion dirhams in 2008. Imports, which accounted for 62.5 percent of the emirate’s total direct foreign trade of 488.5 billion in 2009, dropped 27.9 percent, while re-exports fell 8.6 percent, according to the Dubai Export Development Corporation. In terms of growth rate, Switzerland, Brazil, Egypt and Saudi Arabia were the top destinations for Dubai exports.
Qatar amends investment law
Gulf Times reported on March 31 that the Qatari government has amended the country’s investment law. The changes will allow foreign ownership stakes to exceed 49 percent if such purchases are approved by the country’s minister of business and trade. Rules apply to the business consulting, technical services, information technology, culture, sports and leisure services, and distribution services sectors.
Jordan imposes tariff on ceramics
Egyptian press reported in early April that the Ministry of Trade in Jordan had imposed a tariff of LE 5.8 per square meter on ceramic tile imports. Egypt’s tile exports to Jordan represent 30 percent of Jordan’s market.
Algeria eases farmland leases
For the first time, Algeria’s government will invite foreign investors to bid on farmland leases for high-yield crops, including grains. Investment firm EFG-Hermes reported on April 11 that the decision is in line with the government’s efforts to reduce its food import bill. While details of the plan have not been finalized, foreign bidders must have Algerian partners and will be prohibited from owning a majority stake.
Demand for food in Algeria has been growing significantly as the country’s population has reached 35 million.
Bahrain inflation rises 1.8 percent
Bahrain’s inflation edged up to 1.8 percent year-on-year in March from 1.7 percent in the previous month according to data released on April 21. The consumer price index rose by 0.1 percent in March, after a 0.2 percent increase in February, the Bahrain state statistics office website showed. Food prices were up 3.61 percent year-on-year in March, while transportation-related costs grew 4.17 percent. Housing and utilities prices inched down to 1.44 percent year-on-year in March.
Central bank leaves key rate unchanged
According to Agence Maghreb Arabe Presse, Bank Al-Maghrib, Morocco’s central bank, has decided to maintain its 3.25 percent interest rate. It has also reduced the required reserve ratio by 2 percentage points to 6 percent effective April 1 because of Morocco’s liquidity shortfall on the money market.
Bank Al-Maghrib holds foreign currency reserves estimated at $14 billion.
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