The UAE has emerged as the biggest importer of US goods in the Arab world last year. That is despite the trade value having declined by 16 per cent, to US$12.1 billion (Dh44.44bn) as the global downturn dampened demand for US vehicles, machinery and components.
US car exports to the UAE declined by 57 per cent while aerospace sales surged 19 per cent, led by Boeing aircraft deliveries to Emirates Airline, Etihad Airways and flydubai, the budget airline. The data was released by the US department of commerce.
"Sectors that depend heavily on consumer spending - like automobiles, jewellery, and residential construction - took a hit as shoppers around the world cut back on purchases," said David Hamod, the president and chief executive of the National US-Arab Chamber of Commerce (NUSACC), which is based in Washington.
"In contrast, the 'big ticket' infrastructure projects driven by massive development in Abu Dhabi - like water, oil and gas, and power - ensured healthy growth in most industrial sectors. The same holds true for certain hi-tech sectors, including computers and aircraft."
However, the decline was one of the smallest among the US's trading partners, said Danny Sebright, the president of the US-UAE Business Council, also based in Washington.
"Many countries in the top 25 dropped by as much as 30 to 40 per cent from the previous year," he said. "The UAE's 16 per cent drop was in the top five as far as smallest percentage drops from 2008 to 2009. Only China, the UK and India was smaller."
The UAE was the 19th-largest trading partner with the US last year, while Saudi Arabia was 20th, importing $10.8bn of goods, a 13.5 per cent decline from the year before. Israel came in 22nd with $9.5bn.
Residential and commercial construction declined, while sales of industrial engines were up 45 per cent for the year to $476 million on the back of growing water, gas and power projects, Mr Hamod said. Computer sales also gained 33 per cent to $286m as critical corporate spending on information technology grew.
This year, UAE imports should rebound with a 13 per cent increase, NUSACC forecasts.
"Much of this will revolve around continued growth in infrastructure projects. In the same spirit we anticipate that, as consumer spending around the world creeps back up, trading hubs like Dubai will stage a gradual comeback," Mr Hamod said.
igale@thenational.ae
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
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The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
