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INDIA IS THE SECOND LARGEST TRADING PARTNER WITH DUBAI ON NON-OIL TRADE IN Q1 OF 2019

~ India’s contribution was AED 33 billion (+40% YoY) to the total value traded in Q1 2019~

~ Dubai non-oil trade in first quarter of 2019 grew 7% to reach AED 339 billion ~

Dubai recorded a non-oil foreign trade of AED 339 billion in the first quarter of 2019, an increase of 7% year-on-year from AED 316 billion recorded in Q1 last year. Exports registered the most growth, rising 30% to reach AED 42 billion while re-exports grew 7% to AED 106 billion and imports went up by 4% to reach AED 190 billion.  

Strong growth was witnessed across the top three trading partners. The top three trading countries by value remained the same as Q1 2018. The biggest trading partner was China, followed by India and the USA. These contributed AED 36 billion (+8% YoY), AED 33 billion (+40% YoY) and AED 20 billion (+10% YoY) respectively to the total value traded in Q1 2019. Saudi Arabia was the largest trade partner in the Arab world with AED 13.2 billion worth of non-oil trade in Q1 2019. 

Data released by Dubai Customs showed that Dubai’s Q1 2019 non-oil trade volumes increased by 32% to 28 million tons (21 million tons in Q1 2018). Exports rose by 94% to 6 million tons while re-exports surged 41% to 4 million tons and imports rose 16% to 17 million tons.

Commenting on the non-oil trade figures in the first quarter, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said:  “This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-Year Charter. The Dubai Silk Road Strategy supports decades of successful investment in developing the emirate’s infrastructure. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we are committed to developing our government services so that we can become a world-class model for future governments based on knowledge, innovation and advanced AI applications.”

Dubai’s non-oil trade grew 58% in the 2010-2019 decade; an increase of AED 124 billion from Q1 2010 which saw AED 215 billion. 

Trade through free zones reached AED 147 billion (+20% YoY). Direct trade was the largest contributor to total trade at AED 189 billion (-0.5% YoY) and customs warehousing accounted for AED 2.3 billion (-21% YoY).

Air and sea trade accounted for 85% of the total trade, with both witnessing double-digit increases. Air trade accounted for AED 158 billion (+11% YoY) and sea trade recorded AED 129 billion (+10% YoY). Trade by land reached AED 52 billion. 

Trade with Asia, the largest trading region for Dubai, increased by 7% to AED 208 billion. Trade with Europe, the second largest partner, touched AED 58 billion. Africa witnessed the biggest growth, rising 36% to reach AED 42 billion. Americas and Oceania also contributed with high single digit growth, up 7% (AED 27 billion) and 9% (AED 3.5 billion) respectively.


Sultan Bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation said: “We are pleased to report that trade in Dubai has rebounded in the first quarter of 2019 with non-oil trade growing 7.3% year-on-year to reach AED 339 billion. This strong growth has been delivered despite the challenging macro and geopolitical environment, which further highlights the strength and resilience of the Dubai economy. Importantly, we have seen significant growth in both exports (+30%) and re-exports (+7%) which reinforces Dubai’s profile as the key hub for the region. Overall, despite geopolitical headwinds, we remain excited about the outlook for Dubai, particularly with the lead up to EXPO 2020.”

The total value of gold, diamonds and jewelry traded through Dubai in Q1 2019 totaled AED 90 billion, an increase of 9% YoY. The phones market (AED 42 billion) was the highest contributor and trade in petroleum oils more than doubled from last year at AED 21 billion.

Bin Sulayem pointed out that Dubai Customs recently launched a number of initiatives including a new disruptive berthing service for vessels using the Dubai Creek (Khor Dubai). The new system: (Smart Vessel Berthing System) will help vessels load and unload their goods with the help of an advanced AI based service. Another initiative was the launch of the ‘Virtual Stock Guarantee’ initiative. The new facility was developed by Dubai Customs to support re-export activity from free zones to external markets as part of Dubai Customs’ efforts to help Dubai maintain a leading position and become a global economic capital. This initiative is the first of its kind in the world. Dubai Customs also launched the ‘Productivity Engine’, which uses artificial intelligence to boost productivity, reduce costs and make clients happier and more satisfied.

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Business

STOP THE CONFUSION: HOW TO KNOW IF YOUR BUSINESS MAY BE INSURED AGAINST COVID-19

COVID-19

By Alex Balcombe, Partner at Harris Balcombe

 

The last few weeks has seen businesses in hospitality, tourism, retail, leisure and more forced to close their doors following the Government’s orders that they should close to prevent the spread of coronavirus.

While this is expected to flatten the curve and reduce the number of coronavirus cases, it will of course have an impact on businesses and employees alike.  For small businesses especially, there are many concerns about how they can claim on their insurance to weigh the fall of this impact.

 

Mixed Messaging

In response to calls to help struggling businesses, the Government has informed the public that companies who are facing turmoil will be able to claim on their business interruption insurance during this difficult time. For most, this is wrong.

Alex Balcombe

The insurance industry has also been extremely vocal that there is no cover for any coronavirus-hit businesses during this tough financial period. This isn’t strictly true either.

How can businesses see through the mixed messaging and best secure their future and their livelihoods and reduce money worries? It’s an extremely stressful time for many companies, and confusion over whether or not they can be covered can only cause more unnecessary stress.

Since it’s a new disease, most businesses will not be covered for business interruption due to COVID-19. In fact, the vast majority of policies do not cover anything related to COVID-19.

That said –  don’t rule out the idea that you may be covered. There is a chance that you will be covered against COVID-19, but not know it. This is a very small chance, but your current cover may already protect your business against the consequences of coronavirus, and the nationwide response to it –  though those with this cover are unlikely to realise it.

 

How Could I Be Covered?

Not everyone has business interruption insurance, as it’s not a legal requirement. It is entirely up to the policy holder to weigh up the benefits of having it, and their ability to trade should a disaster happen.

To be considered for cover for COVID-19, there are two types of policy extensions to your business interruption cover that can potentially cover you for this situation:

Infectious Disease Extension 

Many policies expressly state which diseases fall within the realm of being an infectious or notifiable disease. If this is the case, your policy will not provide cover. As it is a new disease, these policies will not have included COVID-19.

Other infectious disease extension policies will define the disease with reference to the actions of the government. Since the UK Government has named COVID-19 as a notifiable disease throughout the UK, it is possible that your business may fall into this definition, thus meaning you may be able to make a claim.

However, again, it’s not always that simple. Many policies require the disease to have been on your premises, while others specify a radius from your premises in order to qualify.

 

Denial of Access Extension (non-damage)

Denial of Access Extension (non-damage) policies may cover you if you’re prevented from accessing your property. This could be due to an event, or by the actions of a competent authority, which could cause your business interruption cover to engage.

If covered by this clause, there are often very subtle differences in wording in your policy. This could depend on the insurer or policy. You may well be covered, but it will depend on your particular circumstances, and the specific policy wording.

 

What now?

It’s clear that the Government needs to do more in ensuring there is clear messaging for businesses, and to help the insurance market look after policy holders. This is an unprecedented situation, and with many people looking to claim on their insurance, we’re already seeing major delays which could have a domino impact.

People throughout the world are understandably facing all kinds of worries because of the current pandemic. Our ways of living have changed, and many business owners will not have experienced a situation like this in their life times. If you own a business and are unsure about whether you can claim for business interruption, or are confused about ambiguous wording, get in touch with a loss assessor.

These claims are not simple, but loss assessors will be experts in business interruption insurance, and will specialise in large and complex claims. They will be able to help and guide you along the way, check your wording and work on your behalf to make sure you get everything you are entitled to.

 

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Wealth Management

HERE’S HOW YOU CAN LEARN TO TRADE RISK-FREE DURING THE COVID-19 MARKET CRASH

COVID-19

Trading app BullBear has launched new features to support budding investors looking to hone their skills against the backdrop of the COVID-19 stock market plunge. The risk-free financial game aims to empower the next generation of investors to learn how to trade stocks and shares by playing with dummy chips as opposed to real money. The app updates come as investors pull back from a volatile stock market rocked by the coronavirus outbreak.

 

At a time when some fresher investors are experiencing their first-ever stock market crash and seasoned investors are reluctant to invest new capital in the market, BullBear is empowering a whole new cohort of traders by teaching them how to trade effectively at no risk.

 

App users can engage in both short-term and long-term trading games using real-time market data from popular stocks enabling them to build investing confidence, making the app both engaging and educative.

 

With over 35,000 downloads, the app provides a free, fun way for thousands to learn how trading works by offering a practice arena in which trades take place and where no real money can be lost. Users can also enter into duals and competitions with other players. Whilst the app incorporates dummy chips to invest with, players can still redeem prizes by winning ‘bulls’ when they rank high in games. These bulls can be used to redeem rewards, such as gift cards from retailers like Amazon, Apple, Google Play and Netflix, at the in-app store.

 

Co-founder of the BullBear app, Anurag Saboo, stated

 

“I realised just how lacking the support for young investors was when my cofounder and I wanted to invest some money in stocks whilst at university. We had no idea where to start and so spent a couple of months trying to find a platform through which we could learn the basics before we risked any cash. But it simply didn’t exist. The resources that did were dull and theoretical. Paper trading can be very boring, and no-commission trading helps only if you make money out of your portfolio. Social methods of learning can help, for example, Etoro’s copy trades, but they still don’t let investors explore the markets themselves before putting money down. Combine this with the fact that only a small percentage of young investors make money through the market, and others end up staying away or are pushed away through losses, we decided to launch BullBear to offer a free, fun alternative.”

 

During a time of crisis accompanied by a turbulent stock market, the BullBear app provides a fail-proof way for budding investors to develop their trading knowledge, helping them to make more informed investments.

 

The BullBear app is available to download now on Google Play and the App Store.

 

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