Abu Dhabi ports record 14.8% jump in value of exports

Gross rental yields for Abu Dhabi apartments currently stand at 7.7% for apartments and 6.6% for villas. Mona Al Marzooqi / The National

Abu Dhabi saw a 14.8 per cent rise in the value of exports shipped through its seaports in the first quarter, buoyed by private sector activity, according to government data.

The value of exports through Abu Dhabi ports rose to Dh27.6 billion in the first three months of 2019, up from Dh24bn in the same period last year, state-run news agency WAM said on Monday, citing the Statistics Centre Abu Dhabi (SCAD).

Exports through Abu Dhabi ports by the private sector rose 11.7 per cent to Dh2.7bn, followed by the government sector and individuals (residents and citizens of the emirate).

Businesses in Abu Dhabi exported the most goods to Saudi Arabia, valued at Dh9.4bn, followed by Kuwait, China, India and Bahrain.

The value of imports dropped by 7.7 per cent in the first quarter to Dh24.2bn year-on-year, with the weakest growth shown from individuals' exports. The value of goods imported by individuals grew 33.7 per cent to Dh61m.

The three top goods in both the total value of exports and imports of the private sector were vehicles, aircraft and transport equipment, followed by base metals and machinery, recorders, sound and picture broadcasting equipment, the report said.

For the government sector, the top goods by value of exports and imports were works of art, collectors' pieces and antiques, followed by vehicles, aircraft and transport equipment, and machinery.

Abu Dhabi Ports was among the government entities that were transferred to a single parent company as part of reforms designed to boost their performance.

Earlier this month, the Executive Council announced its shares in 11 companies would now be held by Abu Dhabi Development Holding Company, a body established last year to “monitor and guide” the various entities.

These entities include Daman health insurance company, Abu Dhabi Airports, Abu Dhabi National Exhibitions Company and TwoFour54, the media free zone.