ID :
117737
Tue, 04/20/2010 - 14:59
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Shortlink :
https://oananews.org//node/117737
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Dubai a hub for metals trade
Dubai, April 20, 2010 (WAM)- The UAE has fast emerged as a hub for metals trade and sees refining and re-export of 70,000 to 100,000 tonnes of non-ferrous metals every month – most of it in Dubai – industry insiders told ‘Emirates Business’.
The total turnover of the largely silent industry stands at Dh16.5bn. This does not include companies like Emal and Dubal that smelt aluminium from alumina. The figure also does not include the turnover of steel producers in the country and excludes the high volume of gold being re-exported from Dubai.
"The UAE is ideally placed to import scrap from Africa, refine it or assort it and then re-export it. Refined metals is exported to India, China, Indonesia and to certain destinations within the Middle East and Europe," said Navin Sharma, the Vice-President (Marketing) with Gravita India Limited that has its trading office in Dubai.
Besides the ideal location that helps re-export, cheaper energy prices have been propelling the trade in the UAE, Sharma said. There are about 150 companies involved in exporting metals from the country and about 60 of them are refiners. The companies deal primarily in metals like aluminium, copper and zinc. "Licensing to companies dealing in metals is controlled and the numbers could swell further if these restrictions are eased."
A large volume of this trade is limited to importing scrap, assorting it and then re-exporting it. – Emirates Business 24|7
The total turnover of the largely silent industry stands at Dh16.5bn. This does not include companies like Emal and Dubal that smelt aluminium from alumina. The figure also does not include the turnover of steel producers in the country and excludes the high volume of gold being re-exported from Dubai.
"The UAE is ideally placed to import scrap from Africa, refine it or assort it and then re-export it. Refined metals is exported to India, China, Indonesia and to certain destinations within the Middle East and Europe," said Navin Sharma, the Vice-President (Marketing) with Gravita India Limited that has its trading office in Dubai.
Besides the ideal location that helps re-export, cheaper energy prices have been propelling the trade in the UAE, Sharma said. There are about 150 companies involved in exporting metals from the country and about 60 of them are refiners. The companies deal primarily in metals like aluminium, copper and zinc. "Licensing to companies dealing in metals is controlled and the numbers could swell further if these restrictions are eased."
A large volume of this trade is limited to importing scrap, assorting it and then re-exporting it. – Emirates Business 24|7
