Dubai Exports, the export promotion agency of the Department of Economic Development-Government of Dubai, is advancing its efforts to boost local exports and trade relations with various organizations and institutions in South America, particularly in the countries of Brazil and Peru.
Following on from its trade missions to high-growth markets in South America in 2010 and 2011, Dubai Exports led a delegation of six UAE companies to Brazil and Peru between May 30 and June 2 this year.
The mission aimed to open new markets for local companies and enable them to explore business prospects and partnerships in the two fast-growing economies.
Both Brazil and Peru enjoy dynamic trade relations with the UAE, with exports from the UAE contributing a major share of the exchange. Between 2010 and 2011, UAE’s total exports to Brazil grew 170.71 percent to reach AED 1.7 billion.
Electrical items, machinery parts, plastics and fertilizers form the major share of UAE’s current exports to Brazil.
Trade between the UAE and Peru has also grown remarkably in recent years. In 2011, net value of UAE exports to Peru was nearly AED 30 million, a growth of 29.62 percent from the previous year.
“Our highly successful government missions to Argentina, Brazil and Chile over the past two years gave us the privilege of discussing various aspects of closer economic cooperation with South America. Those missions have opened several doors of bilateral investment and trade,” said Saed Al-Awadi, CEO, Dubai Exports.
“Many of our governmental and semi-governmental mission partners are now working closely with South American governments on projects of mutual interest. We at Dubai Exports continue to create an environment that will advance export opportunities for our local companies. Our latest mission to Brazil and Peru will further foster our strong trade relations and will open up new and potential sectors for our economies,” Al Awadi added.
Dubai Exports was able to ensure the participation of Dubai-based companies in various services and goods sectors such cargo, logistics, industrial safety, electronic control systems, construction, and hospitality supplies in the delegation. The delegation had representatives from Emirates airline, Emirates SkyCargo, National Fire Fighting Manufacturing FZCO (NAFFCO), Shelfco Metal Industries, Micro Automation Industries and Diamond Line FZE.
Members of the delegation held a series of B2B meetings and discussions with professional and industry associations, apart from potential buyers and importers, in Brazil and Peru. High-level meetings were also conducted with local and federal government entities in the two countries to exchange technical and regulatory information on the intricacies of bilateral trade between UAE and the respective countries.
Michel Alaby, CEO, Arab Brazilian Chamber of Commerce, said: “I believe that this third successive mission from Dubai Exports (2010 to 2012) shows the importance that Brazil has acquired in the Global Community. The Arab Brazilian Chamber of Commerce is proud to have organized more than 70 meetings between Brazilian Companies and their UAE counterparts which are members of Dubai Exports, as well as high profile meetings between Dubai Exports and its Brazilian counterparts.”
The largest in South America and sixth in the world, Brazil’s economy has undergone a remarkable transition over the last two decades. A strong middle class and sharp focus on reinforcing industrial production, agri-business, technology integration and competitiveness are driving demand for diverse goods and services.
Peru, like Brazil, is also rated one of the fastest growing economies in the world. Abundant natural resources and liberal economic policies are attracting significant interest in the country’s development initiatives.
“The Brazilian Arab Chamber of Commerce (CCAB), the Peruvian Consulate General and its Trade Investment Office in UAE, and our key international partners in South America contributed to the success of the mission. We are also indebted to the UAE embassies in Brazil and Argentina for their full support to the mission and the delegates,” Al-Awadi emphasized.
Dubai Exports building on S. America trade
Dubai Exports building on S. America trade
Oman’s Islamic banking assets rise to $24bn on credit growth
JEDDAH: Oman’s Islamic banking assets climbed to about 9.2 billion Omani rials ($23.9 billion) by the end of October, underscoring steady expansion in the sultanate’s financial sector as credit growth remains robust.
Assets held by Islamic banks and Islamic windows accounted for 19.5 percent of Oman’s total banking system, up 10.8 percent from a year earlier, the Oman News Agency reported.
Oman’s banking sector performance reflects steady progress toward Vision 2040, which prioritizes economic diversification, private sector growth, and financial resilience.
“As for the total financing provided by institutions engaged in this activity, it also rose by 10.4 percent, reaching around 7.4 billion Omani rials,” the ONA reported, adding that deposits with Islamic banks and Islamic windows grew 11.9 percent to roughly 7.3 billion rials by the end of October.
Rising credit flows, particularly to non-financial corporates and households, are fueling the development of small and medium-sized enterprises and domestic investment in Oman, supporting efforts to reduce reliance on hydrocarbons and build a more diversified economy.
“Total deposits held with ODCs registered a Y-o-Y significant growth of 7 percent to reach 33.3 billion rials at the end of August 2025. Total private sector deposits increased by 7.5 percent to OMR 22.4 billion,” the Central Bank of Oman said in a statement issued in October.
The broader banking sector also saw solid credit growth in 2025. By the end of August, total credit across commercial banks increased by 8.6 percent year on year to 34.1 billion rials, driven mainly by lending to non-financial corporates and households, which accounted for 46.7 percent and 44.7 percent of total credit, respectively.
Private sector lending alone rose by 6.5 percent, supporting SME activity and domestic investment.
Meanwhile, aggregate deposits at conventional banks climbed 5.5 percent to 26.1 billion rials at the end of August, with private sector deposits accounting for 67 percent, or 17.5 billion rials, of the total.
Islamic banking entities mirrored this momentum, with total financing reaching 7.3 billion rials and deposits standing at 7.2 billion rials by the end of August, underscoring steady expansion throughout 2025.
Islamic banking in Oman was introduced after the Central Bank of Oman issued preliminary licensing guidelines in May 2011, allowing full-fledged Islamic banks and Islamic windows to operate alongside conventional institutions.
The framework was formalized in December 2012 through a Royal Decree amending the Banking Law, mandating Shariah supervisory boards and authorizing the central bank to establish a High Shariah Supervisory Authority.
