Abu Dhabi, Dec 13 (IANS) Dubai, the financial hub of the United Arab Emirates (UAE), has recorded more than 40 percent growth in non-oil foreign trade in the first nine months of 2008, WAM reported Saturday.The total volume of non-oil foreign trade of Dubai grew 44.5 percent in the first nine months of 2008.

Dubai’s non-oil foreign trade reached 705.9 billion dirhams (about $192 billion) in the first nine months of 2008, up 44.5 percent compared with 488.5 billion dirhams in the corresponding period of 2007, according to the statistics department of the Dubai World, a holding company that manages a portfolio of businesses and projects for the Dubai government.

Dubai’s direct trade between January and September this year hit 460.3 billion dirhams, recording an increase of 51.2 percent over 304.4 billion dirhams in the 2007 period, the report said.

In the first three quarters of 2008, Dubai’s imports grew by 52 percent to 326.6 billion dirhams, while its exports and re-exports increased by 66 percent and 44.7 percent to 32.2 billion dirhams and 101.3 billion dirhams respectively.

The volume of non-oil foreign trade through Dubai’s free zones and customs warehouses grew by 33.4 percent to 245.6 billion dirhams in the first nine months of 2008.

In the nine-month period, imports into the Emirate’s free zones and customs warehouse increased by 35.6 percent to 153.3 billion dirhams, while exports grew by 30 percent to 92.2 billion dirhams.

As the second largest emirate of the UAE, Dubai has established itself as a major business centre in the Gulf region.