Dubai stirs the textile industry in the Middle East
07 Aug '08
1 min read
Market studies have revealed that the global textile industry is estimated to grow 100% from US$ 353 billion in 2002 to US$ 655 billion by 2010.
Similarly, the Middle East and North Africa (MENA) textile market is expected to witness a growth rate of 8% annually as investments are spurred on by the wealthy countries of this region.
To justify the massive growth of this industry in the Middle East, it is fair to say that Dubai is stirring this acceleration. Dubai has now become one of the biggest importers of textile from Europe and Asia and a prominent re-exporter in the Gulf region.
In 2007, Dubai imported more than US$ 250 million worth of textile products from the UK, Spain and Italy. Moreover, Dubai has invested US$ 100 million in the Dubai Textile City to stimulate the importing and re-exporting of textiles in this region.
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