Dubai is an international and regional trading hub in the UAE and despite financial woes over the last few years, economic growth looks set to be strong for this glittering desert jewel in 2012. Although this strength was founded partly upon the oil industry, Dubai is also succeeding in the tourist industry, corporate income, international trade, property and investment.

At the end of the third quarter of 2011, Dubai's total trade (excluding oil) exceeded Dh814 billion ($221 billion), an increase of 23 percent compared with the same period in the previous year. The Executive Chairman of Ports, Customs and Free Zone Corporation and Director-General of Dubai Customs commented recently that there were many factors behind these figures:

"...market accessibility to international markets, and the growing purchasing power have all contributed to the increase in the imports volume while the distinctive higher quality of UAE products together with the support to the national industry and facilities given to exporters have played a prominent role in increasing exports and opening new markets."

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With both imports and exports performing well, it comes as no surprise that banks are offering essential international trade services to keep up with the growth. From shipping guarantees to export services, it is easy for companies to find exactly what they require to succeed in business. International trade services from HSBC and others include export loans, which cover pre-shipment and post-shipment finance, allowing businesses to free up cash, and documentary credits (DCs) that mitigate the risks of trade. Banks can substitute their own credit for importers, paying for goods and services within a set time frame.

Available airports and seaports, smooth customs facilitations and financial services have helped create an infrastructure conducive for international trade in Dubai. What is more in March 2011, DP World (a ports operator) boasted an 18 percent increase in profits for 2011 compared with 2010, highlighting the development of the UAE as a whole.

Moreover, it is not just international trade that is thriving in 2012. Visitors are flocking to the UAE with Dubai Department of Tourism and Commerce Marketing reporting that Dubai had hotel occupancy levels in January greater than anywhere else in the world. The property market has additionally picked up again, with housing prices and rental options becoming more expensive, particularly in desirable areas such as the Emirates Hills or the Greens.

Overall, Dubai is certainly the place to be in the UAE at the moment and business owners, whether new or established, can turn to banks safe in the knowledge that they can provide indispensable services for international trade.

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