UAE’s non-oil foreign trade tops Dhs1tr in first half: VP

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Sheikh Mohammed and Sheikh Hamdan discuss a project in Dubai. File/ WAM

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and  Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE’s non-oil trade achieved a breakthrough during the first half of 2022, as it exceeded Dhs1 trillion, recording a growth rate of 17 per cent over the last half of the year 2021.

His Highness Sheikh Mohammed said, “For the first time in the history of the UAE, the non-oil foreign trade exceeds Dhs1 trillion in just half a year… We reached one trillion and Dhs58 billion, recording an increase of 17 per cent over the previous half year once again, the UAE has proven to the world the recovery of international trade after the most difficult pandemic that humanity has gone through.”

He added, “Our economic growth is progressive and solid, our trade environment and infrastructure are the best and our economic approach is stable, fair and open to everyone… The growth of our economy aims to provide the best life for our people.”

The UAE’s non-oil foreign trade recorded a new achievement in the first half of this year, amounting to Dhs1.053 trillion, for the first time in its history. This number reflects a growth rate of 17 percent compared to the first half of 2021, and an increase of 25 percent and 35 percent compared to the same period in the years of 2020 and 2019 respectively.

These numbers reaffirm the success of the UAE’s strategic directions and visions in accelerating a full recovery after the overcome of the negative repercussions of the spread of the COVID-19 pandemic on international trade.

Abdullah Bin Touq Al Marri, Minister of Economy, said that UAE is working nonstop to enhance its regional and global leadership and its position at the heart of the global trade networks by adopting commercial and economic openness and strengthening its infrastructure and legislative framework.

Bin Touq added that this outcome marks the beginning of an unprecedented phase of economic development in the history of the country, and it is the result of the integrated efforts and initiatives announced by the UAE government as part of the “Projects of the 50”.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, “The unprecedented performance demonstrated by the non-oil foreign trade can be attributed to the forward-looking vision of the wise leadership, which aims to expand the UAE’s trade with the world and position it as a major contributor to the doubling of the national economy by 2030.”

Al Zeyoudi also explained that this achievement came as a result of the forward-looking plans and various initiatives undertaken by the UAE to develop and diversify its exports had a significant impact in achieving this record growth in trade performance in just six months.

During the first half of 2022, the UAE’s non-oil exports, achieved about AED180 billion for the first time in its history. Recording a growth rate of 8 percent compared to the same period in 2021, an increase of 53 percent compared to the first half of 2020, 50 percent compared to the same period in 2019, and a growth rate of 69 percent with the same period of 2018. It nearly doubled compared to what it had recorded during the same period in 2017.

In terms of re-export, the UAE recorded unprecedented achievement during the first half of 2022. It approached the barrier of AED300 billion for the first time in its history. The results showed a high growth rates compared to previous years, as they increased by 20 percent, 51 percent, 16 percent and 23 per cent compared to same periods in 2021 2020, 2019, and 2018, respectively.

Also, the UAE’s imports increased by approaching the barrier of AED580 billion during the first half of 2022, for the first time in its history as well. It recorded a growth of 19 percent compared to the same period in 2021, 49 percent compared to the same period of 2020, 24 percent compared to the first half of 2019, and 25 percent compared to the same period in 2018.

On the other hand, the contribution of imports from the UAE’s non-oil trade, has decreased to 55 percent, while the share of non-oil exports became 17 percent. In addition, the share of re-exports reached 28 percent.

These results reveal that national exports have achieved great growth and remarkable activity, which increased its contribution to the country’s non-oil trade.

 Dr Thani bin Ahmed Al Zeyoudi expected a significant growth in the UAE’s non-oil foreign trade, especially with the signing and activation of comprehensive economic partnership agreements (CEPAs) with a number of countries by the end of this year.

In an interview with the Emirates News Agency (WAM), Dr Al Zeyoudi said that this is in line with the forward-looking vision of the UAE’s leadership, which aims to expand the scope of the country’s trade with the entire world and enhance its position as a major contributor to doubling the national economy by 2030.

He described the breakthrough achieved in the UAE’s foreign trade figures during the first half of 2022, which exceeded AED1 trillion, a growth rate of 17 percent over the last half of the year, as unprecedented.

Dr. Al Zeyoudi stressed that these figures are the outcome of the efforts of the UAE’s leadership, the country’s legislative structure, and the plans aimed at enhancing the country’s cooperation with other countries through signing comprehensive economic partnership agreements (CEPA), in addition to investing in local and international infrastructure, ensuring access to international supply chains for exports and re-exports, and strengthening the country’s stature as a key global gateway for trade.

During the first half of 2022, the UAE’s non-oil exports, achieved about Dhs180 billion for the first time in its history, recording a growth rate of 8 percent compared to the same period in 2021. In terms of re-exports, the UAE recorded unprecedented achievement during the first half of 2022, as it approached the barrier of Dhs300 billion, an increase by 20 percent compared to the same period in 2021. Also, the UAE’s imports increased by approaching the barrier of Dhs580 billion during the first half of 2022, a growth of 19 percent compared to the same period in 2021.

These unprecedented figures also highlight the growing international demand for the Emirati market, due to its attractive investment environment, Dr Al Zeyoudi said. The country is continuing to strengthen its international partnerships with strategic markets around the world, he added, highlighting the rise in its trade with India by 20 percent following the signing of a CEPA between the two countries, in addition to the cooperation relations with the African countries and the Republic of Türkiye.

Al Zeyoudi expected a significant surge in trade growth, especially with the signing of CEPAs with Indonesia and Israel in 2022. Emirati products will reach a large market of nearly 1.7 billion people, including 1.4 billion people in India, which will nearly double the size of the national economy by 2030, he noted.

Foreign trade is an integral part of the national economy and a key indicator of the success of the country’s economic diversification policies and the development of its economic sectors, amidst the rapid global economic recovery in oil prices, which will have a positive effect, he further added.

These unprecedented figures may also be attributed to the joint efforts of various federal authorities, including the Ministry of Foreign Affairs and International Cooperation, which leads the efforts to promote cooperation with other countries, as well as the Ministry of Industry and Advanced Technology and the Ministry of Foreign Trade, along with other local authorities and the private sector.

Meanwhile, following two months of spotlighting Dubai’s exceptional summer destinations and engaging local and international audiences in discovering the city’s top-rated getaways, the summer phase of the popular #DubaiDestinations campaign concluded today, generating record engagement and response among the audience.

An initiative announced by the Dubai Media Council under the directives of  Sheikh Ahmed Bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council, the #DubaiDestinations campaign seeks to capture and share the city’s spirit as a destination through interactive and engaging stories about what makes Dubai a truly unique place to explore. The next phase of the campaign, highlighting Dubai’s top-rated experiences, outdoor events and activities, and hospitality and dining options during the winter, will be launched later this year by the Dubai Media Council.

Launched in December 2021 in line with the vision of Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum to make Dubai the world’s best city to live and visit, the creative media initiative has become a year-long campaign that showcases how Dubai is a city for all seasons, capable of offering a range of experiences that meet the tastes and interests of people across all ages and nationalities.

Brand Dubai, the creative arm of the Government of Dubai Media Office, collaborated with the creative community and made them an integral part of the campaign. Shaima Al Suwaidi, Director of Brand Dubai, said, “The latest phase of the #DubaiDestinations campaign touched the hearts and minds of the local community as well as regional and global audiences in terms of inspiring them to visit unique destinations in the city and encouraging them to explore new activities. Dubai is one of the world’s leading tourism destinations, welcoming 7.12 million international visitors in the first half of 2022. The city’s safety, connectivity and accessibility contributed immensely to the success of the summer edition of the campaign, which saw an incredible number of people from the creative community, families and visitors interacting and sharing their experiences across various destinations in Dubai. Brand Dubai will continue to work with various stakeholders and creators to implement the next phase of the campaign, which will be activated during the winter season.”

The campaign’s latest phase encouraged Dubai’s diverse community to discover the city’s unique destinations in the summer. Creative guides, colourful social media posts and cross-platform storytelling invited the audience to indulge in Dubai’s distinctive offerings, ranging from beach activities, dining and family-friendly activities at hotels to waterparks, water sports adventures and indoor entertainment. The events and activities captured the essence of Dubai’s summer experience and underscored its emergence as a one-of-a-kind summer destination. The campaign coincided with the start of the school summer holidays.

Some of the emirate’s most accomplished creatives, including influencers, photographers, digital media content creators, animators and videographers, came together to create compelling content across traditional and new media, raising the visibility of the city’s major attractions and recreational destinations while capturing Dubai’s distinctive summer vibe.

Throughout the summer, the campaign, which ran across several social media platforms, including Instagram, Twitter, and Facebook, recorded an engagement of over 3.3 million while video views surpassed 50 million. Hundreds of videos and promotional content produced by the creative community featured Dubai hotspots, hidden gems and exciting activities that make the emirate one of the world’s most popular destinations.

As part of the latest phase of the campaign, a series of interactive bilingual guides were developed by Brand Dubai to help people discover vibrant hotspots in the city and create memorable moments with family and friends. The guides covered exciting summer and weekend activities, summer camps, seaside dining options, and other businesses running fun programmes during the summer.

WAM

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