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UAE’s non-oil foreign trade tops $288 billion in first half of 2022

Non-oil exports are also up by 8% during the same period.

UAE’s non-oil foreign trade tops $288 billion in first half of 2022
[Source photo: Anvita Gupta/Fast Company Middle East]

The UAE’s non-oil foreign trade value has crossed $288 billion in the year’s first half. This is an uptick of 17% from the same time last year.

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, revealed that this is the first time that the non-oil trade has achieved such a feat. He tweeted, “For the first time, the UAE non-oil foreign trade exceeds AED1 trillion in just half a year. We reached one trillion and 53 billion dirhams, recording an increase of 17 percent over the previous half year.”

“Our economic growth is progressive, our trade environment and infrastructure are the best, and our economic approach is stable, fair and open to everyone. The growth of our economy will continue its strong pace in the coming year,” he added.

Compared with the historical numbers, there is an increase of 25% and 35% for the same period in 2020 and 2019, respectively.

This growth suggests that the country’s economy is registering a solid recovery in the post-pandemic era and the non-oil sector’s contribution is helping the country gradually reduce its reliance on the oil economy.

Abdullah bin Touq Al Marri, Minister of Economy, said, “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”.

Similar growth has been recorded in sectors like re-exports and non-oil exports.

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