The Abu Dhabi Government has called for another big export push, despite releasing figures showing more than 2,000 companies in the emirate are selling goods abroad.
A further 74 per cent of firms in the capital have been identified as potential exporters, meaning they are ready to make the next step from selling locally to overseas. The data relates to non-oil businesses only.
"We are screening companies to see if they're ready to export and if they are, we are helping them with advice and guidance to make the step up," said Adeeb Alafifi, the director of foreign trade and exports at the Abu Dhabi Department of Economic Development (Added).
"The plan is to increase non-oil exports today from 1 per cent of GDP to 11 per cent by 2030."
Under the Abu Dhabi 2030 Economic Vision, the Government is aiming to raise the level of non-oil exports as it strives to break its reliance on hydrocarbon revenues.
Abu Dhabi has a non-oil trade deficit of Dh46 billion (US$12.52bn) and officials want to balance those figures by 2028. In a move to help hit that target, Added is increasing its efforts to help companies planning to export their goods.
The government organisation will guide them through the process of identifying foreign buyers and overcoming customs barriers as well as logistical issues.
Vision Furniture and Decoration Factory is one such company moving into the export market. The manufacturer of interior lighting and decorations already trades with hotels, offices and residential buildings in the UAE. It plans to open an office in Qatar this year.
"A lot of construction is going on in Qatar and the more that's happening, the more we can capitalise on that," said Ashok Kumar, the company's chief accountant.
Mr Kumar hopes the Qatar market will help the company raise its exports from Dh60 million this year to Dh100m next year.
The GCC market is also being targeted by the fashion designer Aysha Al Dhaheri. Her company, Oushi Fashion Designing, designs and sells abayas and nightgowns to the UAE market exclusively.
"I'm coordinating with Added to find the market capacity in Saudi Arabia and I'm visiting next month to find out more about the market," said Ms Al Dhaheri, whose business is based in Al Ain. "The designs have to be different to reflect society in Saudi Arabia."
Added has asked companies to tell the organisation if they are exporting. Last month, 2,121 businesses were exporting goods. A further 1,579 were rated as potential exporters.
"These are the current numbers of companies we are aware of but most probably the number is higher still and we hope the number will grow year-on-year," said Mr Alafifi.
Officials also want to diversify the range of non-oil goods sold overseas as a large portion of exports are heavily skewed towards metals. In contrast, few of the capital's companies export services.
"There's plenty to be done to try to diversify exports but I think it will be a long-term thing as oil will continue to be a big part of the Abu Dhabi economy for the long term," said Giyas Gokkent, the chief economist of National Bank of Abu Dhabi.
Other proposals to help grow the emirate's exports are still in their infancy.
For three years, Abu Dhabi has been planning to establish an export credit agency with the aim of providing financial assistance to exporters. Mr Alafifi said the plans were still at an early stage.
"It needs a budget and it needs to be reviewed," said Mr Alafifi.
tarnold@thenational.ae
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company%C2%A0profile
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
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ENGLAND SQUAD
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Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Specs
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Price: On request
