Abu Dhabi’s non-oil foreign trade in 2023 jumped 8 per cent annually to more than Dh281.9 billion ($76.75 billion) as the emirate’s economy continues to expand amid diversification efforts and government drives.
Imports during the one-year period grew by 19 per cent to more than Dh136.4 billion, while re-exports rose 11 per cent annually to nearly Dh52.4 billion, Abu Dhabi Media Office said on Friday citing Abu Dhabi Customs' statistics.
The value of trade in base metal and associated products rose 11 per cent to Dh53.1 billion, while trade in machinery, sound and image recording, and playback equipment registered a growth rate of 16 per cent to Dh44.7 billion.
Trade in transport equipment as well as pearls, precious stones and precious metals also grew during the period boosting overall commerce in the emirate.
“The growth rates reflect Abu Dhabi's economic expansion across all sectors, which contributes an active role in driving the economic growth wheel of the country,” said Rashed Al Mansoori, director general of the general administration of Abu Dhabi Customs.
“This is driven from policies, decisions and strategic initiatives adopted by the UAE government to create a business environment open to the global economies, thereby enhancing the country's competitiveness.”
Abu Dhabi’s economy grew 3.1 per cent annually last year, hitting its highest level in a decade, as a sharp expansion of the non-oil sector drove momentum amid a continuing push for diversification.
The emirate's GDP for the 12 months to the end of December reached Dh1.14 trillion, its best performance in terms of value in 10 years despite challenges and global market fluctuations that affected all sectors, an Abu Dhabi Media Office statement said this month.
This has come as the emirate continued its shift away from oil, with several measures to attract international investors, boost competitiveness and improve the ease of conducting business.
In 2022, the emirate launched an industrial strategy to boost the contribution of the sector to the economy, by investing Dh10 billion across six programmes to more than double the emirate’s manufacturing to Dh172 billion by 2031.
Abu Dhabi is also investing heavily in tourism to boost its contribution to the emirate’s overall GDP by 2030.
The emirate is planning to invest more than $10 billion in infrastructure as part of its new major tourism strategy, the chairman of the emirate's Department of Culture and Tourism said this month.
The emirate also aims to boost its number of hotel rooms to 52,000, from the current 34,000, to support the Abu Dhabi Tourism Strategy 2030, Mohamed Al Mubarak told The National.
The latest data from Abu Dhabi Customs found non-oil foreign trade through the emirate’s land ports and seaports grew by 14 per cent to Dh112.9 billion, and by 13 per cent to reach Dh103.6 billion, respectively.
The volume of foreign trade through the airports of Abu Dhabi reached Dh65.3 billion.
“Abu Dhabi witnessed significant growth in several key economic activities during 2023, which was directly reflected in the growth of foreign trade through the emirates,” said Abdulla Al Qemzi, acting director general of Statistics Centre Abu Dhabi.
The UAE is also signing new trade agreements that are helping the country to boost trade with different countries across the globe. It has so far signed 11 Comprehensive Economic Partnership Agreements with several countries including India, Indonesia, Israel and Turkey.
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
more from Janine di Giovanni
TYPES%20OF%20ONLINE%20GIG%20WORK
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Book%20Details
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
