The UAE's non-oil foreign trade hit a record Dh1.4 trillion ($381.5 billion) in the first six months of this year as the Arab world’s second-largest economy continues to diversify its economy and forge closer trade ties with partners around the world.
A 25 per cent year-on-year surge in non-oil exports from the Emirates helped the aggregate non-oil foreign trade rise 11.2 per cent on an annual basis, the Government Media Office said on Sunday.
Contribution of non-oil exports to total trade reached 18.4 per cent, up from 16.4 per cent recorded at the end of the first half last year.
"The figures for the first half of 2024 show that our exports in just six months have equalled what we used to export in an entire year before the Covid-19 pandemic in 2019,” Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said.
The UAE, as part of its national economic goals, is pursuing the target of Dh4 trillion in foreign trade by 2031. The country continues to diversify its economic base and has forged closer economic ties with its top trading partners.
Cepa impact
It has signed a series of comprehensive economic partnership agreements (Cepas) with fast-growing economies in Asia, the Middle East and Africa that has helped in boosting the volumes of the non-oil foreign trade over the past few years.
The Emirates' Cepa programme is expected to grow the country's exports by 33 per cent and contribute more than Dh153 billion to GDP by 2031.
The UAE aims to sign 26 Cepas. While deals have been signed with India, Turkey, Israel, Indonesia, Cambodia and Georgia, talks are under way with Serbia, Vietnam, the Philippines, New Zealand and Ecuador.
While the global growth rate for foreign trade has remained around 1.5 per cent during the first six months, the UAE's double-digit expansion indicates that the Emirates remains on course to achieve its trade and economic goals, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a separate statement on Sunday.
“Our performance defies the global trend of slowing trade growth, ... [and the] achievement shows the UAE economy’s resilience, which is the result of our steadfast commitment to building strong, productive public-private partnerships as well as fostering collaborative growth with emerging global economies," Dr Al Zeyoudi said.
“It’s clear that our Cepa programme is playing a central role in achieving these record results" he said adding that the country continues to expand and finalise more Cepa deals. "We anticipate further growth, steering us toward our target of Dh4 trillion in non-oil foreign trade by 2031".
Top 10 trading partners
The UAE’s non-oil exports to its top 10 trade partners grew by 28.7 per cent, while with all the other nations, it recorded a 12.6 per cent increase.
"Our economic relations with various countries have strengthened, with trade increasing by 10 per cent with India, 15 per cent with Turkey, and 41 per cent with Iraq, making Iraq the top destination for UAE exports, followed by India, Turkey, and others," Sheikh Mohammed said.
In terms of export categories, gold, jewellery, aluminium, copper wires, printed materials, silver, iron industries, and perfumes topped the list in the first six-month, growing by 36.8 per cent compared to the same period in 2023.
Re-exports from the country reached Dh345.1 billion at the end of June, growing by 2.7 per cent compared to the same period in 2023, increasing by more than 11 per cent compared to the same period in 2022.
Re-exports with all key trading partners grew during the first half, particularly with Saudi Arabia, Iraq, India, the US, Kuwait, and Qatar, the Media Office said.
Kazakhstan joined the list of the UAE's leading re-export partners, nearly doubling its growth due to increased re-exports of telephone devices.
Overall, UAE's re-exports grew by 7.6 per cent with its top ten trading partners, with telephones and diamonds leading re-exported goods category.
The UAE’s non-oil imports at the end of the first half climbed to Dh800 billion, growing by 11.3 per cent compared to first six months of last year, and increasing by almost 35 per cent from the same period in 2022.
Imports from the top 10 trading partners of the UAE grew by 7.2 per cent, accounting for almost 49 per cent of total imports, according to government data.
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The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
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What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
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Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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