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UAE's Foreign Trade Reaches $599 Bn in 2022

UAE's Foreign Trade Reaches $599 Bn in 2022

Tuesday, 7 February, 2023 - 09:00
The signing ceremony of 22 performance agreements (WAM)

The UAE's foreign trade reached $599 billion in 2022, a growth of 17 percent, announced Vice President, Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid on Tuesday.

The country exceeded the $544 billion barrier for the first time in history after the country's non-oil foreign trade achieved a growth of 12 percent in 2020, recording $407 billion, and a jump of 28 percent in 2021 to reach $520 billion.

Sheikh Mohammed stressed that the UAE's foreign trade is accelerating, its international economic relations are growing, and the UAE's investment, tourism, and real estate demand is achieving unprecedented numbers.

He explained that the Emirati government would continue to provide the best environment for businessmen who accompany the country's historical growth journey.

The VP was speaking during the cabinet meeting held Monday, where he announced the approval of the National Framework for Sustainable Development to preserve ecosystems and ensure the sustainability of the country's natural resources.

"We also assigned the Ministry of Climate Change and Environment to coordinate government efforts in preparation for hosting COP28," he announced.

Sheikh Mohammed also announced that the cabinet approved the executive decisions to establish the National Space Fund, which aims to implement ambitious national projects in space, support youth capabilities and competencies, and attract the best space companies to the UAE market.

"We assigned the competent entities to submit an urgent study to the Cabinet on how to benefit from new AI technologies in government work, examine its future effects on the educational, health, media, and other sectors, and how the government will deal positively and safely with these technologies," he said.

Earlier, the Dubai Ruler witnessed the signing of a new series of performance agreements for several ministers and government officials.

The ceremony saw the signing of 22 performance agreements that commit government teams to ensuring the timely development of 80 transformational projects over the next six months.

The agreements support the leadership's vision to raise economic growth further, enhance competitiveness and consolidate the UAE's status as a model for global excellence.

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