عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE Plans to Double Re-Exports by 2030

Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum chairing the cabinet session (WAM)
Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum chairing the cabinet session (WAM)
TT
TT

UAE Plans to Double Re-Exports by 2030

Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum chairing the cabinet session (WAM)
Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum chairing the cabinet session (WAM)

The UAE approved 24 national initiatives seeking to double its re-export by 100 percent within the seven coming years through benefiting from the 50 commercial offices worldwide.

The initiatives include the establishment of a national re-export committee, which mainly contributes to supporting an increase in re-export rates. They mainly focus on developing new specialized areas in coordination with local governments and a value-added program for re-export.

The initiatives were launched during a cabinet session chaired by Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.

Sheikh Mohammed said: "We will double the country's re-export by developing specialized areas in cooperation with local governments, establishing the International Trade Links Center, launching supportive programs, and increasing foreign investments in the service sector.

The cabinet reviewed UAE's economic achievements during 2022 under the Comprehensive Economic Partnership Agreement (CEPA) with India.

The volume of non-oil trade between the two countries reached $21.5 billion by September 2022, achieving 23 percent growth in the same period in 2021 and 133 percent in 2020.

The volume of UAE non-oil exports to India recorded $5.3 billion in the same period, with a growth rate of 12 percent compared to the same period in 2021 and 154 percent compared to 2020.

"The meeting reviewed more than 19 initiatives to attract talent to the country. The UAE ranked second globally in the Competent Senior Managers indicator. Our goal is to attract the best talents in the world as we continue to empower and enable our Emirati talents and national cadres," according to Sheikh Mohammed.

The Vice President indicated that the session reviewed the Higher Commission Free Trade Negotiations results.

The UAE "signed four international agreements with four countries. The positive impact of international agreements is reflected clearly in the numbers of the UAE's foreign trade."

Sheikh Mohammed stated, "The meeting approved hosting the International Union for Conservation of Nature World Conversation Congress (IUCN) in 2025, which attracts more than 10,000 experts from more than 160 countries. The UAE will remain a leading hub for sustainability, nature conservation, and protection."

The cabinet approved a new federal law to replace the Federal Law on Maritime Commercial law, a Federal Decree Law about reorganizing the Higher Colleges of Technology (HCT), in addition to a ministerial decision adopting the UAE's approach for aircraft and unmanned aerial vehicles (Drones) products and systems in the country.

During the meeting, the cabinet approved ratifying the Comprehensive Economic Partnership Agreement with Türkiye and Côte d'Ivoire.

It also ratified the country's accession to the Arab Customs Cooperation Agreement, the Digital Economy Partnership Agreement (DEPA), and the Agriculture Innovation Mission for Climate.

Most Viewed

 
 
Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
TT
TT

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.