UAE's Non-Oil Foreign Trade Hits $517 Billion

UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)
UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)
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UAE's Non-Oil Foreign Trade Hits $517 Billion

UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)
UAE non-oil exports achieve a new record, with a growth of 33% from 2020 (WAM)

UAE's non-oil foreign trade reached 1.9 trillion dirhams ($517 billion) in 2021, representing a 27 percent increase from 2020 and an 11 percent increase from 2019.

In all areas of trade, including exports, imports, and reexports, growth was consistent.

The value of non-oil exports reached a record high of 354 billion dirhams ($96.3 billion), exceeding 300 billion dirhams ($81.6 billion) for the very first time in its history, representing a growth of 33.3 percent over the December 2020 figure and 47.3 percent over the December 2019 figure.

A statement from UAE Minister of Economy Abdulla Bin Touq Al Marri said that the UAE's foreign trade has passed the point of recovery from the effect of the Covid-19 pandemic on global trade and has entered an advanced stage of growth and prosperity today, with an increase of more than 11 percent over pre-pandemic levels.

“The all-encompassing nature of the positive results of import and export activities and re-exports in all the emirates of the country reflects a systematic and integrated growth based on flexible and highly efficient trade policies and sustainable development measures.”

Minister of State for Foreign Trade Thani Al Zeyoudi said that trade activity in the UAE saw an acceptable growth average over the past two years. As foreign trade grows, it is showing more positivity today.

Re-exports were valued at 521.3 billion dirhams ($141.8 billion) in 2021, showing a growth of 27.7 percent compared to 2020 and 1.6 percent compared to 2019.

Meanwhile, the total value of the country's imports during 2021 amounted to about 1 trillion dirhams ($272 billion), showing a growth of 23.8 percent over the year 2020, and about 7 percent from 2019.

China ranked first as the country's largest trading partner in 2021. India ranked second, which accounts for 8.7 percent of the country's total non-oil trade, followed by Saudi Arabia in the third position with a contribution of 6.6 percent.

The fourth went to the United States, whose trade exchange has grown by 8.1 percent since 2020. Iraq ranked in the fifth place.

About the country's export destinations, India emerged as the top destination. KSA became second largest recipient of the UAE exports.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.