UAE Sees 47% Growth in Non-Oil Exports

Sheikh Mohammed bin Rashid chairing a cabinet session on Thursday, July 7, 2022. (WAM)
Sheikh Mohammed bin Rashid chairing a cabinet session on Thursday, July 7, 2022. (WAM)
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UAE Sees 47% Growth in Non-Oil Exports

Sheikh Mohammed bin Rashid chairing a cabinet session on Thursday, July 7, 2022. (WAM)
Sheikh Mohammed bin Rashid chairing a cabinet session on Thursday, July 7, 2022. (WAM)

Dubai Ruler Sheikh Mohammed bi Rashid Al Maktoum, UAE Vice President and Prime Minister, chaired the cabinet session held at Qasr Al Watan in Abu Dhabi on Thursday.

He announced that the UAE’s non-oil exports grew by 47%, the foreign direct investment flow increased by 16%, and the number of new registered companies increased by 126% compared to the pre-pandemic period.

“Our economy is growing,” he affirmed.

He added that he witnessed the signing of performance agreements for a number of ministers.

The agreements stipulate the completion of 36 transformational short cycles projects within six months to a maximum of 12 months.

They aim at enabling ministries to respond to all changes quickly and with greater flexibility.

The meeting reviewed the outcomes of the COVID-19 recovery plan (2020-2021), which included the development and implementation of 33 initiatives in partnership with federal and local entities.

The initiatives had a 100% success rate in empowering the economy, developing sectors and opening new markets.

The outcomes of the report showed that the real gross domestic product (GDP) was 3.8% in 2021, exceeding the estimates of international institutions by 1.7%, whereas the non-oil GDP reached 5.3% in the same year.

Separately, the cabinet approved housing loans for citizens worth AED2.4 billion ($653 million) for the next six months with 500 beneficiaries.

It also approved the rules of the sabbatical leave for citizens working in the government who wish to run their own business.

The leave is for a full year with half a salary while preserving the job.

The government aims to encourage the youth to take advantage of the huge economic opportunities offered by the UAE’s national economy.

In addition, the cabinet approved the UAE framework for culture and creative industries statistics, which will serve as a national database.

The framework enhances the position of the UAE in the competitiveness reports and provides comprehensive and accurate data at the federal level, enabling the monitoring of the cultural and creative industries sector.

It will also provide accurate data for talents, entrepreneurs, investors, and academic institutions in the sector.

Data shows that cultural and creative industries contributed 3.5% to the GDP amounting AED54.4 billion ($14.8 billion) and five percent of the non-oil GDP.

The number of establishments operating in the sector jumped to 36,000.



Saudi-British Business Council to Turn Sustainability, Green Finance Deals into Reality

A previous meeting between the Saudi Minister of Commerce, Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, and the UK Minister of State for Business and Trade in Riyadh (SPA)
A previous meeting between the Saudi Minister of Commerce, Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, and the UK Minister of State for Business and Trade in Riyadh (SPA)
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Saudi-British Business Council to Turn Sustainability, Green Finance Deals into Reality

A previous meeting between the Saudi Minister of Commerce, Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, and the UK Minister of State for Business and Trade in Riyadh (SPA)
A previous meeting between the Saudi Minister of Commerce, Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, and the UK Minister of State for Business and Trade in Riyadh (SPA)

The Saudi-British Joint Business Council (SBJBC) has revealed ongoing efforts to translate agreements aimed at advancing sustainability, clean energy, and green financing into tangible projects.

This comes alongside the development of new initiatives in artificial intelligence and defense technology, as part of expanding bilateral cooperation between the two nations.

Speaking to Asharq Al-Awsat, Cordelia Begbie, UK Executive Director of the SBJBC, stated that the council is currently exploring new sectoral opportunities as part of its 2025-2026 program, while also hosting a series of events aimed at enhancing collaboration between the two kingdoms.

SBJBC is set to support its new research unit through upcoming events that will focus on producing both independent and collaborative research papers, revealed Begbie.

These papers will address regulatory changes, sector insights, and opportunities for development, as well as highlight government initiatives designed to assist businesses in these areas.

According to Begbie, the council's activities are centered on clean technology projects, linking investors with emerging clean tech companies from both Saudi Arabia and the UK.

These initiatives also support specialized task forces that discuss policy developments and long-term opportunities in these sectors, with active participation from both public and private sector stakeholders.

The Saudi-British cooperation plan has made notable strides in investment, economic, and commercial projects, particularly through the “Saudi-British Vision 2030” partnership.

This initiative has significantly strengthened ties between the two nations in key areas such as technology, energy, infrastructure, and defense.

Additionally, the Saudi Public Investment Fund has made substantial investments in British projects, particularly in clean energy, green hydrogen, and infrastructure.

The two countries have also deepened their collaboration in renewable energy, with British companies playing a key role in Saudi Arabia’s large-scale solar and wind energy projects.

Begbie expressed strong optimism about the future of Saudi-British cooperation in climate, clean technology, hydrogen, and ammonia. The collaboration is seen as highly promising, driven by shared goals to address climate change and diversify the economy, with both nations committed to achieving net-zero emissions.

While the UK aims to reach this target by 2050, Saudi Arabia is set to achieve it by 2060, creating significant potential for bilateral cooperation.

Saudi Arabia is solidifying its position as a global leader in hydrogen production, with vast opportunities for collaboration with the UK, which has extensive expertise in hydrogen policies and technology. Geopolitical and economic ties also enhance this cooperation, as Saudi Arabia’s strategic location serves as an energy hub for Europe, Asia, and Africa.

Moreover, the UK’s environmental policy goals align with Saudi Arabia’s climate objectives, further strengthening the partnership.

Bilateral agreements, such as the Saudi-British Vision 2030 partnership, are expected to boost investments in clean technologies and sustainability.

The SBJBC continues to work with stakeholders to expand its reach and influence within Saudi Arabia. The council also oversees the ongoing growth of the Saudi-British Technology Center, an integral part of the SBJBC since its launch in 2022.

The SBJBC remains committed to enhancing private sector contributions and developing stronger commercial ties between the two nations, offering a range of services and providing access to high-level networks from both the public and private sectors in both countries.