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)
TT
20

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 Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
TT
20

Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday with the participation of top scientists, experts, decision-makers from around the world.

Saudi Minister of Environment, Water and Agriculture Abdulrahman Alfadley, with the participation of World Water Council President Loïc Fauchon, inaugurated the official logo of the World Water Forum 2027.

In his remarks, Alfadley emphasized Saudi Arabia’s call for strengthened international cooperation and joint efforts among countries and organizations to tackle global water challenges. He underscored the importance of ensuring universal access to water and sanitation services as a key pillar in achieving Sustainable Development Goal 6 (SDG 6).

“Saudi Arabia prioritizes the water sector through various measures, including the adoption of a national strategy encompassing water production, storage, transportation, distribution, treatment, and reuse, all within a comprehensive institutional framework,” Alfadley added.

He further stated that the Kingdom has implemented Integrated Water Resources Management and enhanced supply chain governance. This is supported by the release of a long-term supply and demand plan that extends to 2050, alongside a commitment to environmental, social, and economic considerations in alignment with Saudi Vision 2030.

Highlighting the Kingdom's leading role in supporting regional and international water issues, Alfadley pointed to the launching of the Global Water Organization, aimed at fostering international collaboration, and the establishment of an International Water Research Center focused on water economics, water security, advanced technologies, and digital transformation.

Fauchon said the council, in collaboration with Saudi authorities, has developed a comprehensive framework outlining the thematic, regional, and political components that will shape the roadmap for the 11th edition of the forum that is being held in the Middle East for the first time.

He stressed the need to make water a top global priority, adding that this gathering will lay the foundation for future water policies. “The way ahead is still long, but we are confident we’re on the right path toward real solutions—solutions that can change lives,” he said.

Deputy Minister for Water at the Ministry of Environment, Water, and Agriculture Dr. Abdulaziz Alshaibani underscored the urgency of the current moment, describing the preparatory meeting as a call for serious and immediate action. Alshaibani emphasized the need to build upon existing progress in the water sector and to move decisively towards solidifying priorities.

He stressed the importance of greater coherence and integration across all sectors, along with the unification of all efforts, to achieve tangible solutions to global water challenges and to meet SDG 6. Alshaibani further noted that effective solutions must be anchored in several key pillars, including financing, innovation, diplomacy, and environmental considerations.

The World Water Forum 2027, organized by the World Water Council in Saudi Arabia, is a significant international platform for exchanging ideas and experiences in water management.