Sheikh Mohammed bin Rashid: UAE’s non-oil foreign trade to surpass AED2.5 trn in 2023

Trade soared to AED1.239 trn within just six months of this year
Sheikh Mohammed bin Rashid: UAE’s non-oil foreign trade to surpass AED2.5 trn in 2023
Sheikh Mohammed bin Rashid Al Maktoum (Photo Credit: WAM)

Sheikh Mohammed bin Rashid Al Maktoum, the Vice President of the UAE and Prime Minister of Dubai, revealed that the country has achieved a new milestone in its foreign trade. This accomplishment brings the UAE closer to its ambitious target of reaching AED 2.5 trillion ($680 million) by 2023.

In a tweet from his official account on the platform “X” (previously Twitter), Sheikh Mohammed announced a remarkable economic achievement for the UAE. He shared that the country’s non-oil foreign trade has reached a new record, soaring to a total of AED 1.239 trillion within just six months of this year.

Furthermore, Sheikh Mohammed highlighted the remarkable growth of non-oil exports, emphasizing that they have experienced substantial expansion.

Sheikh Mohammed also shared that within six months, the non-oil exports surpassed what the UAE achieved in a full year merely five years ago. Additionally, non-oil exports with the top 10 global trading partners witnessed a notable 22 percent increase this year.

Read more: UAE’s non-oil foreign trade hit $599 billion in 2022

Well-balanced foreign policies

Sheikh Mohammed added that an impressive example of the UAE’s thriving trade relationships is the notable 87 percent increase in intraregional trade with Türkiye within a span of just one year. This upward trend highlights the effectiveness of the UAE’s well-balanced, active, and positive foreign policies, which are spearheaded by the Head of State.

In his statement, Sheikh Mohammed expressed confidence that the UAE’s foreign non-oil trade will surpass AED 2.5 trillion this year. He further conveyed the country’s determination to achieve its stated goal of AED 4 trillion by the year 2031.

Furthermore, in his concluding remarks, Sheikh Mohammed expressed his anticipation that 2023 will be the most prosperous economic year in the nation’s history. He emphasized the UAE’s commitment to maintaining its role as a significant participant in international trade, solidifying its position as a crucial hub connecting the East to the West and the North to the South. With confidence, Sheikh Mohammed acknowledged that greater achievements lie ahead, guided by divine permission.

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