UAE – Mubasher: The Abu Dhabi Department of Economic Development (ADDED) seeks to expand the emirate’s non-oil exports from AED 73.50 billion in 2021 to AED 178.80 billion by 2031, marking a 143% hike in a decade.
Increasing Abu Dhabi’s trade comes within the framework of the Abu Dhabi Industrial Strategy’s (ADIS) objectives to boost the emirate’s ties with global markets in the industrial sector, according to a press release.
In line with its vision to reinforce Abu Dhabi’s position as a key industrial hub, ADIS aims to invest AED 10 billion across six transformational programmes to more than double the size of the emirate’s manufacturing sector from AED 83.50 billion in 2021 to AED 172 billion by 2031.
ADDED recently organised the CEOs Forum for Exporting Manufacturers with the partnership of the Emirates Development Bank (EDB), the Abu Dhabi Export Office (ADEX), and Etihad Credit Insurance (ECI).
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, noted: “Despite challenges in global economy, Abu Dhabi non-oil trade during the first half (H1) of 2002 grew 12% to AED 124 billion, and exports rose 26% to AED 49.50 billion.”
Al Blooshi added: “The industrial sector performance was impressive, 136 new industrial licenses had been issued, and our total number of active in-production factories now stands at 866.”
He elaborated: “While these facts paint a bright picture of our economy, we need to work more closely with major players in the manufacturing sector and ensure they are well-supported to thrive and play a greater role in achieving strategic objectives.”
Meanwhile, the UAE has signed comprehensive economic partnership agreements (CEPAs) with India, Indonesia, and Israel, in addition to further eight agreements to be inked with strategic partners, to increase bilateral trade by AED 40 billion on an annual basis.
Through these agreements, the UAE will strengthen its economic cooperation with key partners, have widespread access to markets, and enhance mutual investment opportunities.
In the first quarter (Q1) of 2022, the UAE posted a 13% jump in its oil gross domestic product (GDP), according to Michael Bolliger, Chief Investment Officer for Emerging Markets at UBS Global Wealth Management.
