UAE's economic horizons broadened in 2022

 

“We think and plan for the next 50 years, and for the benefit of next generations, by building a diversified, solid and sustainable economy that does not depend only on traditional resources, and opens promising prospects that contribute to strengthen the foundations and capabilities of the nation.” President Sheikh Mohamed said

This month, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai launched the government’s new national vision, “We The UAE 2031”, saying that the country will “maintain its position as an economic destination and focus on strengthening the UAE’s economic partnerships with the world and consolidating its development model.” 

The ambition of the words is matched by the scale of the numbers involved. Over the next nine years, we aim to double national GDP to Dh3 trillion, raise the value of non-oil foreign trade to Dh4 trillion, raise non-oil exports to Dh800 billion and increase the tourism sector’s contribution to GDP to Dh450 billion.

In which the total value of the UAE’s non-oil trade between January and September this year reached Dh1.6 trillion, a near-20 per cent rise from the same period in 2021. Exports are climbing as a percentage of total trade, and the third quarter non-oil trade broke previous records, topping Dh580 billion. The UAE’s foreign trade agenda is delivering unprecedented results – and it encourages us to stretch for more.