UAE: Sheikh Mohammed says 2023 ‘best economic year’ as non-oil trade hits all time high

Image: Dubai Media Office

The UAE’s economy has performed extremely well in the first half of 2023 as per government data. Overall, the country’s non-oil trade reached Dhs1.239tn ($337.6bn) in H1 2023. This has set a new half-year record for the country as the UAE’s non-oil foreign trade for all of 2022 was at Dhs2tn.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai said this revenue was more than what the UAE achieved in the whole of 2017.

“As we said previously, 2023 will be the best economic year in the history of our country. The UAE will remain a major player in international trade to consolidate its position as one of the most important global centres linking the east of the world with its west and north with its south,” Sheikh Mohammed said on Twitter.

#UAE Non-Oil Foreign Trade hits all-time high of Dhs1.239tn in H1 2023 ?? pic.twitter.com/NZlsnEELEG

— UAEGOV (@UAEmediaoffice) August 30, 2023

He said the UAE’s non-oil foreign trade is on track to reach Dhs2.5tn this year and hit Dhs4tn by 2031. He added, the UAE’s non-oil exports increased by 22 per cent this year with its top 10 global trading partners.

The UAE’s non-oil foreign trade reached Dhs1.239tn in the first 6 months of 2023, setting a new half-year record. It represents a climb of 14.4 per cent on the same period in 2022 – and a continuation of the remarkable upward trajectory of our non-oil trade figures since Q4 2020. pic.twitter.com/SX3itfDMYY

— د. ثاني الزيودي (@ThaniAlZeyoudi) August 30, 2023

UAE economy’s non-oil export share

Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said the value of the UAE’s non-oil exports “underline the importance of foreign trade of our national economic growth and diversification ambitions”. The UAE’s non-oil exports grew by 11.9 per cent annually to Dhs205bn in H1 2023. This is a first for the economy as this number is more than the full-year figures recorded in 2017, Dr Al Zeyoudi said.

Importantly, the value of our non-oil exports exceeded Dhs205bn, a growth of 11.9 per cent compared to H1 2022 – and more than the UAE achieved in the whole of 2017. This underlines the importance of foreign trade of our national economic growth and diversification ambitions. pic.twitter.com/mVkAz7T6Mz

— د. ثاني الزيودي (@ThaniAlZeyoudi) August 30, 2023

“These results coincide with our Comprehensive Economic Partnership Agreement (CEPA) programme, which is deepening ties with key markets around the world — including India and Türkiye, two of our largest export destinations. We can anticipate new milestones as more CEPAs are signed,” the minister added.

These results coincide with our Comprehensive Economic Partnership Agreement program, which is deepening ties with key markets around the world – including India and Türkiye, two of our largest export destinations. We can anticipate new milestones as more CEPAs are signed. pic.twitter.com/AmlErdDFFL

— د. ثاني الزيودي (@ThaniAlZeyoudi) August 30, 2023