UAE maps out plan to increase non-oil exports by 50%

The new agenda will work to increase the UAE’s foreign trade, promote Emirati products and access 25 new markets around the world as the country looks to be among the top 10 economies globally, according to a statement from Dubai Media Office.

“We have adopted the National Agenda for Non-oil Export Development, a vital step aimed at accessing 25 new markets. The UAE non-oil trade exceeds AED1.5 trillion,” said Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.

Among its objectives, the agenda will also look to increase UAE exports by opening new international markets with the aim of supporting the country’s foreign trade and enhancing the growth in 14 sectors to ensure greater presence of Emirati goods across the globe.

He added that non-oil sectors contribute more than 70 percent of the national economy.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

The UAE, like countries across the Gulf, is working to diversify its economy away from oil to safeguard their economies against a post-oil future as global warming takes centre stage in the collective consciousness of individuals and governments working to move away from fossil fuels.

In April, the UAE cabinet approved the policy to increase local exports. At the time, economists told Arabian Business the move was a positive step to reduce the country’s reliance on oil and gas and diversify exports.

“The UAE’s recent announcement reflects these changing priorities and constitutes an attempt to exploit trade channels that were previously available but were not taken advantage of. However, the results will take some time to materialise, and so a patient and long-sighted policy framework is critical,” said Omar Al-Ubaydli, director of research at Derasat.

Among diversification efforts is the 10-year industrial strategy, Operation 300bn, that aims to make the industrial sector the main driver of the UAE’s economy, contributing AED300 billion to the country’s GDP by 2031, more than doubling its current contribution.