UAE to enter 25 new international markets: Sheikh Mohammed

Web report/Dubai
Filed on June 27, 2021
Photo: HHShkMohd/Twitter

The country is already among the top 20 in foreign trade competitiveness indicators, the Dubai Ruler said.

The UAE on Sunday announced plans to broaden its foreign trade by entering 25 new international markets.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter to highlight the country's trade achievements as well as its vision, going forward.

The UAE's annual non-oil trade exceeds Dh1.5 trillion, and its logistics network is in 400 global cities. The country is also among the top 20 in foreign trade competitiveness indicators, the Dubai Ruler said.

With the UAE's non-oil economy representing "more than 70 per cent" of its national economic output, Sheikh Mohammed said the goal is to increase national exports by 50 per cent in the coming years.

"On a federal and local level, we work as one team to take our national economy to new heights. God willing, the UAE will remain a global economical capital for the coming decades," he added.

Sheikh Mohammed also noted that a national measure of spending on research and development was adopted. "The UAE spends 1.3% of its GDP on research and development. It is the first Arab country in this field. Our goal is to compete globally in the future. Research and development is what drive the economy of knowledge we seek to consolidate," he said.

The UAE Vice-President further noted that the Cabinet had adopted a set of legislative amendments in the field of emergency and disaster response, and in the health, educational and economic sectors. "The goal is a quality of life that is the best in the world based on the most diversified and established an economy," he stated.

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