Opinion and Editorial

KT Edit: UAE is on course to be global trade hub

Filed on June 29, 2021 | Last updated on June 30, 2021 at 08.44 am

A recent report by global real estate consultancy Knight Frank testifies the fact that high-end properties with a value of over $10 million are in great demand.

The UAE’s non-oil economic growth prospects look bright for the coming years as the Arab world’s second-largest economy is setting the stage to grow in the post-Covid-19 phase and also strengthen its position as a regional hub for trade, finance, logistics and manufacturing, thanks to a host of initiatives announced this week.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, earlier this week revealed the country’s vision and plan to broaden its foreign trade by foraying into 25 new international markets, increasing exports by 50 per cent in the coming few years and boosting ecosystem for startups through the ‘Skill-up Academy’. In order to quickly overcome the Covid-19 pandemic to boost confidence of foreign investors, the UAE has placed the highest priority on the healthcare of its residents which will not just ensure a safer UAE but also attract high net worth individuals into the country. Interestingly, wealthy individuals have been already flocking to the UAE, especially Dubai, in the wake of aggressive vaccination of residents as well as a successful handling of the pandemic by the government.

A recent report by global real estate consultancy Knight Frank testifies the fact that high-end properties with a value of over $10 million are in great demand and have already surpassed last year’s figures. “God willing, the UAE will continue to remain a global non-oil economic capital during the coming decades,” Sheikh Mohammed said. The UAE’s annual non-oil trade now exceeds Dh1.5 trillion while its logistics network is spread across 400 global cities.

It is also among the top 20 in foreign trade competitiveness indicators. With the UAE’s non-oil economy accounting for more than 70 per cent of the country’s gross domestic product, Sheikh Mohammed said the goal is to increase national exports by 50 per cent in the coming years. In another initiative to achieve Dh2 trillion external trade goal for the emirate of Dubai, Sheikh Mohammed restructured the Dubai Chamber of Commerce and Industry to accelerate the emirate’s economic transformation and position it as a global business hub. “Dubai will continue to constantly offer new opportunities and facilitate the efficient flow of international trade backed by its advanced logistics hub, state-of-the-art ports and airport infrastructure, and its pro-growth business environment,” Sheikh Mohammed said.

The UAE’s Minister of Economy Abdulla bin Touq Al Mari has said that the UAE seeks to double the size of its economy over the next 10 years to reach Dh3 trillion by 2031. All these initiatives and announcements reflect that the UAE is on course to become a global hub for trade and also make a big mark in strategic sectors such as e-commerce, start-ups, fintech and healthcare.

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