The investor-friendly and free trade policies of the United Arab Emirates, the kingdom’s establishments of modern infrastructure and its new free zones are paying high dividends especially in the massive growth of the trading sector.
The UAE in topping the Arab world moved up four places to become the world’s 15th largest exporter, surpassing Switzerland, Spain and Russia, according to the World Trade Organization (WTO).
The country also progressed by one place in imports to occupy the 18th position globally. Official figures revealed that in 2017 total foreign trade for the emirates reached Dh1.7 trillion.
The United Arab Emirates was ranked 21st position globally and 1st in the Arab world in service exports and it placed 17th position worldwide and 1st in the Arab world regarding imports, according to 2017 international trade statistics of the WTO.
The country achieved a growth rate of 20.4% in exports last year, considering that the figure worldwide during the same period was 10.7%, whereas the region achieved a rate of 18%. The growth figures of the UAE are the highest among the top 15 international exporters.
Concerning imports, the country’s import of goods reduced last year by 1.1% compared to 2016, while the import figures of the world increased by 10.7% and the Middle East’s rose by 1.1%.
The United Arab Emirates has maintained its position among the top 20 exporters of the world right from 2007 to date; this according to the WTO. On that category, the country has been placing first among Arab countries since 2013.
The WTO data shows that the United Arab Emirates also achieved growth in its service exports in 2017 of 7.5%, compared to 2016, valued at $70 billion, as well as in its service imports by 1.9% during the same period, valued at $84 billion. During the same period, global service exports increased 7.4%, while global service imports increased 6.5%.
The Department of Economic Development in Dubai has set four new initiatives to increase and stimulate investments, so as to make Dubai and the United Arab Emirates more competitive.
The initiatives concentrate on retail cost reduction, procurement support programs, local production, attracting investment in research and development, and creating new opportunities for companies that rely on knowledge as well as digital and innovative technologies.