RIYADH: The UAE government has approved 24 national initiatives that will increase the country’s re-export sector by 100 percent over the next seven years.
The creation of a national re-export committee is one of the proposals, which primarily supports raising re-export rates. In collaboration with local governments, they focus on developing new specialized fields and a value-added program for re-export.
“We will double the country’s re-export by developing specialized areas in cooperation with local governments, establishing the International Trade Links Center, launching supportive programs, and increasing foreign investments in the service sector,” UAE Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum said.
The total value of the UAE’s re-exports surpassed 600 billion dirhams ($163.3 billion) for the first time in 2022, reaching 614.6 billion dirhams, which is a 14 percent increase compared to 2021.
The country’s 10 biggest re-export markets experienced significant annual growth, with a total gain of 13 percent compared to 2021.
Saudi Arabia, Iraq, India, Oman, Kuwait, China, the US, Hong Kong and Belgium are among the 10 markets. The main re-export products were telephones and diamonds, but airplane components, petroleum liquids, headphones, and vehicle parts also witnessed significant development.
At the discussion, the cabinet examined more than 19 projects aimed at transforming the UAE into a worldwide talent magnet, as well as the findings of the Supreme Committee for Free Trade Negotiations.
“We signed comprehensive economic partnership agreements with four countries, and we are currently negotiating with many other countries, and we are beginning to see the impact of the agreements on the country’s foreign trade figures... 2023 will be the strongest economic year for the country in its history, God willing,” Sheikh Mohammed tweeted.
The cabinet also approved the restructuring of the Digital Wellbeing Council headed by Saif bin Zayed Al Nahyan, and the Emirates Genome Council headed by Khalid bin Mohammed bin Zayed. The two councils strive to improve the quality of life for the people of the UAE.
“Science and knowledge have always been key drivers of the UAE’s development. Our priority is to ensure the best healthcare and quality of life for our people,” UAE President Sheikh Mohamed bin Zayed Al-Nahyan said.
