UAE non-oil trade increases as Gulf state seeks reduced oil dependence

AL-MONITOR Staff

A picture taken in the Saudi Red Sea coastal city of Jeddah on July 14, 2022 shows a Saudi host addressing guests — A picture taken in the Saudi Red Sea coastal city of Jeddah on July 14, 2022, shows a Saudi host addressing guests during a presentation on the Saudi Green Initiative, which also includes goals for tree planting and reducing emissions. — AMER HILABI/AFP via Getty Images

The United Arab Emirates reported Monday a substantial increase in non-oil trade.

UAE Vice President Mohammed bin Rashid Al Maktoum said that non-oil trade amounted to 1.053 trillion Emirati dirhams ($286.7 billion) during the first six months of 2022 — an increase of 17% from the second half of 2021. This was the first time non-oil trade exceeded 1 trillion Emirati dirhams in such a period. Both exports and imports increased, the official Emirates News Agency reported.

Why it matters: The boost follows the UAE signing trade agreements with a few of its allies. So far this year, the Gulf state has signed Comprehensive Economic Partnership Agreements with India, Israel and Indonesia. The deals essentially lower tariffs with the aim of boosting bilateral trade.

Last week, Israel’s ambassador in Abu Dhabi also reported an increase in bilateral trade between the two states this year.

UAE non-oil trade increases as Gulf state seeks reduced oil dependence

The news follows trade agreements the Gulf state made with Israel and India.

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