Khaleej Times, Tuesday, Feb 07, 2023 | Rajab 16, 1444
UAE foreign trade hits record Dh2.2 trillion, grows by 17% in 2022
The UAE’s non-oil foreign trade grew by 17 per cent in 2022 to hit a new record
of Dh2.23 trillion. The country has crossed the Dh2-trillion milestone for the
first time in history.
This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President
and Prime Minister of the UAE and Ruler of Dubai, chaired a UAE Cabinet meeting
Taking to Twitter, Sheikh Mohammed said the country’s foreign trade is
accelerating and that its international economic relations are growing. “The
demand for investment, tourism and real estate in the UAE is unprecedented. The
government will continue to provide the best environment for entrepreneurs,” he
The country's non-oil foreign trade achieved a growth of 12 per cent in 2020,
recording Dh1.496 trillion. It recorded a jump of 28 per cent in 2021 to reach
The Cabinet also approved the National Framework for Sustainable Development in
the UAE. “The goal is to preserve ecosystems and ensure the sustainability of
our natural resources. We also assigned the Ministry of Climate Change and
Environment to coordinate government efforts in preparation for hosting COP28,”
Sheikh Mohammed added.
The national framework includes five main pillars: Nature, environmental health,
climate change, living organisms, and biosecurity.
It aims to enhance the quality of life in the country, promote diversification
and economic prosperity, preserve the UAE's ecosystems, sustain its ecological
resources and services, and support the achievement of the 2030 Sustainable
In 2022, the UAE topped the Yale University's 2022 Environmental Performance
Index in six environmental indicators globally.
UAE Green Agenda 2030
During 2023-30, the UAE will implement initiatives and projects to support the
goals of green economy, including increasing GDP by 4 per cent to five by 2030;
increasing exports by about Dh25 billion by 2030; and reducing emissions from
430 kilowatt-hours in 2013 to less than 100 kilowatt-hours by 2030.
National Space Fund
The Cabinet also adopted a resolution on setting up the National Space Fund. The
fund, which will be managed and supervised by the UAE Space Agency, aims to
build national capabilities and competencies, raise the economic contribution to
diversifying the national economy, and consolidate the UAE’s position in the
The fund is set to develop the infrastructure supporting the space industry, and
create an appropriate environment to attract startup companies. In addition, the
fund aims to adopt governance systems to achieve leadership in the space sector,
attracting specialised global companies, and building partnerships between
national and international advanced technology companies.