UAE to enter 25 new markets to boost foreign trade

The UAE has decided to enter 25 new international markets to boost foreign trade as per the plans set by Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai. The decision came after a Cabinet meeting led by Sheikh Mohammed at Al Watan Palace in Abu Dhabi. The new move is expected to increase the exports by 50 percent in the next few years. Sheikh Mohammed explained the decision on Twitter and here are a few take-outs from it:

UAE’s non-oil trade

While speaking about the details of the meeting, he observed that UAE’s non-oil trade exceeds Dh 1.5 trillion annually and the logistics network covers 400 international cities with UAE ranking among the top 20 in foreign trade competitiveness indicators. “Our non-oil economy represents more than 70 percent of our GDP,” he added, “Our goal is to increase our national exports by 50 percent in the coming years”

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United efforts by the government

Sheikh Mohammed highlighted the united efforts by the federal and local governments towards the thriving economy of the country. “We work as one team, federally and locally to bring our national economy to new heights,” he said, “God willing, the UAE will remain as an international hub for the economy in the coming decades. The decision adds to his vision to consolidate UAE’s position as a global logistics and trade hub that connects the world’s diverse markets.

Funding the research and development sector

In addition to boosting foreign trade, the new measure also aims to fund the research and development sector of the country realizing the role of research and development in leading the economy. On this accord, the Cabinet adopted a national scale for research and development funds. Sheikh Mohammed bin Rashid explained the Cabinet decision by pointing out that the county spends 1.3 percent of its GDP on research and development funds. “It is the first Arab country in this field,” he said, “Our goal is to compete globally in the future. It is the research and development which lead the economy of the knowledge we seek to consolidate”

Other decisions

The Cabinet also approved a decision to ensure on-site nurseries for supporting women in the workplace licensed under the Ministry of Education. The Cabinet approved various decisions related to the field of emergency, disaster response, health, education, and the economy as well.  Speaking about the decisions, Sheikh Mohammed assured that, “the goal is a quality of life that is the best in the world based on an economy that is the most diversified and established” Dubai's economy is without a doubt, one of the most resilient in the world, and the new decision is expected to boost the economy towards much higher levels. Dubai is the city of dreams and starting a business in Dubai needs careful consideration of the tropes and trends in the market. For the past 17 years, Flying Colour Business Setup has been assisting clients in setting up their dream business in Dubai in an easy and hassle-free manner. Our professional team can help you with analyzing the recent global trends, market tendencies, and advise you on growing your business in Dubai. Please feel free to mail your queries at info@flyingcolour.com or contact us at +971 4 4542366.