UAE: Sheikh Mohammed says 2023 ‘best economic year’ as non-oil trade hits all time high

UAE: Sheikh Mohammed says 2023 ‘best economic year’ as non-oil trade hits all time high

Image: Dubai Media Office

The UAE’s economy has performed extremely well in the first half of 2023 as per government data. The country’s non-oil trade reached Dhs1.239tn ($337.6bn) in H1 2023. This has set a new half-year record for the country.

Non-oil exports recorded a growth of 11.9 per cent compared to H1 2022, reaching Dhs205bn. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai said this revenue was more than what the UAE achieved in the whole of 2017.

“As we said previously, 2023 will be the best economic year in the history of our country. The UAE will remain a major player in international trade to consolidate its position as one of the most important global centres linking the east of the world with its west and north with its south,” Sheikh Mohammed said on Twitter.

#UAE Non-Oil Foreign Trade hits all-time high of Dhs1.239tn in H1 2023 🇦🇪 pic.twitter.com/NZlsnEELEG

— UAEGOV (@UAEmediaoffice) August 30, 2023

He said the UAE’s non-oil foreign trade is on track to reach Dhs2.5tn this year and hit Dhs4tn by 2031. He added, the UAE’s non-oil exports increased by 22 per cent this year with its top 10 global trading