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UAE foreign trade forecast at AED1.7 trillion by year-end

Country seeks to increase contribution of non-oil economy to 80 per cent of GDP by 2021

The United Arab Emirates’ trade with the world is projected to expand by more than seven per cent to AED1.7 trillion by the end of the current year (inclusive of trade at free zones).

Assistant Undersecretary of the Ministry of Economy for Foreign Trade, Jumah al-Kait, said the projected growth in the country’s foreign trade is good in light of the developments the world’s markets have seen since the beginning of the year.

In remarks published by Al Bayan, the official said the UAE is seeing a major industrial boom across the economic board, noting that the value of invested industrial capital amounts to $34.6 billion, while the number of factories and plants stands at more than 6,000.

Al-Kait also reveals that there are more than 433,000 people in the industrial sector in the country. He explains that the UAE continues its strategic approach of diversifying sources of income and lessening dependence on oil revenues.

He adds that the country seeks to increase the contribution of the non-oil economy to 80 per cent of gross domestic product by 2021. In 2014, the non-oil sector contributed 69 per cent to the GDP.

($1 = AED3.67, at the time of publishing)