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 on Monday.

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 tweeted.

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 Dh1.911 trillion.

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 Development Goals.

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 space sector.

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.