Abu Dhabi’s non-oil exports and re-exports jumped 62.5 per cent to reach Dh32.8 billion ($9bn) between June and August this year, compared with the previous three months on the back of strong economic and trade ties between the emirate and countries in the Middle East, Asia and Europe.
“These well-established ties demonstrate the confidence of the global community and the rising demand for Abu Dhabi’s non-oil products,” Mohammed Al Shorafa, chairman of Abu Dhabi’s Department of Economic Development (ADDED), said. “The latest numbers have proved the regional and global competitiveness of local goods.”
Abu Dhabi’s non-oil exports and re-exports grew despite the global repercussions of the Covid-19 pandemic, he added.
Mr Al Shorafa also reaffirmed the Abu Dhabi government’s commitment to "help sustain the performance of the private companies that benefited from its economic stimulus package that was issued earlier for businesses affected by the Covid-19 crisis”.
Abu Dhabi, which accounts for about 6 per cent of the world's proven oil reserves, introduced a number of measures to support its private sector following the outbreak of Covid-19 in March.
Relief measures included rent rebates, discounts on utility bills and loan guarantee packages to support SMEs in the emirate.
“The department will further work towards strengthening Abu Dhabi’s exports of various products and commodities to achieve tangible economic returns and enhance the global competitiveness of the national products,” Mr Al Shorafa added.
Saudi Arabia was the top destination for Abu Dhabi’s non-oil goods trade between March and August 2020, with a total value amounting to Dh15.3bn, according to the report. Switzerland, Hong Kong, China and Kuwait also emerged as key trading partners of Abu Dhabi. The non-oil exports and re-exports to these countries constituted 65.4 per cent of the emirate’s total exports from March until May 2020.
Meanwhile, Saudi Arabia, Hong Kong, Italy, Switzerland and Singapore accounted for 67.8 per cent of the total non-oil exports and re-exports recorded between June and August this year.
Abu Dhabi's economy is expected to expand by 6 per cent to 8 per cent over the next two years, with the oil sector, financial services, government spending and foreign investment driving the growth, Mr Al Shorafa told The National last month.