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This year is UAE’s best economically, says Sheikh Mohammed bin Rashid

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The UAE’s non-oil foreign trade grew to a record Dh1.239 trillion in the first half of 2023, a growth of 14.4 per cent compared to the same period last year with China, India and the US staying the top trading partners.

Announcing the achievement, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “The UAE’s non-oil export continues to set unprecedented records as it rose 22 per cent with the top 10 global trading partners in 2023… The bilateral trade with Türkiye recorded one of the highest growth rates in the first half of 2023, with 87.4 per cent growth compared to the same period in 2022,”

Sheikh Mohammed also posted a message on the X (formerly Twitter) platform: “2023 will be the best economic year in the history of our country.”

CEPA, imports and exports

The UAE’s non-oil foreign trade has seen a continued upward trend, achieving quarter-on-quarter growth since 2020. The growth is driven by multiple factors such as UAE’s investor-friendly policies and the signing of Comprehensive Economic Partnership Agreements (CEPAs) with many countries. This has also improved the country’s overall economic profile.

“The UAE will remain a major player in international trade, maintaining its position as a bridge linking the East with the West, and the North with the South,” added the UAE Vice-President.
Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, said these results coincide with the CEPA programme, which is deepening ties with key markets around the world – including India and Türkiye, two of largest export destinations. “We can anticipate new milestones as more CEPAs are signed,” said Al Zeyoudi.

Abdulla bin Touq Al Marri, Minister of Economy, last year said the country aimed to sign 26 CEPAs in the coming few years to boost foreign trade with major partners.

Top trading partners

The Ministry of Economy said China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia. Türkiye, with whom the UAE signed a CEPA in March, came in fifth place, with Iraq, Switzerland, Japan, Hong Kong, and Russia completing the top 10.
Overall, the UAE’s top ten trading partners witnessed a combined growth of 16.7 per cent in non-oil trade, while the rest of the markets accounted for 12.4 per cent growth.

Gold, aluminium, oils, cigarettes, copper wires and jewellery topped the list of the UAE’s most prominent exports. Gold exports registered the highest growth of 40.7 per cent to reach Dh218.3 billion.

Business

Khorfakkan’s new resort features private beach, pools and mountain views

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Set against the backdrop of Khorfakkan’s mountains and coastline, His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Thursday inaugurated the new Khorfakkan Resort, a Dh700 million waterfront development designed to elevate tourism and lifestyle living on Sharjah’s east coast.

Stretching along Khorfakkan beach, the resort brings together 573 residential units, from one-bedroom apartments to spacious four-bedroom homes, many overlooking sweeping views of the sea, mountains, beach and city skyline.

Developed by Asas Real Estate, the project spans 330,000 square feet, with a built-up area reaching 1.4 million square feet, adding another landmark destination to the emirate’s growing hospitality and tourism portfolio.

What the resort features:

  • 16 retail outlets
  • A private beach
  • Outdoor swimming pools
  • Elevated green spaces covering 100,000 square feet
  • Gym and sports facilities
  • Integrated hotel-style services

The luxury property is located close to Khorfakkan Amphitheatre and the city’s waterfall attraction, adding to its appeal for residents and visitors.

Officials said the project is expected to support Khorfakkan’s growing tourism sector while creating new investment opportunities through freehold ownership options.

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Emiratisation targets 2026: What UAE private firms need to know

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The Ministry of Human Resources and Emiratisation (MoHRE) has confirmed that June 30, 2026, is the final deadline for private sector companies with 50 or more employees to meet Emiratisation targets for the first half of the year.

Under current rules, companies must achieve a 1% increase in Emiratisation for skilled jobs by the end of June, with another 1% increase required in the second half of 2026.

Starting July 1, firms that fail to meet the required targets will face financial penalties.

The ministry urged companies not to wait until the last minute and encouraged employers to use the Nafis platform to connect with Emirati jobseekers across multiple sectors and specialisations.

Officials said more than 50 days remain before the deadline, giving companies time to speed up hiring plans and improve compliance.

Fake Emiratisation practices

The ministry also warned against fake Emiratisation practices, saying advanced monitoring systems powered by artificial intelligence are being used to detect violations and attempts to manipulate targets.

Companies found violating Emiratisation regulations could face penalties, downgrading of their classification status and legal action.

Compliant companies may benefit from incentives under the Nafis programme, including discounts on ministry service fees and priority within government procurement systems.

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UAE launches new strategy to reduce reliance on imports

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The UAE has launched Make it in the Emirates 2026 as part of efforts to strengthen local manufacturing, improve supply chain resilience and expand the country’s advanced industrial sector.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan said the platform reflects the UAE’s vision for a “more resilient and sustainable national industrial model”, with continued investment in industry, artificial intelligence and technology.

In a message shared on X, Sheikh Mohamed said the UAE will continue to build strategic partnerships and strengthen local capabilities to boost global competitiveness.

The initiative comes as the UAE pushes to reduce dependence on global supply chains amid ongoing geopolitical and economic uncertainty.

Officials said more than 150 strategic commodities have already been studied, with alternative sourcing plans identified to maintain supply during global disruptions.

A key goal of Make it in the Emirates 2026 is to encourage more local production inside the UAE while attracting industrial investment and advanced manufacturing technologies.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also attended the event in Abu Dhabi, highlighting the growing role of UAE-made products and Emirati talent in shaping the country’s industrial future.

The event has brought together around 1,200 exhibitors across 12 key sectors, including aerospace, defence, energy, pharmaceuticals, mobility and sustainable materials.

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