Abu Dhabi’s non-oil foreign trade reaches Dhs61.5b in Q1

The total value of Abu Dhabi’s non-oil foreign trade in the first quarter (Q1) of 2022 amounted to Dhs61.522 billion, a 15 per cent increase compared to the same period of 2021.

Exports recorded a growth of 35 per cent in the first three months of the year compared to the same period of last year, valued at Dhs24.449 billion, while imports recorded an increase of 5 per cent with a value of Dhs25.374 billion. Re-exports saw a rise of 4 per cent, valued at Dhs11.698 billion compared to Dhs11.237 billion last year.

The value of trade in commodities from ordinary metals and their products exceeded Dhs12.83 billion, a rise of 27 per cent, compared to Dhs9.491 billion in the first quarter of 2021, while trade in pearls, precious stones, precious metals, and their products, recorded growth during the same period of 78 per cent. The trade of wood and its products, cork, mats and baskets grew by 47 per cent, while the trade of leather goods, animal kits and travel supplies recorded a growth of 43 per cent.

Saudi Arabia accounted for the largest share of total trade of 23 per cent, valued at Dhs13.921 billion, followed by Switzerland with eight per cent, the United States with seven per cent, China with five per cent, and India with five per cent.

Rashed Lahej Al Mansoori, Director-General of the General Administration of Customs in Abu Dhabi, said the proactive services launched by the administration during the relevant period contributed to the growth in non-oil trade in the first quarter of 2022 compared to the same period of last year.

The administration offers a set of strategic services based on digital technologies and artificial intelligence, he added, affirming that improving the efficiency of the customs sector will boost Abu Dhabi’s stature as a global capital of trade.

Mubadala’s income rises to Dhs122b: Mubadala Investment Company, an Abu Dhabi sovereign investor, released its 2021 financial results for the Group, achieving a Total Comprehensive Income (TCI) attributable to the Owner of Dhs122 billion for the year, compared to Dhs72 billion in 2020.

At year end, Assets Under Management across the group stood at Dhs1,045 billion compared to Dhs894 billion in 2020.

Growth was supported through investment returns, monetising certain assets and new partnerships. Mubadala listed its wholly owned semiconductor manufacturing company, GlobalFoundries, on the NASDAQ, valuing the company at nearly $26 billion in one of the biggest flotations of 2021 in the United States.

Yahsat’s IPO on the Abu Dhabi Securities Exchange supported the growth of Abu Dhabi as a capital marketplace and raised $731 million. Adnoc and Taqa became shareholders in Masdar, which was founded by Mubadala in 2006, to boost its renewable energy capacity to over 50 gigawatts by 2030.

Managing Director and Group Chief Executive Officer Khaldoon Khalifa Al Mubarak said, “Mubadala continues to invest in sectors that are changing the world and impacting global business. As markets rose and the economy began to recover from the pandemic, we looked for opportunities to take some of our strongest companies public and invest with world-class partners in high-growth sectors and geographies.” “2021 was Mubadala’s strongest financial year in its 20-year history. We are managing for value as well as staying focused on our long-term mandate to find commercial opportunities despite the current challenging and complex global economic outlook, with headwinds such as inflation, supply chain disruptions and tighter monetary policy.”