Ministry of economy involves export sector in ‘Designing the Next 50’

Within the framework of the “Designing the Next 50” launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to involve the community in shaping the country’s future for the next fifty years, Abdulla Bin Touq Al Marri, UAE Minister of Economy, Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, and Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a virtual meeting with representatives of more than 100 exporting companies in the country.

The meeting was aimed at involving the export sector in the Next 50 Plan, as it included discussing the most prominent proposals and ideas submitted by exporters to develop strategies related to developing the export capabilities, reviewing the most prominent challenges, and designing new work paths to enhance the UAE’s position to be among the first countries in the world in trade and export of commodities and services for the next 50 years.

In this context, the UAE is the first among Arab countries in exports from 2013 to 2019, and is among the top 20 exporting countries globally from 2007 until today, and the country’s non-oil exports have achieved continuous growth over the past five years (2013- 2019) amounted to about nine percent. The percentage of these exports in the country’s GDP increased from 11 per cent in 2010 to 21 per cent at the end of 2019.

The meeting was attended by representatives of more than 100 of the major exporting companies in the country, operating in various fields, including pharmaceutical industries, food and beverage products, building materials, renewable energy products, and others.

In this regard, Al Marri, said, “Businessmen and exporting companies in the country are a major part of the country’s economic strategy. We have been keen through it to work in an effective participatory manner with the concerned groups in society, specifically the business sector and producing and exporting companies, to integrate their views and suggestions in the process of developing the country’s economic plans and policies with a focus on export strategies and support for Emirati products in global markets.”

Dr Al Falasi, said, “Today, through this meeting, we were briefed on some of the perceptions and visions of the export sector in the country, and we were keen to consult with the number of exporters in the country to present new and innovative ideas that would develop national export strategies in the long term, and enhance the reputation of Emirati exports of products and services in all fields, and increasing its competitiveness in the regional and global markets.”

Meanwhile, representatives of exporting companies expressed their thanks to the leadership for its pioneering initiatives in engaging the business sectors. They stressed on the importance of deepening the partnership between the government and business sectors, direct contact with the exporters’ community and reviewing their proposals and challenges that the export sector could face in the coming days

“Designing the Next 50” is supervised by the Supreme Committee Towards next Fifty, headed by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

DME and Kpler deal: Dubai Mercantile Exchange (DME), has announced the signing of Memorandum of Understanding with Kpler, a provider of data-driven transparency solutions in commodity markets.

The strategic partnership will provide access to data from hundreds of sources including AIS signals, satellite images, logistics and commercial reports, and governmental and shipping databases. Kpler’s proprietary technologies systematically aggregate and process this information to deliver real-time intelligence across more than 20 commodity markets. The company’s data is trusted by more than 450 organizations globally, including trading houses, IOCs, NOCs, shipping companies, banks, and hedge funds.

Commenting on the signing of the MoU, Raid Al Salami, Managing Director, DME, said, “We are pleased to partner with Kpler to enrich the trading experience for our customers by providing access to real-time intelligence on commodity inventories, flows, and freight. By enabling traders to observe emerging market trends in great detail, we are assisting them to manage risk and develop more successful strategies. Kpler has emerged as the uncontested leader of their field in terms of coverage and data quality and we look forward to working closely with them. The integration of their market intelligence will further cement DME’s position as a pioneering regional exchange.”

WAM