UAE Economic Statistics

Silvia Andreoletti

Silvia is an intern at Trade Finance Global. She is currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations.

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Exporting to United Arab Emirates

The United Arab Emirates’ major imports are gold and other precious metals, machinery, and cars.  Despite its positive trade balance, the UAE imports almost all of its food, which has made it vulnerable to grain shortages caused by the Ukraine war. The UAE is one of the world’s largest oil exporters, with an economy that is heavily reliant on petroleum and natural gas revenues. It is also a significant precious metals and diamonds importer: the country is one of the top gold hubs in the world, accounting for about a quarter of all global gold trade. 

The country’s strategic position near the Strait of Hormuz and facing the Persian Gulf makes it a crucial player in the region’s trade. Abu Dhabi’s Port Khalifa, still under construction and aiming to be completed by 2030, is one of the largest deepwater harbours in the world; the nearby Khalifa Industrial Zone has an area of over 400 square kilometres and generates significant cargo traffic. This is one of many infrastructure projects financed by the government to diversify the economy and promote non-oil growth; expanding manufacturing and service sectors as well as a booming tourism industry are signs of the operation’s success. 

The UAE is very open to exports from abroad, with few obstacles to trade and low tariffs. It has over 40 free zones throughout the country, which enables businesses based in those free zones to be owned entirely by foreigners and be exempt from all taxes and customs duties. 

Exporting to United Arab Emirates: What is trade finance?

United Arab Emirates (UAE) is a growing world financial centre and trade hub, with GDP growth rate at around 4% a year. With a total population of just 9 million, UAE is a high income and one of the richest nations in the world. UAE is actively seeking ways to diversify its economy in the long term, as it is heavily reliant on oil exports as a primary revenue stream at the moment. The country is investing into sustainable energy, education and science.

UAE imposes a 5% tax on imported goods, in accordance with the Unified Customs Law (ULC). United Arab Emirates main imports are pearls and other precious metals and stones, machinery, sound recorders and transport vehicles. UAEs import partners are China, India and the United States.

With a large expatriate population and one of the most liberal trade nations in the Gulf, a UK business exporting to UAE could have many advantages, including its proximity to other Gulf markets, there is no taxation on personal income and capital gains, and it’s ranked thirty-first  in the World Bank’s ease of doing business report.

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