KT Edit: UAE is on course to be global trade hub

The UAE’s non-oil economic growth prospects look bright for the coming years as the Arab world’s second-largest economy is setting the stage to grow in the post-Covid-19 phase and also strengthen its position as a regional hub for trade, finance, logistics and manufacturing, thanks to a host of initiatives announced this week.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, earlier this week revealed the country’s vision and plan to broaden its foreign trade by foraying into 25 new international markets, increasing exports by 50 per cent in the coming few years and boosting ecosystem for startups through the ‘Skill-up Academy’. In order to quickly overcome the Covid-19 pandemic to boost confidence of foreign investors, the UAE has placed the highest priority on the healthcare of its residents which will not just ensure a safer UAE but also attract high net worth individuals into the country. Interestingly, wealthy individuals have been already flocking to the UAE, especially Dubai, in the wake of aggressive vaccination of residents as well as a successful handling of the pandemic by the government.

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