UAE non-oil trade with BRI nations hits $305bn

Wam

Non-oil trade between the UAE and Belt and Road Initiative (BRI) countries reached $305 billion in the first half of 2023, growing more than 13 percent year on year, according to economy minister Abdulla bin Touq Al-Marri.

Trading with BRI nations accounted for 90 percent of the UAE’s non-oil trade during the period, the UAE state-run Wam news agency reported.

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In addition, 88 percent of the UAE’s imports come from Belt and Road countries, while 92 percent of re-exports are directed to these nations.

“The UAE is an active partner in the Belt and Road Initiative since its launch in 2013,” the minister said.

The UAE has invested $10 billion in the China-UAE investment fund to support the initiative’s projects in East Africa and signed 13 agreements with China in 2018 to invest in various sectors in the Emirates, he added.

The UAE currently hosts more than 4,000 Chinese companies in key sectors such as trade, logistics services, transport, financial and insurance activities, real estate, energy, and renewable energy.

Bank of China last week issued the first green bonds focused on BRI projects in the Middle East, listing them on Nasdaq Dubai.