UAE to enter 25 new international markets

The UAE on Sunday announced plans to broaden its foreign trade by entering 25 new international markets.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter to highlight the country's trade achievements as well as its vision, going forward.

UAE is among the top 20 in foreign trade competitiveness indicators. The UAE's annual non-oil trade exceeds Dh1.5 trillion, and its logistics network is in 400 global cities, the Dubai Ruler said.

Sheikh Mohammed also noted that a national measure of spending on research and development was adopted.

"The UAE spends 1.3% of its GDP on research and development. It is the first Arab country in this field. Our goal is to compete globally in the future. Research and development is what drive the economy of knowledge we seek to consolidate," he said.

"On a federal and local level, we work as one team to take our national economy to new heights. God willing, the UAE will remain a global economical capital for the coming decades," he added.