UAE president in Ethiopia as trade and investment soar

 

On Friday, UAE President Sheikh Mohamed bin Zayed Al Nahyan embarked on an official visit to Ethiopia with the goal of strengthening relations and bolstering trade and investment ties between the two nations. Upon landing in Addis Ababa, he was warmly received by Ethiopian Prime Minister Dr Abiy Ahmed. The two leaders engaged in discussions encompassing various facets of their bilateral relationship, as well as matters of shared interest within the wider region and on the international stage.

This development comes as the UAE and Ethiopia have both witnessed a substantial surge in their non-oil trade, marking a remarkable 180% increase over the last decade. Notably, the cumulative worth of their non-oil trade from 2013 to 2022 surpassed AED34 billion, with the preceding year alone contributing AED5.113 billion — more than double the 2013 figure. Specifically, the UAE’s non-oil exports to Ethiopia were valued at AED773 million, while imports reached a total of AED2.307 billion.

Among the prominent items Ethiopia imported from the UAE were mineral oils, pre-fabricated buildings, pulses, raw gold, and iron and steel structures and components. Meanwhile, the UAE’s re-exports comprised automobiles, medical vaccines, communication devices and equipment, as well as jewelry and ornaments.

In the previous year, the top three goods imported by the UAE from Ethiopia were raw gold, coffee, and meat. Raw gold imports accounted for a substantial value of over AED2 billion, followed by coffee imports at AED43 million, and meat imports at AED207 million.