UAE leads Arab world in exports of manufactures; AMF

By Shilpa Annie Joseph, Official Reporter
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UAE leads Arab world
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The Arab Monetary Fund (AMF) has revealed that the UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion.

Founded in 1976, Arab Monetary Fund is a regional Arab organization, a working sub-organization of the Arab League. AMF aims to strengthen the economic, financial, and monetary stability and development process of Arab nations.

According to the AMF’s Joint Arab Economic Report, the UAE’s manufacturing industry exports account for 43.9 percent of overall Arab exports of manufacture, owing to strong growth in the field of re-exports.

The Joint Arab Economic Report addresses economic developments in the Arab economies. The report is the result of fruitful cooperation among Arab institutions.

The report added that Saudi Arabia comes second to the UAE with approximately $69 billion and a 21.2 percent stake, followed by Morocco with $19.9 billion and a 6.1 percent share, while Egypt had a 6.1 percent share, Tunisia with 4 percent, Bahrain 2.2 percent, Jordan 2.1 percent, Kuwait 2 percent, and Algeria 1.1 percent.

Lebanon has 0.8 percent, Libya has 0.5 percent, Palestine has 0.5 percent, Djibouti has 0.5 percent, and Iraq has 0.1 percent, as per the statement.

Recently, the Arab Gulf Program for Development (AGFUND) and the AMF signed a memorandum of understanding (MoU) to coordinate efforts to promote economic development and achieve sustainable development goals in the Arab region via expanding financial inclusion.

Related: Saudi EXIM Bank signs $26mn deal with Turkey to finance non-oil exports


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