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UAE’s budget balance improved as its economy recovers
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It will enter 25 new international markets for foreign trade
Boosted by an improved budget balance in the first half of the year, as the economy began recovering from the bruising effects of the Covid-19 pandemic, ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum has said the UAE will enter 25 new international markets for foreign trade, with the goal of boosting exports by 90 percent in the next few years.
The state news agency WAM reported, citing a ministerial meeting attended by the central bank governor.
The UAE, a commerce and trade hub, was hit hard by the COVID-19 pandemic which had a crippling impact on sectors vital to its economy like tourism and hospitality.
Preliminary data in May showed the economy shrank 6.1 percent in 2020, while the central bank has said it expects GDP to grow 2.5 percent this year.