The export of floating drilling platform equipment boosted Abu Dhabi's non-oil trade by more than a third in the second quarter. Jeff Topping / The National

High sales of oil rigs boost Abu Dhabi's export figures

Tom Arnold

Oil-rig sales have helped Abu Dhabi to drive up its exports.

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The export of floating drilling platform equipment boosted the emirate's non-oil trade by more than a third in the second quarter.

Non-oil exports more than tripled from Dh1.6 billion (US$435.6 million) in the same period last year to Dh5.9bn, the Statistics Centre Abu Dhabi announced yesterday.

Machinery and transport equipment formed more than 74 per cent of total exports, with floating or submersible drilling or production platforms the most significant products in the category.

Exports of manufactured goods rose 26.7 per cent over the quarter.

Order books of rig builders and oilfield services companies in the Emirates have expanded rapidly this year as oil companies have reinvested profits earned from the strong price of crude in buying new drilling platforms or refurbishing existing ones.

Abu Dhabi is focused on increasing its non-oil exports as it seeks to cut its reliance on revenue from crude. It has set a target of increasing the contribution to GDP of such exports to 11 per cent by 2030 from 1.5 per cent in 2008.

The statistics centre's latest data shows imports rose by 20.1 per cent, from Dh21.3bn to Dh25.6bn. Machinery and transport equipment represented almost half of total imports. Manufactured goods rose by 42.5 per cent to contribute Dh6.7bn to imports.

Machinery and transport equipment was also the biggest contributor to re-exports.

Total re-exports rose by 15.4 per cent, from Dh2.51bn to Dh2.89bn.

North and South America accounted for the largest proportion of non-oil exports. Goods valued at Dh2.6bn went to North America during the quarter, with Dh1.6bn heading to South America.

Asia was the top destination for re-exports from the capital, with goods valued at Dh2.6bn heading through Abu Dhabi.

tarnold@thenational.ae