Official figures show the UAE is now on a top 30 nation list of the world's largest services importers.
UAE among the top services importers
The UAE has become the first Arab country to enter a top 30 nation list of the world's largest services importer, according to official figures. The UAE was also the only Arab country among the top 30 importers of goods last year after overtaking Saudi Arabia, which exited the list last year, figures by Inter-Arab Investment Guarantee (IAIGC) in Kuwait, an Arab League affiliate, showed. Both Gulf countries were also on the list of the world's top exporters of goods following a sharp increase in their crude and non-oil exports last year.
"In the services sector, no Arab country was in the 30 nation list of exporters. But the UAE entered the list of importers last year, ranking 29th in the list. Its services imports were estimated at US$27 billion (Dh99bn), accounting for 0.9 per cent of the total global imports of services," IAIGC said, citing figures by the WTO. The US topped the list of services importers, with a value of around $336bn or 11 per cent, followed by Germany with a value of $245bn and a share of about eight per cent. Britain came third, with around $193bn and a share of 6.3 per cent.
As for services exports, the US was also on top of the list, with an export value of about $454bn and a share of 13.9 per cent. The report showed the UAE was the world's 28th largest importer of goods, with a value of around $121bn and a share of 0.9 per cent of the total global imports last year. The UAE ranked 24th on the list of top 30 exporters of goods, with an export value of $154bn and a share of 1.1 per cent.