Forward-looking vision of wise leadership reflected in UAE’s non-oil foreign trade: Al ZeyoudiDEWA’s Innovation Centre launches 2nd cycle of CleanTech Hackathon

ABU DHABI: Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stressed that the forward-looking vision of the wise leadership to expand the network of trade and investment partners was significantly reflected in the UAE's non-oil foreign trade of goods and services, which continued to record unprecedented historical numbers at the end of 2023, exceeding over AED3.5 trillion. 'This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE's economic strategy, a driving force of growth and diversification and a catalyst for sectors that focus on innovation, knowledge, and advanced technology,' he added. Dr. Al Zeyoudi hailed these result as 'particularly notable', as they came amid a 5 precent decline in global trade in the first half of 2023, and an 8 percent fall in exports in the third quarter. 'The continuing upward trend in the UAE's non-oil foreign trade is a clear reflection of the national vision of a dynamic, diversified economy that is open to th e world,' he said. Dr. Al Zeyoudi noted that through the Comprehensive Economic Partnership Agreement (CEPA) programme, the UAE has been purposefully expanding its network of trade partners around the world, securing stronger ties with like-minded nations to enhance market access and deliver new opportunities for exporters, industrialists, investors and entrepreneurs. 'Our non-oil trade with Trkiye perhaps best illustrates the impact of our CEPAs on our trade relations," Dr. Al Zeyoudi said, adding that bilateral non-oil trade surged 103.7 percent in 2023, the fastest growing of our top 10 trading partners, and accounting for 5.1 percent of the UAE's total foreign trade. Notably, during the last five months of 2023, which coincides with the implementation of the CEPA, Trkiye received 60 percent of the UAE non-exports. In total, the value of non-oil foreign trade with the UAE's CEPA partners, both those implemented and those nearing conclusion, amounted to more than AED390.5 billion - a growth of 24.5 perce nt compared to 2022, Dr. Al Zeyoudi added. The Minister of State for Foreign Trade highlighted the international confidence in the UAE economy, noting that while the UAE's trade in non-oil goods stood at AED2.574 trillion, a growth of 12.6 percent compared to 2022, trade in services reached AED967 billion, another record - with AED587 billion of that services exports. "This is an important area of opportunity for the UAE - and one on which we will focus in the years ahead to drive more growth," he concluded. Source: Emirates News Agency DUBAI: Dubai Electricity and Water Authority (DEWA)'s Innovation Centre is organising the second cycle of the CleanTech Hackathon from 19th to 21st February 2024. This is a part of DEWA's participation in 'UAE Innovates 2024'. The competition aims to attract innovators and university students from around the world, as well as specialists in sustainable innovations in energy, digital transformation, elevating the efficiency and reliability of clean and renewable energy, and integrating clean and renewable energy sources with other energy systems. 'We organise the second cycle of the CleanTech Hackathon in line with the directives of the wise leadership, we are committed to empowering the youth, enhancing their knowledge, and encouraging them to work in the clean and renewable energy field. We motivate them to be creative and innovative to develop sustainable solutions that accelerate the energy transition and contribute to achieving net-zero. Structured around three main tracks, the competition focuses on o ptimising the efficiency and cost-effectiveness of clean energy sources, ensuring the reliability and stability of renewable energy, and integrating renewable energy seamlessly into existing systems. These tracks contribute to maximising efficiency, overcoming intermittency challenges, and innovatively addressing energy storage, distribution, and smart grid technologies,' said Saeed Mohammed Al Tayer, MD and CEO of DEWA. 'The Innovation Centre supports our efforts to enhance the participation of young people in creating positive change and shaping the future of sustainable energy globally. Through the Innovation Centre, DEWA aims to raise sustainability awareness, hone national capabilities, and enhance business competitiveness in this promising sector. This supports the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050,' added Al Tayer. 'CleanTech Hackathon is part of DEWA's endeavour to support efforts to combat climate change and promote environmental sustainability,' said Waleed Bin Salman, Executive Vice President of Business Development and Excellence at DEWA. The first cycle of the CleanTech Hackathon witnessed competition among 48 innovators, university students, and specialists. The Hackathon attracted 110 applications from 16 countries. The Hackathon concluded its activities by awarding four winners with valuable monetary prizes. Source: Emirates News Agency