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In the face of global challenges, business leaders in the UAE and Saudi Arabia are setting their sights on a prosperous 2024, with ambitious plans for double-digit export growth. This optimism is fueled by a strategic focus on innovation and technology, aimed at enhancing their presence in global supply chains.

A recent study, “Trade in Transition,” conducted by Economist Impact and sponsored by DP World, sheds light on this enthusiasm. It reveals how companies in these Gulf countries are preparing for a future beyond oil by diversifying their export markets and leveraging new opportunities for growth.

According to the research, a significant 33% of business leaders view the expansion into new markets as crucial for their export growth. This approach is seen as a way to mitigate risks, streamline market entry processes, and ensure a more resilient business model.

The findings are promising, with 57% of businesses anticipating at least a 10% increase in sales, and 40% expecting a similar surge in purchases in 2024. Abdulla bin Damithan, CEO and Managing Director at DP World GCC, highlights the importance of technology and innovation in navigating the changing economic and geopolitical landscape. He emphasizes the role of initiatives like Dubai’s D33 and Saudi Arabia’s Vision 2030 in creating new trade opportunities and building robust, adaptable supply chains.

As these nations strive towards a diversified, innovation-driven economy, the commitment to embracing cutting-edge technologies and exploring new markets is clear. The outlook for 2024 is not just about growth; it’s about setting a new standard for resilience and success in the global trade arena.