JobXDubai

In a remarkable display of economic resilience and growth, the United Arab Emirates is poised to achieve Dh3 trillion in non-oil foreign trade by the end of 2024. This announcement comes from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, highlighting the nation’s impressive economic performance in the first half of the year.

Key Highlights of UAE’s Trade Performance

1. 11.2% Year-on-Year Growth: The UAE’s non-oil foreign trade increased by 11.2% in the first six months of 2024 compared to the same period last year.
2. Exports Match Pre-COVID Levels: In just six months, the UAE’s exports have equaled the full-year output of 2019, before the COVID-19 pandemic.
3. Near Dh1.4 Trillion in Foreign Trade: The country’s foreign trade is approaching Dh1.4 trillion for the first half of 2024.
4. 25% Growth in Non-Oil Exports: A significant increase in non-oil exports demonstrates the UAE’s successful economic diversification efforts.

Strengthening Global Trade Relations

Sheikh Mohammed noted substantial growth in trade with key partners:

• 10% increase with India
• 15% increase with Turkey
• 41% increase with Iraq (now the top destination for UAE exports)

Exceeding Global Trade Growth

While the global trade growth rate hovers around 1.5%, the UAE’s foreign trade has grown by 11.2% annually, showcasing the country’s economic dynamism and resilience.

Sector-Specific Growth

1. Non-Oil Exports: 28.7% growth to top 10 trade partners, 12.6% growth to all other nations
2. Key Export Categories: Gold, jewelry, cigarettes, oils, aluminum, copper wires, printed materials, silver, iron industries, and perfumes (36.8% collective growth)
3. Re-Exports: Reached Dh345.1 billion (2.7% growth from 2023, 11.2% growth from 2022)
4. Imports: Approaching Dh800 billion (11.3% growth from 2023, 34.6% growth from 2022)

Leadership and Vision

Sheikh Mohammed attributes this success to:

1. The steadfast support of President His Highness Sheikh Mohammed bin Zayed Al Nahyan
2. Exceptional international relations cultivated with countries worldwide
3. Tireless efforts of thousands of teams from both public and private sectors

Looking Ahead

The UAE’s ambitious goal of Dh4 trillion in foreign trade by 2031, once considered highly challenging, now seems within reach. As Sheikh Mohammed states, “The flag rises, the nation and the region prosper, and our future is brighter, higher, and more promising.”

This impressive economic performance underscores the UAE’s position as a global trade hub and its successful strategy in diversifying away from oil dependence, setting a benchmark for economic development in the region.