Dubai: The UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has made remarkable strides in its non-oil trade, according to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.
Highlighting the progress, Sheikh Mohammed stated, “A few years ago, we set ambitious national economic goals, aiming for AED 4 trillion in foreign trade by 2031. Today, our exports in the first half of 2024 have reached what we used to achieve in an entire year before the COVID-19 pandemic. Our foreign trade is nearing AED 1.4 trillion in just six months, with a 25 percent growth in non-oil exports. We aim to achieve AED 3 trillion in non-oil foreign trade by the end of this year.”
Sheikh Mohammed also noted the strengthening of economic ties with various countries, including a 10 percent trade increase with India, 15 percent with Türkiye, and 41 percent with Iraq, which has become the top destination for UAE exports.
“Our foreign trade has grown by 11.2 percent annually, far surpassing the global growth rate of 1.5 percent,” added Sheikh Mohammed.
He attributed this success to the support of Sheikh Mohamed bin Zayed and the concerted efforts of public and private sector teams, which have led to enhanced international relations and a brighter future for the nation.
In the first half of 2024, the UAE’s non-oil exports to its top 10 trade partners grew by 28.7 percent, with gold, jewellery, and other key products showing a 36.8 percent increase. Re-exports reached AED 345.1 billion, growing by 2.7 percent compared to the same period in 2023. The top re-exported goods included telephones and diamonds, with significant growth in aircraft parts, cars, and goods transport vehicles.
Non-oil imports neared AED 800 billion, growing by 11.3 percent compared to the same period in 2023, with imports from the top ten markets increasing by 7.2 percent. Countries outside the top ten saw a 15.4 percent growth in imports.
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