The UAE has reached a significant economic milestone, with foreign trade hitting Dh3 trillion by the end of 2024. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Ruler of Dubai, announced this achievement on Wednesday, attributing the success to the strategic efforts of President Sheikh Mohamed.
Impressive Growth Rate
Sheikh Mohammed highlighted that while global trade grew by only 2% in 2024, the UAE’s foreign trade expanded at an impressive 14.6%, outpacing global trends. This growth reflects the effectiveness of the Comprehensive Economic Partnership Agreements (CEPA) that have contributed Dh135 billion to non-oil trade with partner nations, marking a 42% increase compared to the previous year.
Path to Future Goals
Achieving the Dh3 trillion mark positions the UAE on track to meet its ambitious target of Dh4 trillion in annual foreign trade by 2031. Sheikh Mohammed noted that by the end of 2024, the country had already achieved 75% of this goal and is likely to reach it ahead of schedule.
Economic Diversification Success
The UAE’s economy has demonstrated remarkable resilience and growth, expanding 24-fold over the past 53 years. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, acknowledged that despite global uncertainties, the UAE’s GDP, foreign direct investment (FDI), and non-oil foreign trade continue to thrive.
Focus on Global Partnerships
Sheikh Mohammed emphasized that progress in the UAE prioritizes economic partnerships worldwide. “The UAE is shaping its own economic future,” he stated, underscoring that prosperity is built on stability and a clear vision for success.
Conclusion
With its foreign trade reaching Dh3 trillion, the UAE showcases its commitment to economic diversification and global engagement. The strategic initiatives led by President Sheikh Mohamed and ongoing efforts to enhance trade partnerships position the UAE as a key player in the global economy.
