Non-oil trade soars as Sheikh Mohammed bin Rashid Al Maktoum emphasizes UAE’s resilient trade growth, as the nation strengthens ties with global partners, including African economies.
UAE’s Ambitious Trade Target for 2024
The UAE is on the brink of achieving a significant milestone in its economic history, with non-oil foreign trade expected to reach AED 3 trillion by the end of 2024. This achievement highlights the country’s robust economic strategy and its emphasis on diversifying its income sources away from oil, a cornerstone of the UAE’s Vision 2021 and subsequent Vision 2030 economic plans.
Strengthening Global Partnerships
The UAE’s ambitious trade goals are closely tied to its strategy of fostering strong international relationships. As noted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, “”A few years ago, we set ambitious national economic goals, aiming for Dh4 trillion in foreign trade by 2031—a goal that was seen as highly challenging at the time. Today, the figures for the first half of 2024 show that our exports in just six months have equalled what we used to export in an entire year before the COVID-19 pandemic in 2019. Our foreign trade is nearing Dh1.4 trillion in these six months, with a 25 per cent growth in non-oil exports. Our target is to achieve Dh3 trillion in non-oil foreign trade by the end of this year,” he said on X.
The UAE has positioned itself as a central hub for global commerce, with a focus on enhancing trade routes and partnerships across continents. Notably, the nation’s trade relationships extend beyond traditional markets to include emerging economies, particularly in Africa. These partnerships are crucial for the UAE’s continued growth, enabling the nation to tap into new opportunities and expand its global influence.
Africa’s Role in UAE Trade Strategy
Africa is playing an increasingly significant role in the UAE’s trade strategy. The continent offers vast potential, with its rapidly growing economies and youthful population. The UAE has been proactive in building ties with African nations, seeking to establish mutually beneficial trade and investment opportunities. This focus on Africa aligns with the UAE’s broader strategy to diversify its economic partners and reduce dependency on any single region.
The partnership between the UAE and African nations is also facilitated by various platforms and forums that encourage dialogue and cooperation. These initiatives not only boost trade but also pave the way for investments in infrastructure, technology, and sustainable development projects across Africa.
The Future of UAE’s Non-Oil Trade
Looking ahead, the UAE’s commitment to expanding its non-oil trade is set to continue, driven by innovation, infrastructure development, and a keen focus on sustainability. The projected AED 3 trillion in non-oil foreign trade by the end of 2024 underscores the nation’s resilience and adaptability in the face of global economic challenges.
The UAE saw strong growth in non-oil trade during the first half of 2024. Non-oil exports to the top 10 trading partners increased by 28.7%, while trade with other countries rose by 12.6%. Key export categories, including gold, jewelry, and aluminum, grew by 36.8%, with other goods increasing by 1%.
Re-exports reached AED 345.1 billion, up 2.7% from 2023, with notable growth in telephones and diamonds. Kazakhstan nearly doubled its re-exports, primarily in telephone devices. Re-exports with top partners grew by 7.6%.
Non-oil imports neared AED 800 billion, growing by 11.3%, with top 10 markets accounting for 48.7% of total imports. Imports from other countries rose by 15.4%.
The UAE’s expected attainment of AED 3 trillion in non-oil foreign trade by the end of 2024 is a testament to its strategic economic planning and global partnerships. With Africa playing a pivotal role in its trade expansion, the UAE is not only securing its economic future but also contributing to the growth and development of its global partners. This achievement reaffirms the UAE’s status as a key player in the global trade arena, poised to continue its trajectory of growth and diversification.
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