The UAE has achieved a historic milestone in its foreign trade, reaching an unprecedented Dh3 trillion by the end of 2024. This remarkable growth was announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. He highlighted that while global trade grew by only 2 percent in 2024, the UAE’s foreign trade expanded at an impressive 14.6 percent, seven times the global average. This significant expansion is largely attributed to the Comprehensive Economic Partnership Agreements (Cepa) led by President Sheikh Mohamed bin Zayed, which added Dh135 billion to the UAE’s non-oil trade with partner nations, marking a 42 percent increase from the previous year.
The UAE’s economic resilience and growth are evident in its GDP, foreign direct investment (FDI), and non-oil foreign trade, which have defied global trends despite economic uncertainties. The country’s economy has grown 24-fold over the past 53 years, demonstrating sustained growth and economic strength. The UAE is on track to achieve its ambitious Dh4 trillion annual trade target by 2031, having already reached 75 percent of this goal by the end of 2024. This progress underscores the UAE’s clear vision and bold ambitions, with a focus on strengthening economic partnerships globally.
The UAE’s economic strategy prioritizes progress over politics, emphasizing the importance of stability in achieving prosperity. The country’s diverse sectors, including tourism, transportation, and real estate, continue to drive growth. With its robust economic policies and strategic partnerships, the UAE is poised to maintain its position as a global trade leader and economic powerhouse in the region.
The UAE’s GDP is projected to reach Dh3 trillion by 2031, reflecting the nation’s commitment to sustainable economic diversification and growth. The country’s ability to adapt to global challenges and its strong economic legislation have contributed to its resilience and competitiveness. As the UAE continues to shape its economic future, it remains focused on enhancing its global trade footprint through strategic partnerships and investments.
In conclusion, the UAE’s achievement of Dh3 trillion in foreign trade marks a significant step towards its long-term economic goals. With its strong economic foundation and strategic partnerships, the UAE is well-positioned to continue its impressive growth trajectory in the coming years.
