UAE Non-Oil Foreign Trade Achieves Unprecedented Success Under Leadership of Sheikh Mohammed Bin Rashid
UAE Non-Oil Foreign Trade Breaks Records
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has emphasized the impressive figures reported in the first half of 2024 for non-oil foreign trade. The UAE's exports have totaled AED1.395 trillion, marking a stunning 11.2% growth rate, far exceeding global trade growth of approximately 1.5%.
Ambitious Targets and Economic Impact
With a commitment to achieving AED4 trillion in foreign trade by 2031, Sheikh Mohammed articulated the significance of these numbers, revealing that exports in just six months matched total annual exports prior to the COVID-19 pandemic:
- 25% growth in non-oil exports
- 10% increase in trade with India
- 41% surge in trade with Iraq, now the top destination for UAE exports
Growth in Import and Re-Export Activities
Moreover, non-oil imports approached AED800 billion with a robust growth of 11.3% compared to last year. The demand for goods such as telephones and diamonds continues to rise, alongside exceptional growth in re-exports led by key partners:
- Saudi Arabia
- Iraq
- United States
Conclusion About Future Prospects
Sheikh Mohammed's remarks highlight the steadfast support from Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, as they work towards fostering stronger economic ties globally. With an optimistic outlook, the UAE stands committed to a future that is brighter and more prosperous.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.