RIYADH: The UAE is set to achieve its 4 trillion dirhams ($1.089 trillion) target for non-oil foreign trade within two years and ahead of the original 2031 goal, according to the country’s vice president.
In a post on X, Sheikh Mohammed bin Rashid Al-Maktoum highlighted the country’s rapid economic progress, stating that key indicators have surpassed global benchmarks.
This acceleration in trade is mirrored in other areas of the economy. The UAE reported a 4 percent growth in gross domestic product in 2024, with non-oil sectors contributing 75.5 percent of the overall output as diversification efforts gained momentum.
“Our non-oil foreign trade increased by 18.6 percent year-on-year in the first quarter of this year (global average 2-3 percent) — Its volume in the first quarter of this year amounted to 835 billion dirhams. Our non-oil exports grew exceptionally by 41 percent on an annual basis,” Al-Maktoum stated.
He continued: “Our goal is to achieve non-oil foreign trade for the UAE amounting to 4 trillion dirhams by 2031 ... We will reach it within two years ... (four years before the scheduled date).”
Al-Maktoum, who also serves as prime minister, noted that non-oil exports recorded an exceptional year-on-year growth of 41 percent, signaling the country’s strengthening role in international trade.
He further noted that the non-oil sector now contributes 75.5 percent to the national economy, highlighting the country’s successful diversification strategy.
“These are new development indicators for the UAE,” he said, reflecting on the resilience and dynamism of the country’s economy despite global challenges.
Al-Maktoum credited UAE President Sheikh Mohamed bin Zayed Al-Nahyan for leading the country’s transformative economic journey, which he described as achieving “exceptional milestones in the history of the UAE.”
Other countries in the region are also advancing their trade and diversification agendas.
Saudi Arabia is expanding its non-oil exports, which surged to SR515 billion ($137 billion) in 2024, a 13 percent year-on-year increase and a 113 percent rise since the launch of Vision 2030 in 2016.
Bahrain’s non‑oil sectors are also gaining momentum under its long‑term diversification strategy. In the third quarter of 2024, the non‑oil economy grew by 3.9 percent, accounting for 86.4 percent of real gross domestic product, driving an overall economic expansion of 2.1 percent year on year.
