The United Arab Emirates has achieved a groundbreaking milestone, with its foreign trade surpassing Dhs 3 trillion for the first time by the end of 2024. This remarkable achievement reflects the nation’s strong economic vision, global partnerships, and commitment to long-term growth.
UAE’s Economic Growth Outpaces Global Trade
Announcing the milestone on X (formerly Twitter), His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, credited the country’s leadership for this success:
“My brother, His Highness Sheikh Mohamed Bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results.”
While global trade grew by just 2% in 2024, the UAE’s foreign trade expanded at an exceptional 14.6% growth rate, more than seven times the global average.
Comprehensive Economic Partnership Agreements (CEPA) Drive Trade Expansion
The UAE’s Comprehensive Economic Partnership Agreements (CEPA), led by His Highness Sheikh Mohamed Bin Zayed, President of the UAE, played a crucial role in this success. These agreements contributed an additional Dhs 135 billion to the country’s non-oil trade, marking a 42% increase compared to the previous year.
On Track to Achieve Dhs 4 Trillion Target Ahead of Schedule
The UAE had initially set a Dhs 4 trillion foreign trade target for 2031, but with 75% of that goal already achieved by the end of 2024, the country is on course to reach it much sooner.
His Highness Sheikh Mohammed Bin Rashid emphasized the UAE’s unwavering focus on economic prosperity:
“The UAE is shaping its own economic future, focusing on progress over politics. Our priority is to strengthen economic partnerships with nations around the world—because prosperity is built on stability.”
A Clear Vision for a Prosperous Future
With a clear vision and bold ambitions, the UAE continues to establish itself as a global economic powerhouse. As international markets face uncertainty, the UAE’s resilient trade policies and strategic global partnerships position it as a leader in economic growth and stability.