The economic growth journey led by Mohammed bin Zayed is witnessing extraordinary successes, significantly impacting the UAE’s development trajectory. This ongoing growth is not just about numbers; it reflects a strategic vision that has propelled the nation to new heights in various sectors, particularly in non-oil foreign trade. The strong performance validates the leadership’s commitment to diversifying the economy and enhancing global trade relations.
Significant Growth in Non-Oil Trade
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, emphasized the remarkable achievements of the UAE under the leadership of Sheikh Mohammed bin Zayed Al Nahyan. He noted that non-oil foreign trade has surged significantly, achieving an 18.6% year-on-year increase in the first quarter of this year, with a total volume reaching 835 billion dirhams. The exceptional growth of 41% in non-oil exports highlights the success of the policies in place.
Aiming for Higher Targets
In his recent statement, Sheikh Mohammed bin Rashid outlined an ambitious target, stating, “Our goal is to reach a non-oil foreign trade volume of 4 trillion dirhams by 2031… we will achieve this within two years, four years ahead of schedule.” The UAE’s GDP is also projected to grow by 4% in 2024, reaching 1.77 trillion dirhams, with the non-oil sector contributing a remarkable 75.5% to the national economy.
Impressive First Quarter Performance
Recent data on non-oil foreign trade for the UAE further underscores the ongoing economic growth. From January 1 to March 31, the trade volume reached 835 billion dirhams, reflecting a solid upward trend. Non-oil exports alone amounted to 177.3 billion dirhams, experiencing a historic annual growth rate of 40.7% compared to the same quarter last year. For the first time ever, non-oil exports contributed more than 21% of the total non-oil foreign trade, a testament to the robust performance of the sector.
Strategic Partnerships and Future Prospects
The UAE’s trade relationships with key global partners also demonstrated impressive growth. Exports have soared, particularly to India (up by 31%) and Saudi Arabia (up by 127%), showcasing a strong international presence. The continuous focus on enhancing trade partnerships and increasing foreign investments exemplifies the results of the economic growth journey led by Mohammed bin Zayed.
The initiatives and strategic plans set forth by the UAE leadership are not only fostering an environment of stability and prosperity but also uplifting the nation’s stature on the global stage. As we witness these developments, confidence in a brighter and more prosperous future remains strong, fueled by the collective efforts of thousands of dedicated teams working towards the UAE’s global aspirations.