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Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, said on Sunday at X that the UAE’s non-oil trade will reach a record 1.39 trillion dirhams ($379.85 billion) in the first half of 2024, reflecting the country’s efforts to reduce its dependence on oil.
“A few years ago, we set ambitious national economic targets, aiming to reach 4 trillion dirhams in foreign trade by 2031. At the time, this target was seen as extremely difficult. Today, figures for the first half of 2024 show that in just six months, our exports will equal the value of our exports in a full year of pre-COVID-19 2019,” Sheikh Mohammed said.
“Our foreign trade is approaching 1.4 billion dirhams in the last six months, with non-oil exports growing by 25 percent,” Sheikh Mohammed added, saying the UAE aims to reach 3 trillion dirhams in non-oil trade by the end of this year.
The UAE’s non-oil exports to its 10 largest trading partners increased by 28.7 percent, while trade with the rest of the world grew by 12.6 percent.
ูุจู ุนุฏุฉ ุณููุงุช ุฃุนููุง ุฃูุฏุงููุง ุงูุงูุชุตุงุฏูุฉ ุงููุทููุฉ .. ูุฃุนููุง ุจุฃู ู
ุณุชูุฏู ุชุฌุงุฑุชูุง ุงูุฎุงุฑุฌูุฉ ููุนุงู
2031 ูู 4 ุชุฑููููู ุฏุฑูู
ุณูููุงูโฆ ูุฏู ูุงู ูู
ุซู ุชุญุฏูุงู ูุจูุฑุงู ูู ููุชูุง โฆ
2024 โฆ ุญูุซ ุจูุบุช ุตุงุฏุฑุงุชูุง ูู 6 ุฃุดูุฑ ููุท ู
ุง ููุง ูุตุฏุฑู ุฎูุงู ุนุงู
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โ HH Sheikh Mohammed (@HHShkMohd) August 25, 2024
The country’s most important export items in the first half of this year were gold, jewellery, tobacco, petroleum, aluminium, copper wire, printed matter, silver, steel and perfumes, which together increased 36.8% compared to the same period in 2023.
“Our economic ties with various countries have strengthened, with trade with India increasing by 10 percent, with Turkey by 15 percent and with Iraq by 41 percent, making Iraq the UAE’s largest export destination, followed by India, Turkey and others,” Sheikh Mohammed said.
The UAE’s non-oil imports are expected to approach AED 800 billion in the first half of 2024, up 11.3% compared to the same period in 2023 and 34.6% compared to the same period in 2022.
UAE strengthens trade ties
Meanwhile, the UAE has been launching a series of bilateral trade, investment and cooperation agreements, known as the Comprehensive Economic Partnership Agreement (CEPA), since 2021 to strengthen efforts to diversify its revenue sources and economic sectors.
“The UAE has placed foreign trade at the heart of its economic policy, recognising its vital role in boosting industrial production, enhancing the global competitiveness of products and services, and fostering innovation,” said Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
Dr Zeyoudi said the UAE’s CEPA program has played a central role in expanding the country’s non-oil trade, noting that bilateral trade with India and Turkey has increased by 15 percent and 9.8 percent respectively, which together account for 11.7 percent of the UAE’s total external trade.
CEPA aims to strengthen economic competitiveness and attract $150 billion in direct foreign investment over the next nine years across sectors such as digital economy, entrepreneurship, advanced skills, space and advanced technology.
The UAE has so far ratified five CEPAs, with India, Israel, Indonesia, Turkey, Cambodia and Georgia, and is also in negotiations with markets of strategic importance at regional and global levels, including the Republic of Congo, Malaysia and New Zealand.