UAE Hits Record Non-Oil Trade Milestone Amid Diversification Efforts

The UAE's non-oil trade surged to a record 3 trillion dirhams in 2024, marking a 14.6% rise from the previous year. This boost is attributed to the country's strategic initiative to diversify its economy away from oil dependence through Comprehensive Economic Partnership Agreements (CEPAs) and infrastructure investments.

The United Arab Emirates reported a landmark achievement in non-oil trade, reaching 3 trillion dirhams ($817 billion) in 2024. This represents a 14.6% increase over the previous year, according to trade minister Thani Al Zeyoudi. The UAE aims to use its trade strategy to boost future economic growth.

UAE Prime Minister Mohammed bin Rashid Al Maktoum had earlier noted that the country has achieved 75% of its 2031 target of a 4 trillion dirham non-oil trade. The nation is leveraging its role as a regional hub for tourism and business by investing heavily in trade infrastructure and forging numerous Comprehensive Economic Partnership Agreements (CEPAs) with countries globally, including India, Israel, and Turkey.

Exports represented 18.7% of the UAE's non-oil trade last year, up from 11% in 2015. The value of exports to CEPA partners alone surged 42.3% in 2024, comprising a quarter of all non-oil exports. The UAE intends to initiate trade talks with the European Union by 2025, further strengthening its global trade ties.

(With inputs from agencies.)