UAE foreign trade reaches Dh3 trillion in landmark achievement, says Sheikh Mohammed
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For the first time in history, the UAE’s foreign trade has reached Dh3 trillion by the end of 2024, a remarkable economic milestone announced by the country’s Vice-President on Wednesday.
In a post on X, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, hailed this achievement as a "historic milestone."
"While global trade grew by just 2 per cent in 2024, the UAE’s foreign trade expanded at seven times that rate, achieving an impressive 14.6-per-cent growth," he wrote.
This significant expansion in trade reflects the UAE’s robust economic policies and strategic agreements that have bolstered its global trade footprint. Sheikh Mohammed attributed much of this success to the efforts of President Sheikh Mohamed bin Zayed Al Nahyan, particularly the implementation of Comprehensive Economic Partnership Agreements (Cepa).
"These agreements, led by Sheikh Mohamed bin Zayed, added Dh135 billion to our non-oil trade with partner nations — an exceptional 42-per-cent increase compared to the previous year," the UAE Vice-President said.
With this milestone, the UAE is now firmly on track to achieve its ambitious Dh4-trillion annual target by 2031. Sheikh Mohammed expressed confidence in surpassing this goal ahead of schedule.
"By the end of 2024, we have already achieved 75 per cent of that target. At this pace, we will reach it years ahead of schedule," Sheikh Mohammed said.
The UAE’s economic resilience has been evident despite global uncertainties. The country’s GDP, foreign direct investment (FDI), and non-oil foreign trade have defied global trends, expanding exponentially.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, highlighted in a previous report that the UAE’s economy has grown 24-fold in 53 years, demonstrating sustained growth and economic strength.
Similarly, Abdulla bin Touq Al Marri, Minister of Economy, reiterated the UAE’s long-term economic vision, stating that it is "moving steadily to raise its gross domestic product to Dh3 trillion by 2031."
This unprecedented growth cements the UAE’s position as a global trade leader and a key economic powerhouse in the region, with a trajectory that suggests even greater economic achievements in the years ahead.