The UAE is undergoing a notable economic shift having achieved foreign trade of Dh5.23 trillion in 2024—an astonishing 49% increase from 2021’s 3.5 trillion Dh (USD 949 billion).
As per the recent data released by the World Trade Organisation (WTO), His Highness Sheikh Mohammed bell Rashid Al Maktoum, Deputy Prime Minster of the UAE and Ruler of Dubai, proudly boasted about the achievement on Sunday.
“An additional chapter in the country’s vigorously active economy frameworks”
Additionally, Sheikh Mohammed noted that this achievement marks a new chapter for their economy and a change for their ranking on the international trading strucure the UAE is in the works to become.”We are in the process of constructing one of the most interconnected and active economies worldwide.”
Factors behind the Trade Surge
Oil diversification into technology, tourism and logistics
Free zones, ports, logistics infrastructure, and world-class ports
Robust trade and diplomatic relations globally
Policies that promote innovation and investment from foreigners
UAE: Global shipping gateway
The UAE Headquarter serves as a crucial global trading center with unparalleled infrastructure fostering unconstrained flow of services and goods from Jebel Ali Port and Abu Dhabi’s Khalifa Port—offered by the cities’ digital transformation and economic liberalization stragries.
What Comes Next?
The UAE Vision 2031 plan aims to elevate the UAE economy to within the top 10 worldwide, and this surge in trade plays a vital role towards achieving that. If numbers for 2024 are any indication, progress to achieving this goal is very attainable.
The UAE is truly transforming from a land full of desert sand to a center of international trade and investment. Their incredible approach is visionary and groundbreaking. 💼🌍📊