UAE on track to hit $1.1tn trade target 4 years early as non-oil sector booms: Sheikh Mohammed
UAE trade is booming and the country is on track to smash economic targets and deliver trade boost four years ahead of schedule.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE, under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, continues its remarkable progress across all sectors, with the nation's booming non-oil foreign trade at the heart of this growth, achieving consistent record-breaking growth for several years.
Sheikh Mohammed bin Rashi Al Maktoum said: 'The UAE's non-oil foreign trade saw growth of 18.6 per cent year-on-year in the first quarter of this year, reaching AED835bn ($227.5bn/global average is 2-3 per cent). The nation's non-oil exports experienced exceptional growth, surging by 41 per cent annually.
UAE trade targets
'Our goal to grow non-oil foreign trade to AED4tn ($1.1tn) by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 per cent, reaching AED 1.77tn ($482bn), with the non-oil sector contributing 75.5 per cent to the national economy.'
Sheikh Mohammed added: 'Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels.
'We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realize the UAE's global ambitions.'
The UAE's non-oil foreign trade continued an upward trajectory in Q1 2025 (January 1 to March 31 2025), reaching AED835bn ($227.5bn), an 18.6 per cent increase compared to Q1 2024.
UAE non-oil exports continued to achieve historical growth rates, recording AED177.3bn ($48.3bn) in Q1 2025, a 40.7 per cent year-on-year increase (compared to Q1 2024) and a 15.7 per cent quarter-on-quarter increase (compared to Q4 2024).
This robust growth propelled non-oil exports to over 21 per cent of the UAE's total non-oil foreign trade for the first time in the nation's history, outpacing the growth of both imports and re-exports.
Re-exports saw a 6 per cent annual increase, reaching AED189.1bn ($51.5bn). Imports grew by 17.2 per cent year-on-year, reaching AED468.6bn ($127.6bn), but experienced a slight 1.7 per cent decline compared to the previous quarter (Q4 of 2024).
Trade with the UAE's top 10 trading partners continued to expand, growing by 20.2 per cent in Q1 2025, compared to 16.9 per cent growth with other countries.
Trade grew with India by 31 per cent, with Saudi Arabia by more than double at 127 per cent, with Turkiye by 8.3 per cent – surpassing previous records – and with China by 9.6 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
31 minutes ago
- The National
Sheikh Mohammed bin Rashid leads tributes to Emirati philanthropist
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Monday led tributes to Mohammed Ibrahim Obaidullah, an Emirati businessman who was known for his charitable work. A founder member of the Beit Al Khair Society, a leading charity in the Emirates set up by a group of businessmen in 1989 to care for people in need, Mr Obaidullah's legacy was hailed by the Dubai Ruler. 'May God have mercy on Mohammed Ibrahim Obaidullah, one of the loyal men of the Emirates, and a businessman,' Sheikh Mohammed wrote on X. 'What distinguished him from others were his charitable works, his history in the field of humanitarian work, especially the establishment of hospitals and health centres, the construction of mosques, and his charitable projects inside and outside the country. 'The body is gone, but the goodness, the influence, the good reputation, and the prayers of the people remain. His trade with his Lord and with the people was profitable. May God have mercy on him and grant him a place in Paradise and inspire his family and relatives with patience and solace.' Dr Anwar Gargash, diplomatic adviser to President Sheikh Mohamed, also joined in paying tribute to Mr Obaidullah. 'My sincere condolences to the honourable Obaidullah family on the passing of our neighbour and honourable man, the late Mohammed Ibrahim Obaidullah, who was known for his outreach, charitable initiatives, and noble character,' he wrote on X. 'We ask God to have mercy on him and grant him Paradise, and to inspire his family and relatives with patience and solace.'
Khaleej Times
40 minutes ago
- Khaleej Times
Putin slams attack on Iran but offers no support to key ally
Russian President Vladimir Putin on Monday slammed attacks on Iran as "unprovoked" and "unjustified" in a meeting with Tehran's Foreign Minister Abbas Araghchi, but did not announce any concrete support to his key ally in the Middle East. Moscow is a crucial backer of Iran, but has not swung forcefully behind its partner even as the United States launched strikes on its nuclear facilities over the weekend. "This absolutely unprovoked aggression against Iran is unjustified," Putin said in televised remarks to Araghchi at the start of their meeting. The Kremlin's spokesman Dmitry Peskov downplayed the exchange after the talks by saying "they were unlikely to be effective" during such a "heated moment". Araghchi later said the meeting was "very good" and that Russia's stance on the issue remained "firm", noting its role in the UN Security Council. He did not provide further details on the talks with the Russian leader. Russia's Deputy Foreign Minister Sergey Ryabkov said revealing details of the Putin-Araghchi meeting would have been "irresponsible" and that Russia and Iran were working on "many directions" when asked if Tehran requested military aid from Russia. Since Israel launched its wave of strikes on June 13, triggering Iran to respond with missiles and drones, Russia has not publicly offered military help to Tehran. Russia was "making efforts to help the Iranian people", Putin said in the meeting, without elaborating. Asked what specific support Russia might offer, Peskov told reporters: "It all depends on what Iran needs. We have offered our mediation services." Putin has pitched himself as a mediator between Iran and Israel, an idea rejected by US President Donald Trump last week. Peskov also said the strikes on Iran would not affect bilateral relations between Moscow and Washington -- with the Kremlin seeking a rapprochement with the United States since Donald Trump returned to power -- saying they were "different issues". Russia had called on the US not to take military action against its ally -- with Moscow-Tehran ties massively boosted during Russia's Ukraine offensive -- and speculation has grown about how the Kremlin would react. Nikita Smagin, an independent expert on Russia-Iran relations, said Araghchi was likely to have delivered a plea for military aid on behalf of the Iranian leadership. "I don't think that the head of the Iranian foreign ministry rushed to Moscow just to exchange concerns on the American strike," he told AFP in a comment. Smagin speculated that Russia -- caught up in its more than three-year Ukraine offensive -- would rather distance itself from the Israel-Iran conflict and try to reap short-term benefits, such as higher oil prices and advancing in Ukraine while the West's focus is on the Middle East.
Khaleej Times
an hour ago
- Khaleej Times
Where is Iran's uranium? Questions abound after US strikes
After President Donald Trump bragged US strikes had "obliterated" Iran's nuclear capabilities, officials cautioned it was still too soon to assess the impact on the country's nuclear programme. Many questions remain after Sunday's strikes, especially about the whereabouts of Iran's sensitive stockpile of uranium enriched to 60 per cent -- a short step from the 90 per cent required for a nuclear weapon. Where is Iran's enriched uranium? The US attacks, carried out by B-2 stealth bombers, targeted three Iranian nuclear sites: Isfahan and Iran's main enrichment plants in Fordo and Natanz. While significant damage has been reported, the International Atomic Energy Agency (IAEA) has voiced concern about Iran's stockpile of near-weapons-grade uranium. Tehran has an estimated 408.6kg of uranium enriched to 60 per cent, according to the UN nuclear watchdog, whose inspectors last saw that stockpile on June 10. That material, if further refined, would theoretically be sufficient to produce more than nine nuclear bombs. IAEA head Rafael Grossi on Monday demanded access to Iran's nuclear sites, saying the agency needs to "account for" the uranium stockpile. Concerns about the fate of the sensitive stockpile have loomed large. On June 13, the day Israel began its Iran offensive, Iranian Foreign Minister Abbas Araghchi sent a letter to the IAEA, announcing the implementation of "special measures to protect nuclear equipment and material". Days before the US attacked, satellite imagery showed vehicles near Fordo's entrance. Prime Minister Benjamin Netanyahu said Israel had "interesting intelligence" on the matter, declining to elaborate. Israel announced Monday it had carried out strikes to block access routes to Fordo. "It will be difficult if not impossible to track down all of Iran's 60 percent enriched uranium, stored in small canisters that are easily transportable by car," Kelsey Davenport, an expert with the Arms Control Association, told AFP. "They (Iranians) no longer have the capacity to turn that stockpile of highly enriched uranium to weapons-grade uranium, and that was really the goal there," US Vice President JD Vance told ABC News. He added the Trump administration would deal with the uranium "in the coming weeks". Can Iran still make a nuclear bomb? Analysts have been treading carefully when addressing this issue. Before the attacks, Iran had about 22,000 centrifuges -- the machines used to enrich uranium. Many of them were damaged when Natanz was hit, the IAEA head said. Grossi also said "very significant damage" is expected to have occurred at Fordo, "given the explosive payload utilised and the extreme vibration-sensitive nature of centrifuges". Experts however say that it is unclear how many centrifuges Iran has, with some of them believed to be stored at unknown locations. With "60 per cent enriched uranium and a few hundred advanced centrifuges, Iran still has the capability to weaponise, and now there is more political impetus to dash for a bomb", said Davenport. What are the proliferation risks? Before the conflict, the IAEA said it had "no indication" of the existence of a "systematic programme" in Iran to produce a nuclear weapon. But without access to nuclear sites, the agency no longer has oversight. Grossi warned Monday that the "global non-proliferation regime that has underpinned international security... could crumble and fall", urging parties to return to diplomacy. Iran ratified the nuclear non-proliferation treaty (NPT) in 1970, committing it to declare its nuclear material to the IAEA. But it has recently begun preparing the grounds for a possible withdrawal from the treaty, accusing the agency of acting as a "partner" in Israel's "war of aggression". Reza Najafi, Iran's ambassador to the IAEA, said Monday the "unlawful act of aggression" by the United States had "delivered a fundamental and irreparable blow" to the non-proliferation regime. "I do think there is a major risk that Iran withdraws from the NPT and expels inspectors, or simply does not provide them with access to key sites," said Eric Brewer of the US research institute Nuclear Threat Initiative (NTI). He added that Iran could also "over time, build (a) covert" programme like North Korea, which withdrew from the NPT in 2003 and went on to become a nuclear-armed power.
