UAE's non-oil foreign trade continued its upward trajectory, reaching AED3 trillion in 2024: Al Zeyoudi
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that the UAE's non-oil foreign trade has continued its upward trajectory, reaching AED3 trillion in 2024, with a record annual increase of 14.6% compared to 2023.
In statements to the Emirates News Agency (WAM), Dr. Al Zeyoudi said, ''Guided by the strategic vision of the national leadership, the UAE's foreign trade continues its remarkable upward trajectory. In 2024, our non-oil foreign trade reached an all-time high of AED2.997 trillion, increasing by 14.6% on 2023 against a global trade growth average of around 2.4%. The milestone also means we have achieved 75% of the AED4 trillion target set in the 'We the UAE 2031' national vision with seven full years remaining."
'Of all the positive indicators, the most encouraging is the increasing contribution of non-oil exports to our foreign trade. Last year, they climbed 27.6% in to reach a record AED561.2 billion – nearly 70% of the AED800 billion target. Exports now comprise 18.7% of total trade, up from 16.8% in 2023 and 14.1% in 2019. These numbers confirm the pace and scale of our economic diversification plans, in which we are investing new economic sectors, creating new products for export, and establishing new means of long-term value creation," he added.
He further stated, 'The expansion of foreign trade is the centrepiece of our national economic strategy and, through our Comprehensive Economic Partnership Agreement (CEPA) programme, we are expanding opportunities for our private sector by enhancing access to high-growth markets around the world. In 2024, we have been able to see the positive impact of this program. Total exports to CEPA partner countries reached AED135 billion in 2024, an increase of 42.3% and contributing 24% of our total non-oil exports. India and Türkiye are the two leading destinations for non-oil exports.'
Al Zeyoudi concluded, 'Importantly, the record trade figures posted in 2024 reflect the dynamism and agility of our economy, one that has remained open to the world's trade, talent and investment. Moreover, they underline the fact that we are not only on the right path but paving the way for others to follow – and we look forward to adding more CEPA partners in 2025 and beyond to share in this success.'
Follow Emirates 24|7 on Google News.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
an hour ago
- Al Etihad
UAE delegation participates in High-level Energy Transition Dialogue in Brussels
12 June 2025 14:11 BRUSSELS (WAM) A UAE delegation, headed by Eng. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure, participated in the High-Level Energy Transition Dialogue, hosted by the Presidency of the 30th UN Climate Change Conference (COP30) in partnership with the International Energy Agency at the headquarters of the European Commission in Brussels, high-level meeting came as part of global efforts to prepare for COP30, scheduled to be held in Belém, Brazil. It served as a platform for exchanging perspectives on accelerating the implementation of the outcomes of COP28 and COP29 and achieving global energy transition goals — including doubling energy efficiency and tripling renewable energy capacity by an audience of energy ministers and senior officials, Al Olama said, 'At COP28 in Dubai, the international community reached an important milestone: the UAE Consensus. This outcome marked a turning point in how the world approaches the energy transition—not merely as an environmental necessity, but as an economic, social, and development imperative."Building on this momentum, COP29 in Azerbaijan reaffirmed global commitments to scaling up clean energy investment and facilitating credible transition pathways. It emphasised the vital role of finance, technology transfer, and regional cooperation as core enablers. The Global Stocktake, launched at COP28, continues to serve as a critical benchmark for delivery, and the next step is to begin turning that assessment into meaningful action.'He added, 'For the UAE, the energy transition is not a distant goal—It is a national priority already in motion, driving real change on the ground. Our updated UAE Energy Strategy 2050 strikes a deliberate balance between energy security, affordability, and sustainability. It establishes clear targets for clean energy deployment, deep decarbonisation across sectors, and—crucially—bold and achievable improvements in energy efficiency improvements in energy efficiency."We recognise that achieving net-zero emissions by 2050, as set out in our national pathway, cannot be achieved by renewables alone. Energy efficiency is not an add-on, or good to have, but rather a core pillar of the transition. It is the lowest-cost, highest-impact lever we have—and a key enabler for all other technologies and solutions.'Moreover, the UAE delegation participated in the 10th Annual Global Conference on Energy Efficiency, organised by the International Energy Agency in partnership with the EU the conference, Al Olama continued, "In the UAE, we see energy efficiency not only as a tool for decarbonisation but also as a powerful lever to strengthen our economy. We are supporting industries and enterprises to reduce costs, improve energy security, and enhance operational performance. These efforts help attract investment, support high-quality job creation, and foster innovation and competitiveness across key sectors. However, challenges do remain. Despite its clear economic benefits, the pace of progress is often constrained by barriers such as limited access to finance, low awareness, misaligned incentives, and high upfront costs—particularly in emerging markets."This is precisely why the UAE announced its intention to establish the Global Energy Efficiency Alliance (GEEA) during COP29 in Baku, in support of the UAE Consensus and the global goal of doubling the energy efficiency improvement rate, from the historical average of 2 per cent to over 4 per cent annually by 2030. Today, we are proud to officially launch GEEA here in Brussels, reaffirming our commitment to placing energy efficiency at the forefront of the international energy and climate agenda. This effort comes at a critical moment, as we are currently off track, the global energy efficiency improvement rate remains below 1.5 per cent annually, and at this pace, we will fall short of achieving our decarbonisation and net-zero targets.'He noted that as founding Chair and Secretariat of GEEA, the UAE is working closely with partners to move from advocacy to implementation—by scaling technical cooperation, mobilising finance, and enabling the design and delivery of national and sector-specific efficiency extended an open invitation to all governments, private sector entities, financial institutions, and civil society organisations to join the Alliance—to contribute expertise, to align efforts, and to accelerate global progress on energy the sidelines of his engagements in Brussels, Al Olama held several bilateral meetings to promote GEEA and drive the global energy transition agenda. These include meetings with Stefani Sannino, Director-General for the Middle East, North Africa, and the Gulf at the European External Action Service; Ditte Juul Jørgensen, Director-General for Energy at the European Commission; Ben Copp, Director-General of the Office of Energy Efficiency at the National Resources of Canada; Jan Dusík, Deputy Director-General for Climate Action at the European Commission; Masanori Tsuruda, Deputy Commissioner for International Affairs at Japan's Ministry of Economy, Trade, and Industry; and Anders Hoffmann, Deputy Permanent Secretary at the Danish Ministry of Climate, Energy and Utilities.
Tourism Breaking News
2 hours ago
- Tourism Breaking News
Emirates forges interline partnership with Bahamasair to facilitate connectivity to The Bahamas
Post Views: 46 Emirates and Bahamasair have signed a Memorandum of Understanding (MoU) to establish an interline partnership benefitting customers travelling to The Bahamas. The partnership enables Emirates to expand its reach in the Caribbean, allowing customers to utilise the services of The Bahamas' national flag carrier from Florida to one of three destinations on the island country. Under the unilateral agreement, customers traveling on Emirates to Miami or Orlando will be able to connect to Bahamasair flights to Nassau, Freeport or San Salvador, with the added convenience of booking itineraries with both airlines on a single ticket. Additionally, Emirates' customers will enjoy generous baggage allowance when flying on Bahamasair to the three destinations. Commenting on the new interline partnership, Adnan Kazim, Deputy President and Chief Commercial Officer said: 'We are pleased to establish an interline partnership with Bahamasair to expand our reach to new and exciting destinations and offer travel options for our customers planning journeys to the Caribbean nation. The interline partnership offers customers the convenience of connecting in Florida for travel onwards to points across the islands of The Bahamas, while enjoying competitive fare pricing, the convenience of booking the entire journey on a single ticket and a generous baggage policy.' 'This partnership also supports our agreement with The Bahamas' Ministry of Foreign Affairs to promote the Caribbean destination across our network.' As part of the MoU, both carriers will also explore opportunities to enhance their cargo interline cooperation and potential partnerships under their frequent flyer programmes. Bahamasair Managing Director, Tracy Cooper said: 'This partnership significantly elevates Bahamasair's global profile and opens access to invaluable expertise and new markets. By aligning with one of the world's most respected airlines, we strengthen our capabilities and lay the groundwork for sustained international growth.' Florida gateways, Miami and Orlando, are amongst the 12 U.S. destinations that the world's largest international airline currently flies. Emirates serves Miami with daily flights with its Boeing 777, along with five-weekly services to Orlando, connecting travellers across its expansive network of over 140 destinations. On the sidelines of Arabian Travel Market, Emirates and the Ministry of Foreign Affairs of The Bahamas signed a Memorandum of Understanding (MoU) to jointly promote tourism to the Caribbean nation in a partnership aimed at further developing the country's tourism and trade industries.
Zawya
2 hours ago
- Zawya
Emirates NBD wins record eight awards at Euromoney Awards for Excellence 2025
Winner of three UAE awards including 'UAE's Best Bank', 'UAE's Best Bank for ESG' and 'UAE's Best Investment Bank for Equity Capital Markets (ECM)' Dubai, United Arab Emirates: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, is celebrating its success at the Euromoney Middle East Awards for Excellence 2025 with eight new wins. Surpassing its 2024 performance at the awards, Emirates NBD has won five regional awards including the 'Middle East's Best Bank'. Recording exceptional financial performance in 2024, Emirates NBD announced net profit of AED 23 billion, up 7%, while credit showed standout growth. Emirates NBD's international operations now account for 31% of total income, reflecting the success of its expansion strategy across the GCC, Asia and Europe. Emirates NBD was also a pioneer in sustainable finance innovation, winning the titles of 'Middle East's Best Bank for ESG' and 'Middle East's Best ESG Deal 2025'. In 2024, the bank issued the world's first sustainability-linked loan financing bond aligned with the updated International Capital Market Association (ICMA) and Loan Market Association (LMA) guidelines, raising USD 500 million. Launching its first sustainable fixed deposit, the bank attracted USD 100 million in inflows. Emirates NBD Capital, the global investment bank for Emirates NBD Group, facilitated more than USD 34 billion in sustainable finance during the year – ranking as a top 12 global coordinator of emerging market ESG-labelled bonds. With an 11% revenue increase from the SME segment, the bank's performance reflected its deep commitment to entrepreneurship, economic diversification and digital innovation, earning the accolade of 'Middle East's Best Bank for SMEs' at the awards. Digitisation continued to underpin Emirates NBD's SME strategy. In 2024, approximately 80% of Emirate NBD's SME accounts were opened digitally, supported by the bank's end-to-end digital customer onboarding journey. Emirates NBD also won the award for the 'Middle East's Best Bank for Customer Experience', having undertaken a comprehensive customer experience transformation over the past 18 months, embedding it across every level of its operations, governance, culture and technology infrastructure, to improve every major customer touchpoint. In parallel, Emirates NBD achieved resounding success at the national level with three awards for 'UAE's Best Bank', 'UAE's Best Bank for ESG' and 'UAE's Best Investment Bank for Equity Capital Markets (ECM) 2025', showcasing asset growth year-on-year of 16% with the bank registering a significant AED 160 billion (USD 43.6 billion) in new loans and maintaining a one-third market share of UAE credit cards. The bank's investment banking arm, Emirates NBD Capital, dominated UAE IPOs, advising on prominent ECM transactions such as the largest grocery retail IPO in MENA for Lulu Retail and the Spinneys IPO, helping attract strong investor demand from various investor categories. Emirates NBD's substantial contributions to sustainable finance were exemplified by its mobilisation of over USD 34.3 billion in sustainable finance, placing it among the top global coordinators for emerging market ESG bonds. Shayne Nelson, Group Chief Executive Officer at Emirates NBD, commented: 'We are delighted to win eight awards this year at the Euromoney Awards for Excellence. Emirates NBD continues to perform and transform as one of the UAE's largest banks and the most profitable financial institution in the region. Through the transition, we endeavour to build deeper connections with our customers by providing immersive experiences. This association, along with our commitment to sustainability, brings deeper loyalty at a time when ESG-centred choices are becoming the norm. As a homegrown financial institution, Emirates NBD prides itself on offering customers unparalleled financial solutions, strengthening our leadership in banking innovation in the country and the region.' The prestigious recognition at the Euromoney Middle East Award for Excellence 2025 is the latest in a series of accolades received by the bank. Emirates NBD was awarded 'Middle East's Best Bank for SMEs', 'UAE's Best Bank for SMEs', 'UAE's Best Bank for Corporates', and 'Middle East's Best Bank for Wealth Management' at the 2024 edition of the Euromoney Awards for Excellence. The bank was also lauded at the 2024 awards by The Banker, namely 'Bank of the Year in the UAE 2024' and 'Best Private Bank in the UAE'. About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. For further information on Emirates NBD, please contact: Ibrahim Sowaidan Senior Vice President Head - Group Corporate Affairs Emirates NBD e-mail: ibrahims@ Burson Dubai, UAE Email: emiratesnbd@
