UAE to hit $1tn non-oil trade target 4 years ahead of schedule, says official
RIYADH: The UAE is set to achieve its 4 trillion dirhams ($1.089 trillion) target for non-oil foreign trade within two years and ahead of the original 2031 goal, according to the country's vice president.
In a post on X, Sheikh Mohammed bin Rashid Al-Maktoum highlighted the country's rapid economic progress, stating that key indicators have surpassed global benchmarks.
This acceleration in trade is mirrored in other areas of the economy. The UAE reported a 4 percent growth in gross domestic product in 2024, with non-oil sectors contributing 75.5 percent of the overall output as diversification efforts gained momentum.
'Our non-oil foreign trade increased by 18.6 percent year-on-year in the first quarter of this year (global average 2-3 percent) — Its volume in the first quarter of this year amounted to 835 billion dirhams. Our non-oil exports grew exceptionally by 41 percent on an annual basis,' Al-Maktoum stated.
He continued: 'Our goal is to achieve non-oil foreign trade for the UAE amounting to 4 trillion dirhams by 2031 ... We will reach it within two years ... (four years before the scheduled date).'
Al-Maktoum, who also serves as prime minister, noted that non-oil exports recorded an exceptional year-on-year growth of 41 percent, signaling the country's strengthening role in international trade.
He further noted that the non-oil sector now contributes 75.5 percent to the national economy, highlighting the country's successful diversification strategy.
'These are new development indicators for the UAE,' he said, reflecting on the resilience and dynamism of the country's economy despite global challenges.
Al-Maktoum credited UAE President Sheikh Mohamed bin Zayed Al-Nahyan for leading the country's transformative economic journey, which he described as achieving 'exceptional milestones in the history of the UAE.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Saudi FM, EU Foreign Policy Chief Discuss Regional Developments
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah received on Monday a telephone call from EU foreign policy chief Kaja Kallas. He also held a separate call with his Italian counterpart Antonio Tajani. Talks focused on regional developments and the ongoing efforts to address key issues in the region.
Argaam
an hour ago
- Argaam
ACWA Power files with Kuwait's CPA to acquire 3 firms
Kuwait's Competition Protection Agency (CPA) received a request from ACWA Power Co., AZN Dutch Holdco No.1 B.V Co., AZN Dutch Holdco No.2 B.V Co., and AZN O&M Co. W.L.L to approve their economic concentration transaction. In a statement, the agency said ACWA Power filed for acquiring 100% of AZN Dutch Holdco No.1 B.V and AZN Dutch Holdco No.2 B.V, in addition to 50% of AZN O&M, which are owned by Kahrabil Company (MMH). AZN Dutch Holdco No.1 B.V and AZN Dutch Holdco No.2 B.V are holding companies, while AZN O&M is active in the operation, supply, development and maintenance of electrical energy and desalinated drinking water, according to the statement.
Arab News
an hour ago
- Arab News
Settling for half a victory in the Iran-Israel war
This war had been brewing for two decades — long anticipated but repeatedly avoided. Both the Iranian and Israeli sides had succeeded in avoiding direct confrontation, limiting themselves to proxy wars, until the Oct. 7, 2023, attack happened. At that point, the Israelis decided to eliminate the sources of threat and shift their strategy from 'mowing the lawn' — targeting the proxy threats as they grew — to destroying the entire octopus. They started with Hamas, then dismantled Hezbollah's capabilities, exposed the Assad regime in Syria, and now the war has reached Iran. There, Iran is developing its nuclear and missile capabilities, which have rendered Israel's deterrence doctrine obsolete — making war necessary to restore the balance of power in Israel's favor and reinforce deterrence. When it comes to the Israeli concept of deterrence, the country's first Prime Minister David Ben-Gurion said: 'A long war is not an option for us; deterrence is our true weapon.' Moshe Dayan explained it further: 'We must scare them from even thinking of waging war, not just win it.' Deterrence remains a cornerstone of Israel's military policy and that is why it seeks — at least in theory — to strip Iran of its threatening capabilities. But fighting between two heavily armed and destruction-ready forces is an extremely dangerous affair. We have seen in recent history how wars have spun out of control. Hassan Nasrallah never imagined that he and his group would be wiped out when he launched a few rockets. Bashar Assad never thought he would end up an isolated refugee in a suburb of Moscow. And Yahya Sinwar never envisioned the horrific destruction of Gaza when he planned the Oct. 7 attack. It has only been a few days of fighting, yet the losses are significant. The Iranians have lost top-tier commanders and their nuclear and missile facilities have sustained major damage. The Israelis are bleeding too — Jaffa, Israel's third-largest city, has suffered massive destruction not seen since the 1948 war, due to Iranian missile attacks. The Iron Dome did not offer full protection for a small country in terms of both population and land. Fighting between two heavily armed and destruction-ready forces is an extremely dangerous affair. Abdulrahman Al-Rashed This confrontation differs from previous wars in terms of how victory and defeat are defined. The Israelis are now prepared to tolerate heavy human losses. In the past, governments would fall if as few as five people were killed. So far, Israel has lost more than 400 soldiers in the Gaza war, and it has not stopped. That is what makes this different — both Israelis and Iranians are willing to bear the cost, and each side sees it as an existential war. Each party accuses the other of crossing red lines by targeting civilians — seemingly laying the groundwork to justify expanding the war, just as happened in the Iran-Iraq War, when most missiles were deliberately aimed at cities. Israel's defense minister warned that 'Tehran will burn' if Iranian attacks on Israeli cities continue. This in turn will lead to the targeting of political leaders — who were considered off-limits at the start of the war. Can the war be stopped in its first week? Israeli sources say they have achieved immediate success by dismantling Iran's defenses — systems, missiles and command centers — but strategic Iranian capabilities remain, as not all facilities have been destroyed. Will both sides settle for half a victory to halt the war and return to nuclear negotiations? Perhaps Tehran is willing in order to stop the ongoing destruction, while the Israelis do not yet seem satisfied with the results — they want to 'complete the mission' to ensure Iran will not threaten them for the next 20 years. There are other players too — particularly US President Donald Trump — who are likely inclined to stop the war. Will President Trump act in the second week, before things spiral out of control? How could it spiral? The Russia-Ukraine war began with two countries; today, it includes North Korean troops, Iranian drones and Western European experts.
