Latest news with #AED561.2
Mid East Info
08-02-2025
- Business
- Mid East Info
HE Dr Thani Al Zeyoudi, Minister of State for Foreign Trade2024 - Middle East Business News and Information
Statement on the 2024 non-oil foreign trade results. 'Guided by the strategic vision of the national leadership, the United Arab Emirates' foreign trade continues its remarkable upward trajectory. In 2024, our non-oil foreign trade reached an all-time high 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. 'The expansion of foreign trade is the centerpiece of our national economic strategy and, through our Comprehensive Economic Partnership Agreement (CEPA) program, 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. '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.'
Hi Dubai
06-02-2025
- Business
- Hi Dubai
UAE's Non-Oil Foreign Trade Reaches AED3 Trillion in 2024, Marking a 14.6% Growth
The UAE's non-oil foreign trade has reached an all-time high of AED2.997 trillion in 2024, marking a 14.6% annual increase compared to 2023, according to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The growth significantly outpaces the global trade average of 2.4%, underscoring the nation's robust economic strategy. Dr. Al Zeyoudi highlighted that this milestone represents 75% of the AED4 trillion target set in the We the UAE 2031 vision, with seven years still remaining. A key driver of this growth is the increasing contribution of non-oil exports, which surged by 27.6% to reach AED561.2 billion. Exports now account for 18.7% of total trade, up from 16.8% in 2023 and 14.1% in 2019. The minister attributed this progress to the UAE's diversification efforts, including investment in emerging economic sectors and the expansion of export markets. 'The expansion of foreign trade is the centrepiece of our national economic strategy,' he stated, emphasizing the role of the Comprehensive Economic Partnership Agreement (CEPA) program in boosting trade ties. In 2024, total exports to CEPA partner countries reached AED135 billion, marking a 42.3% increase. India and Türkiye emerged as the leading destinations for non-oil exports. Dr. Al Zeyoudi reaffirmed the UAE's commitment to expanding trade partnerships, stating, 'We look forward to adding more CEPA partners in 2025 and beyond to share in this success.' The record trade figures reinforce the UAE's position as a global trade hub, reflecting its dynamic and resilient economy that remains open to international business, talent, and investment. News Source: Emirates News Agency
