Latest news with #Dh5.23
Al Etihad
07-05-2025
- Business
- Al Etihad
Mohammed bin Rashid meets with foreign trade, CEPA negotiation teams at Ministry of Economy
DUBAI (WAM) His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, met with the Foreign Trade team at the Ministry of Economy and the Comprehensive Economic Partnership Agreements (CEPA) negotiation team, in recognition of their exceptional performance. The teams played a pivotal role in driving the UAE's foreign trade to a historic level in 2024, with total trade reaching Dh5.23 trillion and a trade surplus exceeding Dh490 billion—underscoring the strength and resilience of the national economy. The meeting, which took place at Union House in Dubai, was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE; and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance. During the meeting, which was also attended by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, His Highness Sheikh Mohammed bin Rashid said that trade has long been a foundation of great civilisations and remains a key pillar of sustainable economic growth. H.H. emphasised that the UAE's success in this vital sector is the result of a forward-looking vision, robust partnerships, flexible policies, and the dedication of teams who see geography not as a boundary, but as a starting point for ambition. H.H. Sheikh Mohammed bin Rashid commended the strong coordination among the entities leading the UAE's foreign trade efforts, encouraging continued innovation to preserve the country's leading position on the global trade map and to sustain the growth of its international trade relations. His Highness Sheikh Mohammed bin Rashid also said that the UAE is not merely keeping pace with global trade, but actively shaping its future. As a strategic bridge between East and West, the nation continues to earn the trust and respect of the international community. His Highness expressed his appreciation to all those contributing to the growth of the UAE's trade ecosystem, noting that their efforts are helping to write the success story of a nation committed to global economic leadership. The meeting was also attended by Lieutenant General H.H. Sheikh Ahmed bin Rashid Al Maktoum, Deputy Chairman of Chief of Police and Public Security in Dubai; H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group; H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, President of the UAE National Olympic Committee; and H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority. The gathering was also attended by a number of Sheikhs, Ministers, Directors General, members of the Federal National Council, dignitaries, and investors. His Highness engaged in discussions with attendees, focusing on the UAE's sustainable development, economic progress, and the private sector's role in driving growth and innovation. The UAE has signed 21 CEPAs so far, expanding its access to global markets in Asia, Africa, and Latin America—markets that collectively represent around 25% of the world's population. These agreements are an integral part of the UAE's 'Projects of the 50', which play a key role in boosting the nation's non-oil trade. The UAE now accounts for 41.4% of the total goods exports in the Middle East, ranking 11th globally in goods exports and 13th in services exports. On the sidelines of the meeting, Sarah Al Amiri, Minister of Education, delivered a lecture on the integration of Artificial Intelligence (AI) into the curriculum of public schools across the UAE. She emphasised the importance of the UAE government's decision in equipping future generations with the skills to master a technology that will have a transformative impact on various aspects of life, extending beyond just work and production to influence societies at large.
Gulf News
20-04-2025
- Business
- Gulf News
UAE President hails Sheikh Mohammed's vision as nation hits record trade milestone
Abu Dhabi: President His Highness Sheikh Mohamed bin Zayed Al Nahyan has lauded the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, and Ruler of Dubai, following the announcement of a major trade milestone for the country. The UAE's foreign trade reached a record Dh5.23 trillion in 2024, with a trade surplus of over Dh490 billion, as revealed in a post by Sheikh Mohammed on the social media platform X. Responding to the announcement, Sheikh Mohamed bin Zayed praised Sheikh Mohammed's leadership and the commitment of Emirati teams: 'You have never let us down, my brother Bu Rashid. With your vision, and the dedication of determined, sincere, and capable Emirati teams, you continue to demonstrate to the world that the UAE is truly an exceptional country—just as the late Sheikh Zayed, the nation's founding father, envisioned. Thank you, Sheikh Mohammed, and thank you to all our Emirati sons and daughters who are devoted to the progress and prosperity of our nation.'
The National
20-04-2025
- Business
- The National
UAE foreign trade hits $1.42 trillion in 2024 despite global uncertainties
Foreign trade of the UAE was worth Dh5.23 trillion ($1.42 trillion) last year, a 49 per cent jump from the levels achieved in 2021 as the Arab world's second largest economy continues to forge trade partnerships despite uncertainties that mar the global trade. The Emirates achieved a total trade surplus of Dh492.3 billion in 2024 as the country's exports exceeded imports in the 12 months to the end of December, the UAE Government Media Office said on Sunday, quoting data from the latest World Trade Organisation report. Merchandise exports during the past year reached Dh2.22 trillion, while service exports totalled Dh646.6 billion, with the UAE ranked 11th globally in merchandise exports and 13th in services exports, according to the WTO's World Trade Outlook and Statistics, report. The country's merchandise imports totalled Dh1.98 trillion last year, while service imports reached Dh389.4 billion. The UAE also accounted for 41.4 per cent of the Middle East's total merchandise exports in 2024. 'In a world of economic and trade challenges, the UAE has prioritised openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre,' Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said in a post on X on Sunday. The UAE is putting special emphasis on strengthening its trade ties as part of its economic diversification efforts. The Emirates signed several Comprehensive Economic Partnership Agreements (Cepas) last year as it deepened its trade and investment relations from nations across the continents. The UAE's economy grew by 3.9 per cent in 2024, its central bank has said this month, driven by growth momentum in the country's non-oil sectors amid the push for diversification. The banking regulator expects the country's gross domestic product to increase by 4.7 per cent in 2025 and by 5.7 per cent in 2026. The country's Cepa with partners such as India, Israel, Turkey, Indonesia, Cambodia, Georgia, Costa Rica and Mauritius have already taken effect. Trade deals with a number of countries including Colombia, South Korea, Australia, New Zealand and Malaysia and others are awaiting ratification. 'These achievements stem from national efforts, flexible policies, and strong international partnerships,' said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. 'The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports, according to the latest WTO data. The UAE's expansion of trade ties comes as push for tariffs by US President Donald Trump has dented prospects of global trade growth this year and added uncertainty to the global economic outlook. Washington's insistence on heavy duties on its trade partners has also soured investment sentiment. Last week, the World Trade Organisation said new tariffs and uncertainty has added 'severe downside risks' to global trade. The WTO currently predicts global goods trade to fall by 0.2 per cent this year after previously forecasting it to grow by 2.7 per cent. 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecast 0.2 per cent decline in global merchandise trade in 2025,' the UAE Government Media Office statement said. 'Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.'
Khaleej Times
20-04-2025
- Business
- Khaleej Times
UAE foreign trade reaches Dh5.23 trillion in 2024 up 49% from 2021
The UAE recorded total foreign trade of Dh5.23 trillion in 2024, a 49 per cent increase from Dh3.5 trillion in 2021, data from the World Trade Organization showed. According to the global lender's World Trade Outlook and Statistics report, the UAE achieved a trade balance surplus of Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges. The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 per cent to global merchandise exports and 2.2 per cent to imports. Exports reached $603 billion (Dh2.2153 trillion), and imports totaled $539 billion (Dh1.9802 trillion) in 2024. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said: 'In a world of economic and trade challenges, the UAE has prioritized openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre. Our commitment to openness, trade liberalization, and global connectivity will ensure continued growth and leadership.' The UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 per cent to global imports, reinforcing the UAE's role as a technology hub. Services trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 per cent) and imports of Dh389.4 billion. Information services grew by 14 per cent, tourism by 13 per cent, computer services by 12 per cent, financial services by 9 per cent, and transport, intellectual property, and insurance services by 8 per cent each, contributing 26.4 per cent to global trade, the highest share since 2005. The UAE accounted for 41.4 per cent of the Middle East's $1.5 trillion merchandise exports, with regional exports growing by 3.7 per cent and services by 4.1 per cent in 2024. Globally, the UAE contributed 2 per cent to services exports and 1.3 per cent to imports, with service exports of $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion). The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 per cent of total trade. In 2024, merchandise sectors grew, with office equipment and telecommunications at 10 per cent, electronics at 6 per cent, and agricultural products, food, and clothing at 3 per cent each. Industrial goods rose by 2 per cent, and chemicals and textiles by 1 per cent, while fuel and mining products fell by 7 per cent, iron and steel by 6 per cent, and automobiles by 1 per cent. Global merchandise exports grew by 2 per cent, reaching $24.43 trillion. The figures are in stark contrast to the anaemic growth in global trade last year, where merchandise trade rose 2.9 per cent and services trade expanded 6.8 per cent. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: 'The UAE has solidified its status as a global trade hub. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, reflecting 30 per cent growth and leadership in future-oriented sectors. These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.' Outlook amid global challenges 'The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2 per cent decline in global merchandise trade in 2025. Contributing to a 1.6 per cent regional GDP growth in 2024, with projections of 3.2 per cent in 2025 and 3.5 per cent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub,' a Government Media Office statement said.
Al Etihad
20-04-2025
- Business
- Al Etihad
UAE foreign trade reaches Dh5.23 trillion in 2024, up from Dh3.5 trillion in 2021
20 Apr 2025 15:20 DUBAI (WAM)The United Arab Emirates recorded total foreign trade of Dh5.23 trillion ($1.424 trillion) in 2024, a 49 percent increase from Dh3.5 trillion ($949 billion) in 2021, according to the World Trade Organisation's 'World Trade Outlook and Statistics' robust growth reflects the UAE's strategic economic vision, reinforcing its position as the leading trade hub in the Middle East and Africa since 2014 and among the top 20 global trade centres for goods and a global trade environment marked by 2.9 percent growth in merchandise trade and 6.8 percent in services trade in 2024, the UAE's performance underscores its resilience amid rising tariffs and Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, emphasised the UAE's role as a global trade hub, saying, 'In a world of economic and trade challenges, the UAE has prioritised openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre.'H.H. Sheikh Mohammed bin Rashid Al Maktoum highlighted key achievements from the WTO report:• Foreign trade reached Dh5.23 trillion in 2024, with a trade surplus of Dh492.3 billion, positioning the UAE as a driver of international trade.• The UAE ranked 11th globally in merchandise exports and 13th in services exports.• Services exports totaled Dh646.6 billion, including Dh191 billion in digital services, comprising 30 percent of service exports.• Merchandise exports amounted to Dh2.22 trillion in 2024.• The UAE contributed 41.4 percent of the Middle East's merchandise exports, solidifying its role as the region's primary trade hub.H.H. Sheikh Mohammed bin Rashid Al Maktoum concluded, 'Under the leadership of the President, we will sustain and enhance these achievements. Our commitment to openness, trade liberalisation, and global connectivity will ensure continued growth and leadership.'The UAE's exceptional performance, as detailed in the WTO's report, demonstrates its economic resilience amid global trade uncertainties. Comprehensive foreign trade (goods and services) grew by 49 percent from 2021, reaching Dh5.23 trillion ($1.424 trillion) in of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, affirmed, 'Driven by visionary leadership and a commitment to economic openness, innovation, and global integration, the UAE has solidified its status as a global trade hub. Ranking 11th in merchandise exports and 13th in services exports, with a trade surplus of Dh492.3 billion, the UAE achieved merchandise exports of Dh2.22 trillion and services exports of Dh646.6 billion, including Dh191 billion in digital services, reflecting 30 percent growth and leadership in future-oriented sectors.'Al Zeyoudi added, 'These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.'The UAE achieved a trade balance surplus of Dh492.3 billion ($134 billion) in 2024, down slightly from Dh573.1 billion in 2023, reflecting stability amid global challenges. Exports totaled Dh2.8619 trillion, against imports of Dh2.3696 trillion, per 2021–2024 UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021 and 2024, contributing 2.5 percent to global merchandise exports and 2.2 percent to imports. Exports reached $603 billion (Dh2.2153 trillion), and imports totalled $539 billion (Dh1.9802 trillion) in UAE ranked 21st globally in digital services exports, valued at $52 billion (Dh191 billion) in 2024, up from $37 billion in 2021 and $48 billion in 2023. Total digital services trade reached $94 billion (Dh345 billion), comprising one-third of services trade. Digital services imports, at $42 billion (Dh154 billion), also ranked 21st, contributing 1.1 percent to global imports, reinforcing the UAE's role as a technology trade totalled Dh1.036 trillion ($282 billion) in 2024, with exports of Dh646.6 billion (62.4 percent) and imports of Dh389.4 billion. Information services grew by 14 percent, tourism by 13 percent, computer services by 12 percent, financial services by 9 percent, and transport, intellectual property, and insurance services by 8 percent each, contributing 26.4 percent to global trade, the highest share since UAE accounted for 41.4 percent of the Middle East's $1.5 trillion merchandise exports, with regional exports growing by 3.7 percent and services by 4.1 percent in 2024. Globally, the UAE contributed 2 percent to services exports and 1.3 percent to imports, with service exports of $176 billion (Dh646.6 billion) and imports of $106 billion (Dh389.4 billion).The UAE advanced from 17th to 13th in services exports and from 19th to 21st in services imports between 2021 and 2024, with services comprising 20 percent of total 2024, merchandise sectors grew, with office equipment and telecommunications at 10 percent, electronics at 6 percent, and agricultural products, food, and clothing at 3 percent each. Industrial goods rose by 2 percent, and chemicals and textiles by 1 percent, while fuel and mining products fell by 7 percent, iron and steel by 6 percent, and automobiles by 1 percent. Global merchandise exports grew by 2 percent, reaching $24.43 trillion. The UAE's achievements reflect its strategy of innovation and diversification, positioning it to navigate a forecasted 0.2 percent decline in global merchandise trade in 2025. Contributing to a 1.6 percent regional GDP growth in 2024, with projections of 3.2 percent in 2025 and 3.5 percent in 2026, the UAE remains resilient. Its economic policies, strategic location, and advanced infrastructure solidify its role as a global trade hub.
