Latest news with #non-oiltrade
Economy ME
4 hours ago
- Business
- Economy ME
Sheikh Mohammed announces UAE's $1.1 trillion non-oil trade goal to be achieved within two years
His Highness 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 His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues to experience remarkable progress across all sectors, with the nation's thriving non-oil foreign trade at the core of this growth, achieving consistent record-breaking results for several years. His Highness Sheikh Mohammed bin Rashid Al Maktoum said: 'The UAE's non-oil foreign trade saw growth of 18.6 percent year-on-year in the first quarter of this year, reaching AED835 billion (global average is 2-3 percent). The nation's non-oil exports experienced exceptional growth, surging by 41 percent annually.' His Highness Sheikh Mohammed stated: 'Our goal to grow non-oil foreign trade to AED4 trillion ($1.1 trillion) by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 percent, reaching AED1.77 trillion, with the non-oil sector contributing 75.5 percent to the national economy.' Read more: UAE foreign trade hits $1.42 trillion in 2024, up from $952.9 billion in 2021: WTO Notable rise in re-exports His Highness Sheikh Mohammed emphasized: '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 its upward trajectory in Q1 2025 (1 January to 31 March 2025), reaching AED835 billion, an 18.6 percent increase compared to Q1 2024. UAE non-oil exports continued to achieve historical growth rates, recording AED177.3 billion in Q1 2025, a 40.7 percent year-on-year increase (compared to Q1 2024) and a 15.7 percent quarter-on-quarter increase (compared to Q4 2024). This robust growth propelled non-oil exports to over 21 percent 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 percent annual increase, reaching AED189.1 billion. Imports grew by 17.2 percent year-on-year, reaching AED468.6 billion, but experienced a slight 1.7 percent 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 percent in Q1 2025, compared to 16.9 percent growth with other countries. Trade grew with India by 31 percent, with Saudi Arabia by more than double at 127 percent, with Turkiye by 8.3 percent—surpassing previous records—and with China by 9.6 percent.
Zawya
8 hours ago
- Business
- Zawya
UAE to achieve $1.1trnl trade target early as non-oil sector booms: Sheikh Mohammed
DUBAI: His Highness 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 His Highness 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. His Highness Sheikh Mohammed bin Rashi Al Maktoum said: 'The UAE's non-oil foreign trade saw growth of 18.6% year-on-year in the first quarter of this year, reaching AED 835 billion (global average is 2-3%). The nation's non-oil exports experienced exceptional growth, surging by 41% annually.' His Highness Sheikh Mohammed stated: 'Our goal to grow non-oil foreign trade to AED 4 trillion by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4%, reaching AED 1.77 trillion, with the non-oil sector contributing 75.5% to the national economy.' His Highness Sheikh Mohammed emphasized: '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 (1 January to 31 March 2025), reaching AED 835 billion, an 18.6% increase compared to Q1 2024. UAE non-oil exports continued to achieve historical growth rates, recording AED 177.3 billion in Q1 2025, a 40.7% year-on-year increase (compared to Q1 2024) and a 15.7% quarter-on-quarter increase (compared to Q4 2024). This robust growth propelled non-oil exports to over 21% 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% annual increase, reaching AED 189.1 billion. Imports grew by 17.2% year-on-year, reaching AED 468.6 billion, but experienced a slight 1.7% 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% in Q1 2025, compared to 16.9% growth with other countries. Trade grew with India by 31%, with Saudi Arabia by more than double at 127%, with Turkiye by 8.3% - surpassing previous records - and with China by 9.6%.
Gulf Business
15 hours ago
- Business
- Gulf Business
UAE's 2031 non-oil foreign trade target will be achieved in 2 yrs: Sheikh Mohammed
Image: Dubai Media Office The UAE's non-oil foreign trade surged by 18.6 per cent year-on-year in Q1 2025, reaching Dhs835bn, as the country accelerates toward its economic diversification targets ahead of schedule, according to Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Dubai Media Office (DMO) reported. Sheikh Mohammed stated: '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 Dhs835bn (global average is 2-3 per cent). The nation's non-oil exports experienced exceptional growth, surging by 41 per cent annually.' UAE's non-oil exports in Q1 2025 Non-oil exports recorded Dhs177.3bn in Q1 2025, a 40.7 per cent increase compared to Q1 2024 and a 15.7 per cent jump from the fourth quarter of 2024. For the first time, non-oil exports represented over 21 per cent of the UAE's total non-oil trade, outpacing both imports and re-exports. 'Our goal to grow non-oil foreign trade to Dhs4tn by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 per cent, reaching Dhs1.77tn, with the non-oil sector contributing 75.5 per cent to the national economy,' Sheikh Mohammed added. Re-exports grew by 6 per cent annually to Dhs189.1bn, while imports reached Dhs468.6bn, up 17.2 per cent year-on-year but slightly down 1.7 per cent from Q4 According to the (DMO) report, Sheikh Mohammed reaffirmed the country's economic trajectory: 'Under the leadership of HH [UAE President] 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 realise the UAE's global ambitions.' Mohammed bin Rashid Announces UAE's Key Development Indicators — Dubai Media Office (@DXBMediaOffice) UAE's top trading partners Trade with the UAE's top 10 trading partners rose by 20.2 per cent in Q1 2025, surpassing the 16.9 per cent growth rate with other countries. Bilateral trade with India increased by 31 per cent, with Saudi Arabia by 127 per cent, with Turkiye by 8.3 per cent, and with China by 9.6 per cent, breaking previous records. The UAE has reported consistent record-breaking non-oil trade performance for several years, underpinning its efforts to position itself as a global hub for commerce, investment, and logistics.
The National
08-05-2025
- Business
- The National
Abu Dhabi signs initial pact with Japan as it seeks to boost non-oil trade
Abu Dhabi is seeking to further boost ties with Japan as the emirate extends efforts to boost its non-oil trade, which has soared in recent years. The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Japan External Trade Organisation (Jetro) on Thursday signed an initial agreement to deepen business relations and create new opportunities for collaboration. It aims to promote long-term trade relations and boost growth, particularly in innovation, sustainability and advanced technologies, a statement from the chamber said. The pact was signed during the Abu Dhabi-Japan Business Connect Forum in Tokyo, organised by the ADCCI to facilitate cross-border partnerships and support economic diversification. The UAE ambassador to Japan, Shihab Al Faheem, attended the signing. The high-level forum brought together leaders representing public and private sectors from Abu Dhabi and Japan to explore investment opportunities in priority industries. 'Japan has played a pivotal role in shaping our development, from urban planning to industrial growth, and it remains one of our top trading partners," said Ahmed Al Zaabi, chairman of ADCCI. The UAE and Japan have been boosting collaboration, with bilateral trade growing at a compound annual growth rate of 11.9 per cent during the past five years. The UAE's investments in Japan have more than doubled over the past five years, while it has attracted more than 80 per cent of Japanese investments in the Middle East, Mr Al Zaabi said. "We are on the cusp of a new chapter, bolstered by the anticipated UAE–Japan Cepa and strengthened by rising trade and investment flows," he said. Abu Dhabi has been focusing on diversifying its economy away from hydrocarbons, with non-oil trade growth a key part of the plan. The emirate's non-oil foreign trade rose 9 per cent last year, reaching Dh306 billion ($83.3 billion), according to Abu Dhabi Customs. Non-oil exports increased 16 per cent in 2024, re-exports grew by 11 per cent and imports rose by three per cent. Compared to 2019, Abu Dhabi's non-oil exports have surged 86.4 per cent, and overall non-oil trade has risen by 44 per cent, "reflecting our commitment to enabling global business through regulatory reforms, ease of doing business, and seamless digital integration", Mr Al Zaabi said. "Our infrastructure, business-friendly ecosystem, smart city and quality of life initiatives make us a magnet for global talent, entrepreneurs and investors," he said.
