UAE leans on trade deals for growth as non-oil trade jumps 15% in 2024

The United Arab Emirates' non-oil trade in goods touched a record 3 trillion dirhams ($817 billion) in 2024, up 14.6% from the previous year, as the Gulf oil exporter leans on its trade strategy to spur future growth.
Thani Al Zeyoudi, the UAE's trade minister, announced the figures in a post on X.
Earlier, UAE Prime Minister Mohammed bin Rashid Al Maktoum wrote on X that the country had already reached 75% of its 4 trillion dirham target for non-oil trade set for 2031.
The UAE is widely considered to be the region's tourism and business hub, and it has invested heavily in trade and logistics infrastructure and devised policy to help accelerate efforts to diversify its economy.
Since 2021 it has initiated a raft of bilateral trade, investment and cooperation deals called Comprehensive Economic Partnership Agreements (CEPAs), and has so far negotiated deals with countries ranging from India and Indonesia to politically opposed nations such as Israel and Turkey, as well as smaller states.
The share of exports in UAE's total non-oil trade rose to 18.7% last year, from 11% in 2015, Zeyoudi said.
The value of exports to partner CEPA countries jumped 42.3% year on year in 2024, and accounted for about a quarter of overall non-oil exports, which reached 561.2 billion dirhams last year.
"Through our CEPA programme, we are securing partnerships with those nations who share our belief that open, rules-based trade is an essential driver of economic growth, development and diversification," Al Zeyoudi said in emailed comments to Reuters.
"The UAE will always take a long-term view," he said, adding the country's economic strategy is not informed by day-to-day headlines.
The country is hoping to kick off trade talks with the European Union in 2025, a move which has the support of many EU member states.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Saba Yemen

4 hours ago

• Saba Yemen

Euro-Mediterranean Human Rights Monitor: European review concludes Israel violated Association Agreement

Istanbul - Saba: Rami Abdo, head of the Euro-Mediterranean Human Rights Monitor, said on Friday that the official European Union review concluded that Israel repeatedly violates Article 2 of the Association Agreement, which requires respect for human rights. Abdo added, in a statement to the Palestinian Safa News Agency, that the investigation conducted by the European External Action Service (EEAS) revealed that the blockade imposed on Gaza amounts to collective punishment, and that the occupation authorities have used starvation as a weapon by cutting off food, water, and healthcare. Whatsapp Telegram Email Print more of (International)

Saba Yemen

18 hours ago

• Saba Yemen

Araghchi begins talks with European Troika Foreign Ministers & Kallas in Geneva

Geneva – Saba: Iranian Foreign Minister Abbas Araghchi began talks on Friday in Geneva with the foreign ministers of the three European "Troika" countries—Britain, France, and Germany—and the European Union's High Representative for Foreign Affairs, Kaja Kallas, regarding the nuclear issue, at the request of the three European nations. The Iranian news agency Tasnim reported the start of discussions between Iran's foreign minister, the European ministers, and the EU's foreign policy chief on the nuclear issue in Geneva. Earlier, Araghchi confirmed that a meeting would be held on Friday between the Iranian delegation and the foreign ministers of the European Troika (Britain, France, Germany), along with the EU's foreign policy chief Kaja Kallas, in the Swiss city of Geneva. In a press statement, Araghchi confirmed reports in some media outlets about preparations for a joint meeting, clarifying that the meeting was requested by the three European countries and would focus on political developments, bilateral issues, and regional matters of mutual interest. Meanwhile, Iranian Foreign Ministry spokesman Saeed Khatibzadeh announced Araghchi's visit to Geneva to discuss the nuclear issue and the lifting of sanctions. Khatibzadeh reiterated the diplomatic institution's commitment to fully supporting the armed forces of the Islamic Republic of Iran in defending the country against the criminal aggression of the Zionist regime. He stated, "A joint meeting with the three European countries and the EU's foreign policy chief is being planned at their request, aimed at discussing the nuclear issue and recent regional developments following the Zionist regime's military aggression against Iran." This comes amid ongoing Zionist aggression since last Friday dawn, targeting Iran with attacks that have killed military leaders, scientists, and civilians, while striking civilian, military, and nuclear facilities. Whatsapp Telegram Email Print more of (International)

Saba Yemen

3 days ago

• Saba Yemen

G7 cancels joint statement on Ukraine due to US objections

Washington - Saba: Reuters reported, citing a Canadian official, that the G7 countries, which are holding their summit in Canada, were forced to abandon a joint statement on the conflict in Ukraine due to objections from the United States. The agency reported that a Canadian official told reporters on the sidelines of the G7 leaders' summit on Tuesday that Canada had abandoned plans to issue a strict G7 statement on the war in Ukraine after objections from the United States. The agency quoted the official as saying that the US side wanted to soften the draft statement, and that Canada felt it would be unfair to Ukraine. As a result, only six G7 member states will issue a joint statement on Ukraine, which will be announced later by Canadian Prime Minister Mark Carney, the agency reported. Whatsapp Telegram Email Print more of (International)