Latest news with #UAEgrowth
Zawya
10 hours ago
- Business
- Zawya
UAE's non-oil foreign trade to hit $1.1trln by 2027, says report
UAE - HH 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, reported Wam. The UAE's non-oil foreign trade continued an upward trajectory in Q1 2025 (January 1 to March 31, 2025), reaching AED 835 billion, up 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. Sheikh Mohammed 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," he 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," he added. UAE's 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), said the Wam report. 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%, it stated. "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," said Sheikh Mohammed. "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," he added.
Economy ME
4 days 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.
Khaleej Times
05-06-2025
- Business
- Khaleej Times
UAE's cross-border business horizon brightens, study shows
With 94 per cent of businesses projecting strong growth in cross-border activities despite looming tariff challenges, the UAE leads global trade optimism, according to HSBC's 2025 Global Trade Pulse Survey. Conducted between April 30 and May 12, the survey of over 5,700 firms across 13 markets reveals UAE companies' remarkable resilience, outpacing global sentiment. As geopolitical and tariff uncertainties ripple worldwide, UAE firms are leveraging advanced planning, digital innovation, and strategic market diversification to secure a prosperous future. The UAE's buoyant outlook contrasts with global caution, where two-thirds of corporations report cost increases from tariff and trade uncertainties. While 65 per cent of UAE firms have faced similar cost pressures, with an average rise of seven per cent in operational expenses, they remain undeterred. A striking 76 per cent anticipate further cost hikes within six months, yet their confidence persists, driven by proactive strategies. The survey projects a 19 per cent revenue impact from tariffs on UAE businesses, slightly above the global average of 18 per cent, but firms are countering this with agility and foresight. Deyana Cherneva, head of Global Trade Solutions for the Middle East, North Africa, and Türkiye at HSBC Bank Middle East, emphasised the UAE's strategic edge. 'The UAE corporates are well-prepared for the evolving trade landscape,' she said. 'By harnessing data analytics, strengthening supply chains, and deepening ties with key markets like the Middle East, China, and Europe, they are turning challenges into opportunities.' Indeed, 75 per cent of UAE firms view trade uncertainty as a chance to innovate, with 48 per cent investing in data analytics, 42 per cent enhancing risk management, and 38 per cent improving supply chain visibility. The UAE's trade optimism is underpinned by its strategic market connections. The survey identifies the UAE itself as the top sales market for 83 per cent of local firms, followed by India (34 per cent), the UK (32 per cent), the US (32 per cent), and Germany (19 per cent). For sourcing, 78 per cent of firms prioritize the UAE, with India (40 per cent), the US (39 per cent), the UK (32 per cent), and Germany (25 per cent) as key partners. Regional trade is a cornerstone, with 62 per cent of UAE companies boosting Middle East ties, alongside 47 per cent focusing on China and 43 per cent on Europe. This diversification aligns with the UAE's Vision 2030, which aims to elevate non-oil trade to Dh4 trillion by 2031, per government projections. Additional data from the UAE Ministry of Economy highlights the emirates' trade momentum, with non-oil exports reaching Dh445 billion in 2024, a 12 per cent year-on-year increase. Free trade agreements, including those with India and the EU, have bolstered market access, while investments in digital infrastructure — such as Dubai's blockchain-based trade platforms — enhance efficiency. The UAE's logistics hub status, with Jebel Ali Port handling 14.5 million TEUs in 2024, further solidifies its global trade dominance. Geopolitical shifts, a constant in global trade, are met with resilience by UAE businesses. The survey notes that 55 per cent of firms are exploring new markets to mitigate risks, with Southeast Asia and Africa emerging as growth frontiers. The UAE's economic diversification, with non-oil sectors contributing 73 per cent to GDP in 2024, supports this adaptability. Sectors like technology, renewable energy, and e-commerce are thriving, with the UAE's digital economy projected to grow by 15 per cent annually through 2030, according to Oxford Economics. According to business analysts, while challenges like tariff costs and regulatory complexities persist, UAE businesses are undaunted. Their embrace of technology, strategic market expansion, and robust regional ties position them to lead globally, they added.
