Page 402 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/14/24, 12:36 PM UAE's diamond trade to hit $40bln in 2024: Juma Al Kait
Al Kait said that diamonds account for a large share of the UAE's non-oil trade, exceeding 5.5%, with the
value of diamond trade reaching nearly $39 billion in 2023, and during the first half of 2024 it reached
about $20 billion.

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He stressed the important role that comprehensive trade agreements play in boosting the UAE's
diamond trade, removing barriers and opening up new markets and opportunities in Asia, Africa, and
various countries around the world, noting that DMCC plays a crucial role in stimulating diamond trade
around the world.

In his speech at the conference, Juma Al Kait highlighted the growing role that the diamond sector plays
in the UAE's economy and the sector's continued ability to innovate and adapt. He noted that the
discussions at the conference provide a better opportunity to understand the challenges facing the
sector, as well as identify the pathways and policies needed to ensure its long-term sustainability.

The UAE will chair the Kimberley Process in 2024 for the second time since it became the first Arab
country to hold this position eight years ago. The growth of the diamond sector reflects the UAE's
position as a global destination for trade and investment and reinforces its vision to diversify the
economy, he indicated.

He said that the UAE's foreign trade agenda is one of the main pillars of these ambitions, working to

raise the total value of non-oil trade to AED 4 trillion by 2031, and increase non-oil exports to AED 800
billion in the same period. He pointed out that the UAE has adopted an ambitious strategy to enhance
the diversity of supply chains and create new market opportunities for the private sector in all sectors.

The Comprehensive Economic Partnership Agreements (CEPA) programme is one of the main pillars of

this policy, as it contributes to the consolidation of trade and investment relations with key allies around

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