Page 405 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/14/24, 12:36 PM UAE diamond trade to hit $40 billion in 2024
UAE chairs the Kimberley Process in 2024
The UAE chairs the Kimberley Process in 2024 for the second time since it became the first Arab
country to hold this position eight years ago. The Kimberley Process unites administrations, civil
societies, and industry in reducing the flow of conflict diamonds or ‘rough diamonds used to finance
wars against governments’ around the world.
Read: Emirates leads ULTRAs 2024 awards as ‘Best Airline in the World’

Global trade and investment hub
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.
Al Kait added that the UAE’s foreign trade agenda is one of the main pillars of these ambitions
since it works on raising the total value of non-oil trade to AED4 trillion by 2031. In addition, it
seeks to increase non-oil exports to AED800 billion in the same period. Al Kait noted 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 Agreement (CEPA) program is one of the main pillars of
this policy, as it contributes to the consolidation of trade and investment relations with key allies
around the world.
Notably, the UAE’s non-oil trade reached AED1.4 trillion in the first half of 2024, an increase of
11.2 percent compared to the same period in 2023. This continuous growth came amid global trade
growth of only 1.5 percent.
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