Page 412 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/14/24, 12:37 PM UAE's diamond trade to hit $40 billion in 2024: Juma Al Kait
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 the world, he added.

He also noted that the UAE's non-oil trade reached AED 1.4 trillion in the first half of 2024, an
increase of 11.2% compared to the same period in 2023, noting that this continuous growth came
amid global trade growth of only 1.5%.

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