Page 414 - MOE ENGLISH PR REPORT- NOVEMBER 2024

The UAE will lead the Kimberley Process in 2024 for a second time since becoming the first Arab
nation to do so eight years ago. The expansion of the diamond sector underscores the UAE's status
as a global hub for trade and investment while supporting its vision to diversify its economy.
The UAE's foreign trade agenda aims to elevate non-oil trade value to AED 4 trillion by 2031 and
boost non-oil exports to AED 800 billion within that timeframe. An ambitious strategy has been
adopted to enhance supply chain diversity and create new market opportunities for private sectors
across all industries.

Continuous Growth Amid Global Challenges
The Comprehensive Economic Partnership Agreements (CEPA) programme is a cornerstone of this
policy. It strengthens trade and investment ties with key global partners. Al Kait noted that non-oil
trade in the UAE reached AED 1.4 trillion in H1 2024, marking an 11.2% increase compared to H1
2023, despite global trade growth being only 1.5%.

This consistent growth reflects strategic efforts to bolster economic resilience and expand
international partnerships, ensuring sustainable development across various sectors.

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