Page 334 - MOE ENGLISH PR REPORT - AUGUST 2024

8/26/24, 4:54 PM UAE non-oil foreign trade continues to set new milestones: Thani Al Zeyoudi – The Gulf Time Newspaper
UAE non-oil foreign trade continues to set new

milestones: Thani Al Zeyoudi

ABU DHABI/WAM

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE has placed foreign trade at the
centre of its economic agenda, recognising its pivotal role in driving industrial output, enhancing the global competitiveness of
its products and services, as well as catalysing innovation.
He said, “As a direct result of this conviction, and guided by our leadership’s forward-thinking vision and commitment to global
collaboration, our non-oil foreign trade continues to set new milestones.”
Dr. Al Zeyoudi noted that the value of the UAE’s non-oil trade has remained on a robust growth trajectory, reaching an all-time
high of AED1.395 trillion in the first half of 2024 – the sixth consecutive half-year period of foreign trade growth.
This new milestone marks an 11.2 percent increase in foreign trade compared to H1 in 2023, and underscores the success of

the UAE’s economic diversification strategies, he said, adding that this is best embodied by the increase of the UAE’s non-oil
exports, which grew 25 percent compared to H1 2023 to reach AED256.4 billion.
Dr. Al Zeyoudi emphasised that key sectors, including gold, silver, jewellery, oils, perfumes, aluminium, copper wires, and iron
products, have led this impressive surge in non-oil exports, demonstrating the country’s enhanced global competitiveness.
“Our re-export operations also increased, highlighting our status as a global trade hub and reflecting international confidence
in the UAE as a reliable trade partner and facilitator.”
“Moreover, our performance defies the global trend of slowing trade growth, which averaged just 1.5 percent in the first half of
this year. This achievement shows the UAE economy’s resilience, which is the result of our steadfast commitment to building
strong, productive public-private partnerships as well as fostering collaborative growth with emerging global economies,” he
added.
Importantly, it’s clear that our Comprehensive Economic Partnership Agreement (CEPA) programme is playing a central role in
achieving these record results, Dr. Al Zeyoudi stated. He stressed that bilateral trade with CEPA partners India and Türkiye
grew 15 and 9.8 percent, respectively, and, together, now account for 11.7 percent of the UAE’s total foreign trade.
“As we continue to expand and finalise more CEPA deals, we anticipate further growth, steering us toward our ambitious

target of AED4 trillion in non-oil foreign trade by 2031.” he further said.
https://gulftime.ae/uae-non-oil-foreign-trade-continues-to-set-new-milestones-thani-al-zeyoudi/ 1/2