Page 855 - MOE ENGLISH PR REPORT - DECEMBER 2024

12/27/24, 4:21 PM UAE economy has grown 24-fold in 53 years - News | Khaleej Times

“The UAE’s 2031 agenda places a strong emphasis on trade. We are targeting
Dh4 trillion in non-oil foreign trade over the next seven years and increasing
exports to Dh800 billion, thanks to our Comprehensive Economic Partnership
Agreements. Since 2022, we have concluded multi-level free trade deals with 24
nations around the world and six of which are in full operation including with key
partners India and Turkey. These agreements provide enhanced market access

to nearly a quarter of the world’s population. The results speak for themselves. In
the first half of non-oil trade reached an all-time high Dh1.39 trillion, which
represents an 11.2 per cent increase year on year,” the Minister said during the
keynote address.

He added that the UAE has been able to grow its economy 24 folds in the past 53

years and the country’s GDP, FDI and non-oil foreign trade defy global trends.

“In an uncertain economic landscape, the UAE is a centre of growth and
opportunities. This is no accident,” he said, adding that it is mainly due to natural
resources that wealth is being used for the long-term development of social,
industrial and educational sectors.

“Today, UAE’s growth agenda is built on three central pillars – trade, technology
and targeted investments. And partnership with nations, academia and corporate
are central to each of them.”

The minister added that nine-month non-oil exports have surpassed last year’s
figures.

“Our non-oil exports grew 25 per cent to Dh265 billion. The numbers by the end
of September are even much higher than last year. All of this against the
backdrop of slowing global trade which average 1.5 per cent in the first same
period… The UAE is also securing the future of its economy by accelerating the
integration of advanced technology across all sectors – AI, machine learning,
blockchain, robotics and IoT,” he said.

https://www.khaleejtimes.com/business/uaes-economy-has-grown-24-folds-in-the-past-53-years 3/4