UAE economy has grown 24-fold in 53 years

Today, the Emirates' growth agenda is built on three central pillars – trade, technology and targeted investments

Waheed Abbas

Published: Wed 4 Dec 2024, 1:18 PM

Last updated: Wed 4 Dec 2024, 4:44 PM

The UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with 24 countries and six of them are in operation, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade.

The agreements are designed to either eliminate or substantially reduce customs duties and tariffs on the import and export of goods in order to boost trade between the countries.

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While speaking on the first day of the inaugural edition of Abu Dhabi Business Week, Al Zeyoudi added that CEPAs have helped the country boost its non-oil trade to record highs.

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“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.

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