UAE Non-Oil Trade Reaches Record $817 Billion in 2024

The United Arab Emirates (UAE) achieved a record non-oil trade value of 3 trillion dirhams ($817 billion) in 2024, reflecting a 14.6% increase from the previous year. This significant growth is attributed to the country's strategic implementation of Comprehensive Economic Partnership Agreements (CEPAs) with various nations, including India and Israel, which have facilitated tariff reductions and enhanced trade relationships. Prime Minister Sheikh Mohammed bin Rashid Al Maktoum noted that the UAE is on track to meet its ambitious goal of 4 trillion dirhams in non-oil trade by 2031, having already reached 75% of this target. Exports to CEPA partner countries surged by 42.3% year-on-year, illustrating the effectiveness of these agreements in diversifying trade. The UAE is also planning to initiate trade discussions with the European Union in 2025 to further expand its global trade network. Overall, these developments underscore the UAE's commitment to diversifying its economy beyond oil dependency.