Sheikh Mohammed announces Dubai’s non-oil foreign trade surpassing $544 billion ahead of schedule

Diverse sectors propelled Dubai's economic growth in 2023
Sheikh Mohammed announces Dubai’s non-oil foreign trade surpassing $544 billion ahead of schedule
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai (Photo Credit: Sheikh Mohammed's official Twitter account)

Dubai’s non-oil foreign trade has surpassed AED2 trillion ($544 billion) ahead of schedule, driven by the emirate’s sustained economic growth. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, made the announcement on X, previously known as Twitter.

The Dubai government had initially set a target in January 2020 to achieve a volume of non-oil foreign trade of AED2 trillion by 2025. To accomplish this, the government formed a team to establish a new logistical and legislative framework to access new markets.

Read more: Dubai’s non-oil private sector economy hits 4-year peak

“In 2020, prior to the onset of the Covid crisis, the Dubai Council announced a target for Dubai’s non-oil foreign trade to reach AED2 trillion by 2025. However, with the arrival of the Covid crisis, the team informed me that achieving this goal would be impossible due to the adverse impact of the global trade disruption caused by the pandemic,” stated Sheikh Mohammed on X.

“I have learned from life experiences that crises present the best opportunities for development and innovative thinking,” Sheikh Mohammed added. “We launched numerous initiatives, developed policies, and streamlined procedures during the largest global crisis that lasted for almost two years. Today, one year ahead of the deadline, we have successfully achieved our goal.”

Diverse sectors drive Dubai’s economic expansion

Dubai’s economy thrived with an annual growth rate of 3.3 percent in the first nine months of the previous year, propelled by the tourism and transportation sectors, according to recent government data. The emirate’s gross domestic product increased by 3.2 percent in the first half of that year, amounting to AED223.8 billion. This growth was fueled by various sectors including transportation, trade, financial services, accommodation and food services, real estate, information and communication, and manufacturing.

Sheikh Hamdan’s $136 million initiative for SME support

In a bid to support small and medium enterprises, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced a AED500 million ($136 million) initiative to help these businesses expand into regional and global markets. Additionally, in December, Dubai’s non-oil private sector experienced robust growth, with activity reaching its highest level in 16 months. This growth was attributed to increased new orders and eased cost pressures.

For more news on the economy, click here.

Related Topics:
The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.