Skip to main content

2023 marks record year for UAE economy, non-oil foreign trade hit staggering $953 billion

 

The UAE’s economy experienced significant growth in 2023, reaching a record Dh 3.5 trillion ($953 billion) in non-oil foreign trade. This growth was attributed to the country’s economic diversification plans, despite a decline in international goods and services movement. The UAE’s trade with its top ten most important foreign partners grew 26% last year, and the country is working towards inking 26 comprehensive economic partnership agreements (Cepas) with countries like India, Indonesia, and Turkey. The non-oil trade figures recorded last year included Dh2.6 trillion in goods and Dh900 billion in services, reflecting the resilience and dynamism of its economy. The country is on track to achieve its target of Dh4 trillion by 2031.

China remains the leading trading partner for the UAE, followed by India, the US, Saudi Arabia, and Turkey. Other top ten trading partners include Iraq, Switzerland, Hong Kong, Japan, and Oman. The tourism sector contributed to the growth of trade in services, with Dubai’s annual tourism performance increasing by 19.4% annually to 17.15 million in 2023. Other significant sectors contributing to the UAE’s trade services growth include ICT, professional and financial services, Islamic financial services, education, medical tourism, logistics, and creatives.

Labels:

Comments

Post a Comment

Popular posts from this blog

Sky Care: How the UAE’s First Hospital Vertiport is Redefining Emergency Response

  Imagine a critical patient, a time-sensitive organ for transplant, or a specialist medical team needed across a bustling city. On the ground, traffic is a formidable adversary, where every minute lost can alter outcomes. Now, imagine that same journey taking minutes instead of an hour, not by navigating the roads, but by soaring gracefully above them. This is not a scene from a sci-fi film; it is the new reality in the United Arab Emirates. In a landmark move that solidifies its position on the global stage of innovation, the UAE has officially launched the nation’s — and the region’s — first hospital-based vertiport at Cleveland Clinic Abu Dhabi. This isn’t just a helipad with a new name. It is the cornerstone of a fully integrated, city-wide advanced air mobility (AAM) ecosystem, marking a profound convergence of cutting-edge aviation, AI-driven healthcare, and sustainable infrastructure. The Launch of a Lifesaving Corridor The project is a powerful collaboration between aviati...
Post a Comment
Read more

Three Houses, One Vision – How the UAE’s Abrahamic Family House is Redefining Inter-Faith Dialogue

  When you step onto the stone-plinth of the Abrahamic Family House on Saadiyat Island in Abu Dhabi, you are not just visiting a building. You are entering a bold statement: a mosque, a church and a synagogue standing side-by-side, equal in size and purpose, sharing common ground while respecting their separate faiths. A landmark of coexistence In early 2023 the UAE inaugurated this pioneering complex, inviting worshippers and visitors alike. The architecture — designed to give each of the three faith-homes the same external dimensions and to signal equality — allows each to express its own traditions while remaining visibly part of a unified vision. More than 200 nationalities live in the UAE, which means the project reflects a multicultural reality in which multiple faiths and identities coexist daily. Islam’s role in the vision For Muslim-majority audiences in the Gulf, the Abrahamic Family House sends a resonant message: Islam does not fear dialogue — it embraces it. The m...
Post a Comment
Read more

Beyond the Barrel: The UAE's Steady Hand in a Shifting Global Economy

  Global economic rankings often highlight familiar names, but a steady, deliberate climb is happening in the Gulf. The UAE consistently ranks as one of the most economically stable nations, and this validation stems from a steady reform model that has successfully insulated its economy. The story is no longer about oil wealth; it's about the strategic deployment of that wealth to build a resilient, modern, and dynamic knowledge economy. The proof is in the sectors now driving growth.  Tech startups  are flourishing in Dubai and Abu Dhabi, supported by government venture funds and a growing pool of talent.  Smart cities  like Masdar City and NEOM are not just futuristic concepts but active testbeds for sustainable living and business. This has triggered record  FDI inflows , with the UAE securing its position as the 16th largest global destination for foreign direct investment. The narrative is supported by hard data: a GDP growth projection of 4.6% in 2025...
Post a Comment
Read more