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  The UAE's foreign trade reached a record AED5.23 trillion (US$1.42 trillion) in 2024, marking a 49% increase since 2021 and reinforcing its global economic influence. Despite fluctuating global market conditions, the country managed to post a trade surplus of AED492.3 billion (US$134 billion), showcasing the strength of its trade frameworks and diversified economy. According to the World Trade Organisation, the UAE has maintained its position as the Middle East and Africa's foremost trade community since 2014, while steadily climbing the global ranks. In merchandise trade, the UAE placed 11th in exports and 14th in imports in 2024. It contributed 2.5% of global exports and 2.2% of imports, reflecting a robust trading ecosystem that bridges major global markets. The services sector also delivered notable gains. From 2014 to 2024, the UAE rose to 13th globally in service exports. Service transactions in 2024 totaled AED1.036 trillion, of which AED646.6 billion were exports. The...

The UAE has long been recognized for its economic strength, primarily built on its oil and gas reserves. However, over the past decade, the country has successfully implemented strategic reforms to diversify its economy , reducing its dependence on oil and strengthening other key sectors. Today, non-oil industries drive 75% of the country’s GDP , ensuring long-term stability and sustainable growth. Declining Oil Dependence Oil and gas exports, which once contributed over 85% of the UAE’s GDP in 2009 , now account for just 25% of the economy. With a value of AED 550 billion , the sector remains significant but no longer dominates national economic growth. Major Non-Oil Growth Sectors Trade & Export: The UAE’s global trade connections have made this sector the largest contributor to non-oil GDP, at 16.1% , bringing in AED 330 billion in 2024. Manufacturing: Industrial growth and technological advancements have led to a 14.6% contribution to GDP, totaling AED 198 billion . ...

  The United Arab Emirates has emerged as the preferred choice for foreign investors in 2023, with an impressive influx of $30.69 billion—an increase of 34.97% from last year's $22.74 billion. This remarkable growth underscores the UAE's reputation as the world's second-largest investment market, bolstered by strong institutional and investor trust. International investors are drawn to the UAE for its optimal business climate and excellent infrastructure, strategically situated near burgeoning markets in the MENA region. Recent government strategies have significantly contributed to this trend, with nine key laws implemented over the last six years to open up new sectors for entrepreneurs. In the past four years alone, thirty new business policies have been enacted, creating an inviting environment for foreign investments. Major reforms have led to outstanding performance across various market segments, particularly in the IT and business services sectors, which have genera...

  In its September 2024 Monthly Oil Market Report, OPEC highlighted the strong performance of the UAE's non-oil sectors , suggesting the country's economic diversification strategies are paying off. According to the Department of Economy and Tourism in Dubai, the city welcomed 10.62 million international visitors from January to July, an 8% rise compared to the same period last year. Visitor numbers included 1.77 million in January, 1.9 million in February, 1.51 million in March, and between 1.19 million to 1.5 million in the following months. Dubai seems poised to break last year's record of 15.37 million visitors, with its tourism strategies driving growth. The city's vibrant culinary and cultural scenes, along with its diverse population, continue to attract global travelers, while locals maintain their traditions. OPEC’s report also noted that the UAE is enhancing its appeal to foreign investors and skilled professionals by lowering business setup costs, reforming v...

  Abu Dhabi’s Business Activity Report for 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), shows significant growth in major indicators, highlighting the attractiveness of the business ecosystem and its ability to attract quality investments. The   report   shows that the Emirate’s strong economic growth, particularly in non-oil sectors, contributes 52.8% of Abu Dhabi’s GDP. In 2023, 24,143 commercial sector licenses were issued, with 94.1% of the total. The total capital of new economic licenses announced exceeded AED210.7 billion. In 2023, 25,647 new economic licenses were issued, with 75,778 licenses renewed, a 3.5% growth. Active licenses in the Emirate increased to 143,617, a 10.9% increase compared to 2022. The professional, tourism, industrial, agricultural, fishery, and livestock sectors saw remarkable growth, with new industrial licenses reaching 363, a 51.25% increase. New tourism licenses reached 219, a 22.35% increase, and the growth ...

  The UAE is focusing on diplomacy and economic cooperation in 2024, with a focus on the country’s  CEPA programme . The Gulf state announced a limited cabinet reshuffle to infuse more expertise and youthful energy into decision-making and reinforce the core pillars of security, prosperity, and innovation. The UAE has concluded 10 comprehensive economic partnership agreements, marking the current year as a pivotal milestone in forging global connections. The benefits of CEPA agreements include enhanced market access, simpler customs procedures, lower or eliminated tariffs, clear and transparent rules, and rules-based competition. The CEPA programme is expected to boost the country’s exports by 33% and contribute more than $41.7 billion to the national gross domestic product by 2031. During the latest official trip of HH President Sheikh Mohamed bin Zayed to Baku, the UAE and Azerbaijan signed several key memorandums of cooperation, covering strategic collaboration, investments...