The UAE’s exports in the first half (H1) of 2024 surpassed pre-pandemic levels with foreign trade nearing AED1.4 trillion ($380 billion) and a 25% growth in non-oil exports.

 

With a target of AED3 trillion in non-oil foreign trade by the end of 2024, and AED4 trillion by 2031, the UAE is on track to solidify its status as a global trading powerhouse, said a Emirates News Agency (WAM) analysis on the occasion of the 53rd Eid Al Etihad.

 

The UAE’s national economy continues to demonstrate accelerated growth, reinforcing its position as one of the most dynamic and competitive economies both regionally and globally.

 

Balanced approach

The UAE approved the Union General Budget Plan for the fiscal year 2025, with total revenues amounting to AED71.5 billion and estimated expenditures reaching AED71.5 billion, reflecting a balanced approach to income and spending.

 

Moreover, the Central Bank of the UAE (CBUAE) revised upwards its GDP growth projection for 2024 to 4% from 3.9% previously, reflecting the improved performance of the oil sector.

 

Bonds and Sukuk

The Government Treasury Bonds Programme and the Dirham-denominated Islamic Treasury Sukuk Programme have achieved exceptional success. Since their launch until the end of August 2024, they have issued Treasury Bonds worth AED11.2 billion and Islamic Treasury Sukuk worth AED13.8 billion, totalling AED25 billion. This reflects the high confidence in the UAE’s investment environment as one of the most competitive and advanced economies globally.

 

System efficiency

In February, the Financial Action Task Force (FATF) announced the UAE’s completion of all 15 recommendations of its action plan, underscoring the country’s efficiency in combating money laundering and terrorist financing while fostering a business-friendly economic climate.

 

Economic partnerships

The UAE has reinforced its global trade ties by concluding approximately 18 comprehensive economic partnership agreements in 2024, positioning itself as a strategic gateway for trade and logistics.

 

Global competitiveness

In one of the most important global competitiveness reports issued by the International Institute for Management Development in Switzerland, the UAE moved up three places, reaching seventh place globally. The UAE is also among the top ten globally in more than 90 key and sub-indicators in the 2024 World Competitiveness Report.

 

The UAE ranked first regionally in the 2023/2024 Human Development Index report issued by the United Nations Development Programme, advancing nine places in the global ranking from the previous report, to rank 17th globally out of 193 countries covered in the report.

 

The UAE has been ranked number one globally for the third consecutive year by the Global Entrepreneurship Monitor (GEM) report for 2023-2024, surpassing many advanced economies. The UAE was also recognized as the best global destination for starting and operating new business ventures with a score of 7.7, which is the highest ever recorded in the history of the report.

 

Additionally, the UAE took the second place in greenfield FDI project announcements in 2023 at 1,323, an increase of 33% compared with 2022, according to the World Investment Report 2024, published by the UN Trade and Development (UNCTAD).

 

The UAE also led in the e-infrastructure index in the 2024 United Nations E-Government Survey and topped the North Africa and West Asia region in the Global Innovation Index.

 

The UAE has ranked first in the North Africa and Western Asia region in the Global Innovation Index (GII) 2024.

 

Travel and tourism

The UAE’s tourism sector is continuing to grow, bolstering its contribution to the growth and sustainability of the national economy. The revenues generated by hotel establishments in the country have surpassed AED24.6 billion in the first half of 2024, up 7% compared to the corresponding period in 2023. Furthermore, the number of hotel guests across the UAE's seven emirates reached approximately 15.3 million during the first six months of 2024, reflecting a 10.5% growth.

 

Passenger numbers across Abu Dhabi, Dubai, and Sharjah airports surpassed 103 million by September, with the General Civil Aviation Authority projecting total passenger traffic to reach 150 million by year-end.--TradeArabia News Service