The UAE Economy Grows 24 Times

The UAE Economy Grows 24 Times

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  • The UAE Economy Grows 24 Times

Over 53 years, the UAE economy has grown 24-fold

The United Arab Emirates continues to showcase robust economic development driven by diversification and the international trade expansion. Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, highlighted this success during the opening of Abu Dhabi Business Week.

The UAE has signed Comprehensive Economic Partnership Agreements (CEPA) with 24 countries, six of which are already in effect. These agreements aim to remove or highly reduce customs duties and tariffs on imports and exports, fostering stronger trade ties and boosting economic activity.

Despite global economic challenges, the UAE has maintained consistent growth in GDP, foreign direct investment, and non-oil foreign trade. This sustained progress underpins the country's transition to a globally competitive market.

The UAE government is actively working on diversifying the economy and reducing its dependence on oil revenues. In the first half of this year, non-oil trade reached record levels, increasing by 11.2% compared to the same period last year. Additionally, the UAE is heavily investing in technology development, improving its national economy’s competitiveness.

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