Today's Edition
Mays Ibrahim (ABU DHABI)
The UAE has managed to grow its economy 24-fold in the past 53 years, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, on the first day of the inaugural Abu Dhabi Business Week.
In his keynote address, the Minister delved into the strategic initiatives propelling the UAE's economic diversification and sustainable growth.
"Today, the UAE's growth agenda is built on key central pillars: trade, technology, and targeted investments," he said.
The UAE is aiming for Dh4 trillion in non-oil foreign trade over the next 7 years, in addition to increasing the value of its exports to Dh800 billion, Al Zeyoudi added.
"Thanks to our Comprehensive Economic Partnership Agreements (CEPAs), we are making rapid progress towards these goals," he noted.
Since 2022, the UAE has signed multi-level free trade deals with 24 nations around the world and six of them are already in full operation, including key partners such as India and Turkiye, according to Al Zeyoudi.
"These agreements provide enhanced market access to nearly a quarter of the world's population. Indeed, the results speak for themselves. In the first half of 2024, our non-oil foreign trade reached an all-time high of Dh1.39 trillion. This represents an 11.2% increase year-on-year."
He also pointed out that the UAE's non-oil exports saw a 25% growth, reaching a record-breaking Dh256 billion, against the backdrop of slowing global trade growth.
"Our proactive trade policy is delivering trade growth eight times the global average," he said.
The minister also highlighted the UAE's efforts to accelerate the integration of advanced technology across all sectors.
"Initiatives like the Ministry of Industry and Advanced Technologies' Industry 4.0 programme are driving operational efficiencies and product innovation," said Al Zeyoudi.
He added that the Trade Tech Accelerator, launched by the Ministry of State for Foreign Trade in collaboration with the Abu Dhabi Department of Economic Development and the World Economic Forum, is modernising global supply chains and supporting AI-powered projects in logistics.
The minister further noted that the UAE is setting global standards in emerging technologies like blockchains and cryptocurrencies through robust regulatory frameworks.
"We are enabling a new phase of growth through strategic investments in high-potential sectors, and recent reforms to laws, residency rules, and employment regulations have created an environment where businesses can set up, scale, and expand with ease," he said.
Initiatives such as NextGen FDI and Make it in the Emirates are designed to provide tailored support for businesses looking to access new markets and networks, Al Zeyoudi said.
The results of these initiatives are already evident, according to the Minister.
In 2023, the UAE attracted 45.4% of foreign direct investments in the whole Arab world, and ranked second globally in greenfields FDI, surging 36% year-on-year with 1,280 projects. The country also ranks seventh in the 2024 World Competitiveness report, he noted.
