The United Arab Emirates (UAE) ended its financial history by surpassing $1 trillion in non-oil foreign trade for the first time in history. The UAE had set a goal for three years to achieve this goal by 2031, but the desert nation achieved this fiscal goal five years ahead of schedule.
The UAE’s non-oil foreign trade of over $1 trillion demonstrates the country’s commitment to achieving its economic goals. This country has accelerated ambitious economic plans and achieved them through sheer dedication and ability. This makes the country the most successful country in the Middle East with a strong growth engine.
Reviewing the latest foreign trade statistics, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said the achievement of $1 trillion in non-oil foreign trade reflects a fully developed investment ecosystem, enhanced cooperation with the private sector, and growing global confidence in the UAE economy.
UAE reaches $1 trillion in non-oil trade five years ahead of schedule
The UAE’s non-oil trade exceeds AED 3.8 trillion, equivalent to $1.03 trillion. This represented a growth of approximately 27% compared to 2024 and 44.3% compared to 2023. Going further, trade expanded by 65% compared to 2022 and by 97.4% compared to 2021. That amount has nearly doubled in just four years and is more than double the level recorded in 2019.
Sheikh Mohammed revealed that the target was set for 2031 and the UAE achieved 95% of it five years ago. The trend highlights the emphasis oil-rich countries are placing on economic diversification. They are no longer dependent on a single source of income to sustain the economy.
Not only the UAE but even Saudi Arabia is aiming for non-oil foreign trade. Saudi Arabia is relaxing its conservative policies to become a tourist-friendly destination. Vision 2030 will change the direction of the Saudi economy and diversify its sources of income.
