For the first time, the UAE’s foreign trade has reached an impressive Dh3 trillion by the end of 2024, as announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. He described this achievement as a “historic milestone” in a post on X.

Sheikh Mohammed highlighted that while global trade grew by only 2 percent in 2024, the UAE experienced a remarkable growth rate of 14.6 percent, seven times higher than the global average. He attributed much of this success to the long-term efforts of President Sheikh Mohamed, particularly emphasizing the role of Comprehensive Economic Partnership Agreements (Cepa).

According to Sheikh Mohammed, these agreements, which were led by Sheikh Mohamed bin Zayed, contributed an additional Dh135 billion to the UAE’s non-oil trade with partner nations. This represents a significant 42 percent increase compared to the previous year, further underscoring the positive impact of these partnerships on the nation’s economy.

Reaching the Dh3 trillion milestone marks a significant advancement for the UAE, positioning it on a path to meet its ambitious Dh4 trillion annual trade target by 2031. Sheikh Mohammed stated that by the end of 2024, 75 percent of this goal has already been achieved, indicating that the UAE is likely to reach its target ahead of schedule.

The UAE economy has demonstrated impressive expansion, growing 24-fold over the past 53 years. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, noted that the country’s GDP, foreign direct investment (FDI), and non-oil foreign trade have continued to thrive despite ongoing global economic uncertainties. Abdulla bin Touq Al Marri, Minister of Economy, reiterated that the UAE is on track to raise its gross domestic product to Dh3 trillion by 2031.

Sheikh Mohammed emphasized that progress is prioritized over politics in the UAE. He stated, “The UAE is shaping its own economic future … Our priority is to strengthen economic partnerships with nations around the world — because prosperity is built on stability.” He concluded by underscoring the UAE’s clear vision and bold ambitions, asserting that success belongs to those who know their direction.