The UAE is on track to meet its $1 trillion non-oil trade growth target well ahead of schedule. Initially set for 2031, the country now expects to hit this milestone within just two years, according to a top official. Sheikh Mohammed bin Rashid Al-Maktoum, the UAE’s Vice President and Prime Minister, announced this impressive development recently.
In a post on X, Sheikh Mohammed highlighted the rapid pace of the nation’s economic progress. He pointed out that many key economic indicators have outperformed global averages. This surge in non-oil trade growth reflects the UAE’s ongoing efforts to diversify its economy and reduce reliance on oil revenues.
Specifically, the UAE’s non-oil foreign trade expanded by 18.6 percent in the first quarter of 2025, compared to a global average growth rate of 2 to 3 percent. The total trade volume reached 835 billion dirhams during this period. More notably, non-oil exports soared by 41 percent year-on-year, underscoring the country’s strengthened position in global markets.
Furthermore, the non-oil sector now contributes 75.5 percent to the UAE’s GDP. This shift illustrates the success of the country’s diversification strategy. The economy grew by 4 percent overall in 2024, signaling resilience amid global uncertainties.
Sheikh Mohammed praised the leadership of UAE President Sheikh Mohamed bin Zayed Al-Nahyan for guiding the nation through this transformative economic phase. He emphasized that these achievements mark new development benchmarks for the UAE.
Meanwhile, neighboring Gulf countries are also advancing their diversification plans. Saudi Arabia reported a 13 percent increase in non-oil exports in 2024, reaching SR515 billion ($137 billion). This figure represents more than double the volume seen in 2016 when Vision 2030 began.
Bahrain’s non-oil economy grew by 3.9 percent in the third quarter of 2024, accounting for 86.4 percent of its GDP and contributing to an overall economic growth rate of 2.1 percent.
Overall, the UAE’s accelerated non-oil trade growth highlights its economic resilience and forward momentum. The country’s diversification strategy continues to pay dividends, pushing the UAE closer to its ambitious economic goals.
