UAE's non-oil trade surges to record 3.5 trillion dirhams in 2023

UAE's non-oil trade: The United Arab Emirates (UAE) celebrated a milestone as its non-oil trade surged to 3.5 trillion dirhams ($952.93 billion) in 2023. This achievement, revealed by UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum, represents a substantial 12.6 per cent increase from the previous year. Minister of Foreign Trade Thani Al Zeyoudi further underscored the significance of this feat, highlighting that exports of goods and services surpassed 1 trillion dirhams, setting a new record for the nation.

Al Zeyoudi underlined that the robust growth in non-oil trade affirms the UAE's commitment to economic diversification. This strategic direction is steering the nation towards a future economy founded on knowledge and innovation. Moreover, the record-breaking performance reflects the growing international confidence in the UAE's economic stability and potential, said Zeyoudi.

By diversifying its economic portfolio and fostering innovation-driven growth, the UAE is positioning itself as a strong player in the global marketplace. 

(With Reuters inputs)