UAE’s Non-Oil Revenue Hits $952 Billion, 12.6% Increase from 2023

The United Arab Emirates (UAE) has announced that it achieved a record-high non-oil trade volume of $952.93 billion in 2023, marking a 12.6 percent increase from the previous year. This achievement is considered a significant step towards the UAE's goal of diversifying its economy and reducing its dependence on oil revenues, according to Reuters.

Prime Minister Sheikh Mohammed bin Rashid al-Maktoum praised the country's efforts to expand its income sources and foster growth across various sectors beyond the oil industry. "This remarkable milestone underscores our commitment to economic diversification and resilience," he said.

The growth in non-oil trade is a result of effective policies aimed at promoting economic diversification. The Minister of Foreign Trade, Thani Al Zeyoudi, emphasized the importance of the non-oil sector, which outpaced overall GDP growth in the first half of 2023, registering a robust 6 percent increase. He also highlighted the significant role of Comprehensive Economic Partnership Agreements (CEPAs) in driving trade expansion, citing substantial growth in trade volumes with key partners such as India and Turkey.

Despite external challenges, including disruptions to Red Sea shipping routes due to Houthi attacks, Minister Zeyoudi expressed confidence in the resilience of the UAE's economy. He affirmed the country's preparedness to navigate global uncertainties, citing adaptability and robustness in facing regional and international challenges.

Overall, Zeyoudi's remarks emphasized the UAE's confidence in sustaining economic growth amid evolving geopolitical dynamics.