The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year, Reuters reported.
Prime Minister Sheikh Mohammed bin Rashid al-Maktoum hailed achievement as indication to the country’s efforts to diversify its economy and reduce dependence on oil revenues.
“This remarkable milestone underscores our commitment to economic diversification and resilience,” stated Prime Minister Sheikh Mohammed bin Rashid al-Maktoum.
The surge in non-oil trade reflects the effectiveness of policies aimed at expanding income sources and fostering growth across various sectors beyond the oil industry.
Minister of Foreign Trade, Thani Al Zeyoudi, emphasised the significance of UAE’s non-oil sector, which outpaced overall GDP growth in first half of 2023, registering robust 6 per cent increase.
Zeyoudi underscored pivotal role of Comprehensive Economic Partnership Agreements (CEPAs) in driving…