UAE, 4 December, 2024 : The UAE’s exports in the first half of 2024 surpassed pre-pandemic levels, with foreign trade nearing AED1.4 trillion ($380 billion) and a 25% growth in non-oil exports. The country is on track to reach AED3 trillion in non-oil foreign trade by the end of 2024, aiming for AED4 trillion by 2031, solidifying its position as a global trading powerhouse.
In line with its economic growth, the UAE approved the Union General Budget for fiscal year 2025, with a balanced revenue and expenditure plan totaling AED71.5 billion. The Central Bank of the UAE also revised its GDP growth projection for 2024 to 4%, driven by a strong oil sector performance.
The UAE's investment environment remains robust, as demonstrated by the success of its Treasury Bonds and Islamic Treasury Sukuk Programs, which together raised AED25 billion by August 2024.
In terms of global competitiveness, the UAE advanced to 7th place globally in the 2024 World Competitiveness Report, with significant improvements in key indicators. The country also topped regional rankings in the 2023/2024 Human Development Index and was recognized as the best destination globally for starting new businesses, according to the Global Entrepreneurship Monitor.
The UAE’s tourism sector continued to thrive, with hotel revenues reaching AED24.6 billion in H1 2024, and the number of hotel guests rising by 10.5%. Passenger traffic across UAE airports is also set to hit 150 million by year-end.
Source : www.zawya.com
