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Saturday, July 13, 2024

Strong growth in key sectors is propelling UAE services exports to new heights.

The UAE’s services sector is poised for substantial growth, particularly in key areas like travel and tourism, information and communication technology, and professional services, according to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The UAE currently ranks 12th globally in services exports, with a total value of AED 567 billion (US$154 billion) in the past year. A recently approved strategy for services exports aims to enhance the sector’s contribution to non-oil foreign trade and the country’s GDP, given that services now constitute over two-thirds of global economic output.

Services trade has outpaced goods trade, increasing by 60% faster in the last decade, with the UAE surpassing this global average by achieving a four-fold growth in services exports over eight years. The new strategy, developed in collaboration with the private sector, focuses on sectors such as travel and tourism, information and communication technology, professional services, financial services, education, and more. The government is working to provide a framework for businesses’ success, aiming to leverage the UAE’s expanding trade relations and advance technology-based trade in alignment with the upcoming 13th World Trade Organisation Ministerial Conference in Abu Dhabi.

(Courtesy WAM)

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