UAE industrial exports hit $53.6bn, driven by strong local manufacturing
Driven by the Operation 300bn strategy, the UAE's industrial sector grows 68% since 2020, driving trade and green innovation
UAE Industrial Exports Climb to $53.6 Billion Amid Manufacturing and Trade Expansion
In 2024, the UAE’s industrial exports totaled AED 197 billion ($53.6 billion), a 68% increase since 2020 and a 5% annual increase. The increase demonstrates the country’s concerted efforts to develop foreign trade relations and boost local manufacturing as part of its AED 300 billion operational strategy.
Speaking ahead of the fourth edition of the Make It in the Emirates Forum, Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, said that the industrial sector remains essential for the UAE’s economic diversification, resilience and job creation. He underlined that manufacturing protects the economy from external shocks such as changes in oil prices and shifts in geopolitics.
The 300 Billion Initiative was launched in 2021 with the aim of increasing the contribution of the industrial sector to the UAE’s GDP from AED 133 billion in 2021 to AED 300 billion by 2031. By the end of 2024, the sector will have contributed AED 205 billion to the GDP, demonstrating the remarkable success of the initiative. Officials now expect to surpass the initial target well ahead of schedule.
The UAE has taken significant steps to integrate into the global trade network. To boost trade and international investment, it has finalized 21 Comprehensive Economic Partnership Agreements (Cepas) with countries such as Israel, Cambodia, Indonesia, India and Turkey. Other Cepas with countries such as South Korea, Colombia and Australia are still awaiting approval.
The UAE is positioned as a global trade bridge between East and West, with a foreign trade volume of AED 5 trillion ($1.36 trillion) by 2024, including a surplus of over AED 490 billion. Dr. Al Jaber reaffirmed the country’s commitment to economic connectivity, transparency, and attracting international talent and investment.
The UAE’s In-Country Value (ICV) programme, aimed at directing procurement toward local products and services, continues to show strong results. Local procurement spending has surged from AED 18 billion in 2018 to AED 110 billion in 2023, with AED 347 billion cumulatively reinvested into the national economy.
The next Make It in the Emirates will feature more than 700 exhibitors across 68,000 square metres of exhibition space. It is five times larger than the last show and will be held in Abu Dhabi from 19 to 22 May. Industry 5.0, AI integration and modern manufacturing will be among the focus topics, with a dedicated pavilion dedicated to Emirati crafts and traditions.
Green industry development is also accelerating at the same time. To promote clean industry projects in the MENA region, Egypt’s Industrial Modernisation Centre has joined the Industrial Transformation Accelerator (ITA), launched during COP28. Egypt joins the UAE and Bahrain in the ITA’s regional programme, which aims to decarbonise heavy-emitting industries including steel, aluminium and shipping.
With GDP growth forecast at 3.9% in 2024 and 4.7% in 2025, the UAE’s diversified economy continues to advance its vision of becoming a global manufacturing and sustainability hub.
