UAE Industrial Exports Reach $53.6 Billion in 2024, Reflecting 68% Growth Since 2020

The United Arab Emirates continues to establish itself as a global industrial powerhouse, marking a significant leap in industrial exports and reinforcing its commitment to economic diversification. 

In 2024, the value of UAE industrial exports reached AED 197 billion ($53.6 billion), reflecting a 68% increase since 2020. This growth underscores the nation’s focus on enhancing its local manufacturing capabilities and building strategic global partnerships.

This remarkable achievement is part of the UAE’s broader strategy to reduce dependence on oil and diversify its economy. A key initiative in this shift is Operation 300bn, the UAE’s industrial strategy launched in 2021, which aims to elevate the industrial sector’s contribution to GDP from AED 133 billion to AED 300 billion by 2031. 

By the end of 2024, the sector’s contribution had already reached AED 205 billion, exceeding expectations and propelling the country closer to its long-term goals.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, emphasized that industry is a cornerstone of the UAE’s economic competitiveness, creating jobs and strengthening national capabilities. He pointed out that the country’s industrial growth remains resilient, regardless of fluctuations in geopolitical conditions or global oil prices, highlighting the UAE’s adaptability in an unpredictable global landscape.

A significant factor driving the UAE’s industrial growth is its network of Comprehensive Economic Partnership Agreements, designed to foster trade and attract investment. To date, the UAE has signed 21 such agreements with key partners, including India, Israel, and Turkey, while others, such as with South Korea and Australia, are awaiting ratification. 

These agreements have enabled the UAE to position itself as a global trading and investment hub. In 2024, the UAE’s foreign trade exceeded AED 5 trillion ($1.36 trillion), further solidifying its status as an open and interconnected economy.

Equally important to this industrial growth is the In-Country Value Programme, which channels procurement toward local products and services. Since its inception, the ICV has seen local spending rise from AED 18 billion in 2018 to AED 110 billion in 2024. This has translated into tangible benefits for the national economy, with investments directed into local industries, job creation, and overall economic growth.

The UAE’s industrial ambitions will be further showcased at the upcoming Make it in the Emirates event in Abu Dhabi from May 19 to 22. This year’s edition will feature over 700 exhibitors and will focus on advanced technologies such as artificial intelligence and Industry 5.0. The event will serve as a platform for unveiling new projects, financing opportunities, and procurement solutions, underscoring the UAE’s position as a key player in the global industrial landscape.

In line with its commitment to sustainability, the UAE also launched the Industrial Transition Accelerator during COP28. The ITA has partnered with Egypt’s Industrial Modernisation Centre to accelerate clean industrial projects across the MENA region. This collaboration aims to reduce the carbon footprint of high-emission industries, such as cement, steel, and aviation, marking a crucial step in the region’s efforts to decarbonize.

The Road Ahead

With its ambitious industrial strategy, the UAE is not only transforming its own economy but also shaping the future of global industry. Through innovation, sustainable practices, and strategic partnerships, the UAE is poised to remain a global leader in industrial development and investment.

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