UAE’s optimistic foreign trade journey is a result of visionary leadership: Hisham Al Gurg

Op-ed by Hisham Al Gurg, CEO, Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum

It is a known fact that optimism of any kind is rooted in a strong belief in one’s ability and confidence that the future holds happiness and prosperity. Similarly, optimism in a country’s economy is a reflection of the vision of its leadership and its foundational values, along with the commitment to societal betterment by the people who call it home. The UAE is exemplary in this context.

Economic stability is just one of the many pillars that the country stands on and draws its pride from. The most recent example of this is the UAE’s current foreign trade position, which stands to exceed international predictions.

Defying the macroeconomic headwinds, the UAE’s foreign trade is tipped to reach $599.4 billion by the end of 2022, marking an exception to the global trade deterioration trend. Having recorded a foreign trade volume of AED 1.9 trillion at the end of 2021, the country’s foreign trade has been pegged to witness 15 percent growth this year. This figure becomes especially noteworthy if seen in the context of the World Trade Organization’s 3.5% growth expectation that was predicted for global trade.

Commending this achievement, His Highness Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said, “The UAE constitutes an exception in global trade and economy. It constitutes an exception in terms of services and infrastructure. It constitutes an exception to distinguished and stable international relations. We are optimistic about a stronger, higher, and loftier federal year, God willing. May God protect the Emirates and its people.

While the world contemplates a global recession, the UAE economy is looking at notable growth on the back of tourism, construction, and activity related to Expo 2020 Dubai, as affirmed by the International Monetary Fund.

In an elaborate LinkedIn post, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said, “Figures announced today show that the value of non-oil foreign trade in Q3 reached AED 583 billion, the highest quarterly trade figure in our nation’s history. This represents a growth of 11 percent in Q2 2022 and 23 percent more than the same period in 2021. Importantly, our Q3 exports hit AED 97 billion, another quarterly record, to demonstrate the progress being made in our industrial, manufacturing, and service sectors.”

He added, “These numbers come as the UAE continues to push forward with our #CEPA agenda to cement deeper, stronger trade ties with key nations around the world. Our trade agenda is delivering real, tangible benefits—and confirming our status as an international hub for commerce.”

So, who do we credit for such an applaudable performance? The leadership. The steps taken by our leaders, in every direction, are meticulously destined for success on the national level. Since the time the UAE has existed, it has been blessed with leaders who embrace innovation, encourage brave business decisions, and keep their people paramount. What is reflected in percentages and facts, is all a result of the values that our leaders uphold.