UAE service export and trade figures surge, propelling the nation to global prominence

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

With economic uncertainties and global markets on the verge of instability, our country remains resilient and prosperous. The proof is that the UAE’s economy continues to defy the odds, charting a course of growth and resilience despite the global headlines screaming tales of economic downturns, stagnant growth, and uncertain investor confidence. Nothing gives me more confidence in the future of our beloved nation than the fact that the discord and economic challenges plaguing countries worldwide have not been able to touch the UAE.

Once again, the world has learned that, right from record-breaking service exports to monumental foreign direct investment, the UAE’s economic prowess knows no bounds.

I am referring to a recent development as shared by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, that talked about the UAE’s exceptional service exports and total foreign trade numbers.

At Seed Group, this development is a sign for us to keep striving towards a stronger economic vision. It resonates deeply with our core mission at Seed Group: to facilitate the growth of startups and businesses, enabling them to thrive in the vibrant ecosystem of Dubai and the UAE.

The statistics unveiled by His Highness paint a vivid picture of the UAE’s burgeoning economy. The surge in service exports, soaring from AED 570 billion to an impressive AED 606 billion in 2023, underscores the remarkable growth trajectory of our nation. What’s even more remarkable is the staggering AED 170 billion attributed to digital service exports, a testament to the UAE’s embrace of cutting-edge technologies and innovation.

So, what exactly is service export? By definition, any service provided by a person or business from one country to a person or business in another country is a service export. This corresponds to the services that the UAE-based companies are providing to the rest of the world—a remarkable feat, indeed.

For this, all I can say is that the UAE’s apparent prosperity serves as a poignant reminder of the transformative power of visionary leadership and bold economic reforms.

Now, we recognise that such exponential growth does not materialise in isolation. It is the culmination of an unwavering commitment to diversification and strategic initiatives aimed at propelling the nation towards economic excellence. The UAE’s steadfast efforts to diversify its economy away from oil, with a keen focus on sectors such as manufacturing, tourism, and technology, have undoubtedly borne fruit.

The country’s robust economy is not merely a reflection of statistical figures; it embodies a spirit of resilience, innovation, and inclusivity. For instance, the ambitious target of attracting AED 550 billion ($150 billion) in foreign investment by 2031 underscores a resolve to position the UAE among the world’s top destinations for investors and entrepreneurs alike.

In the wake of such figures being released, Seed Group remains steadfast in its commitment to nurturing strategic partnerships and fostering innovation-led growth. We believe that collaboration is the cornerstone of success in today’s interconnected world and that by leveraging our extensive network and expertise, we strive to empower businesses to realise their fullest potential and contribute meaningfully to the UAE’s thriving economy.