UAE, Saudi Arabia Project Double-Digit Export Growth In 2024

Saudi Arabia is the world's largest crude exporter and Aramco is the jewel of the Gulf kingdom's economy — AFP

The United Arab Emirates (UAE) and Saudi Arabia are expecting "double-digit export growth" in 2024, despite simmering geopolitical tensions in the Gulf region, as per a research program led by Economist Impact and supported by DP World.

According to the study, titled "Trade in Transition," the UAE and Saudi Arabia are focusing on diversifying networks and growing exports in new markets this year as they are shifting from fossil fuels.

The study also explores the perspectives of trade experts and senior executives across the globe, offering a valuable snapshot of the current and future state of international commerce.

Both Gulf countries want to make a strong network in different sectors and sell more products in the new markets. As per the study, 33% of business leaders in this world believe that product distribution in the new markets will be the key growth driver of exports for both countries.

"As we navigate the evolving geopolitical and economic landscape in 2024, companies are aligning their strategies with initiatives like Dubai's D33 and Saudi Arabia's Vision 2030 to tap into new markets and boost opportunities in trade," CEO and Managing Director at DP World GCC Abdulla bin Damithan said, WAM reported.

"Our research underscores the critical role of technology in strengthening supply chains and anticipating disruptions. Embracing emerging technologies is not only about overcoming challenges; it's about resilience, adaptability and a firm commitment to a future where innovation drives success," he added.

The study indicates that expanding to new markets will help both nations to trade at lower risks and sell products faster as 57% of the companies in UAE and Saudi Arabia believe that they will be able to grow sales by 10% more or even higher this year.

Whereas, 40% of companies think they will be purchasing 10% more or even higher in 2024 compared to previous years.

Earlier this month, EDGE, a UAE-based military supplier group, signed a Memorandum of Understanding with Turkish Aerospace at the World Defense Show in Riyadh, Saudi Arabia.