Dubai has achieved its annual non-oil foreign trade target of AED 2 trillion ($544 billion), one year before the deadline.

As of Tuesday, the volume of trade crossed the AED2 trillion mark, which was first set by the emirate in 2020, said Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

In a message on X, formerly Twitter, the Dubai Ruler attributed the record achievement to the initiatives, policies and reforms the emirate has rolled out since the pandemic year, highlighting that Dubai remained steadfast in its goals in the face of a global crisis.

Back in January 2020, the Dubai Ruler announced plans to raise Dubai’s volume of non-oil foreign trade to AED2 trillion by 2025. The emirate assembled a team to set up a new logistical and legislative framework to open new markets.

“Then the COVID crisis came, and the team informed me of the impossibility of achieving the goal as a result of this crisis that stuck the global trade movement,” the Dubai Ruler said.

“Life experiences taught me that crises are the best time to develop policies and think outside the ordinary. We launched many initiatives, developed policies, changed and facilitated procedures during the largest global crisis that lasted for nearly two years.”

“Today, a year before the deadline, we have reached our goal.”

The headline S&P Global Dubai Purchasing Managers’ Index (PMI) rose to 57.7 in December, the highest level since August 2022, indicating a substantial improvement in business conditions in the non-oil sector.

(Writing by Cleofe Maceda; editing by Seban Scaria)