The Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy, Juma Al Kait, made the prediction on the sidelines of the activities of the sixth edition of the Dubai Diamond Conference, which is organized by… Dubai Multi Commodities Centre Within the activities of “Dubai Diamond Week“, that the value of the country’s trade exceeds… diamond 40 billion dollars during the current year.
Al Kait said that diamonds account for a large share in the UAE’s non-oil trade, exceeding 5.5 percent, as the value of diamond trade reached approximately $39 billion in 2023, and during the first half of 2024 it reached about $20 billion, according to the Emirates News Agency.
He stressed the importance of the major role played by comprehensive trade agreements in promoting Emirates trade of diamonds, and in removing obstacles and opening new markets and opportunities in Asia, Africa, and various countries around the world, indicating that the Dubai Multi Commodities Center plays a decisive role in stimulating diamond trade around the world.
In his speech during the conference, Juma Al Kait highlighted the growing role played by the diamond sector in… Emirates economyAnd on the sector’s continuous ability to innovate and adapt, noting that the discussions at the conference provide a better opportunity to understand the challenges facing the sector, as well as to determine the necessary paths and policies to ensure its long-term sustainability.
In this context, he pointed out that the UAE will chair the Kimberley Process for the year 2024, for the second time since it became the first Arab country to hold this position eight years ago, stressing that the growth of the diamond sector reflects the UAE’s position as a global destination for trade and investment, and enhances its vision to diversify the economy.
He said that the UAE’s foreign trade agenda is one of the basic pillars of these ambitions, as it works to raise the total value of non-oil trade to 4 trillion dirhams by 2031, and increase Non-oil exports to 800 billion dirhams in the same period, pointing out that the UAE has adopted an ambitious strategy to enhance the diversity of supply chains and create new market opportunities for the private sector in all sectors.
He explained that the Comprehensive Economic Partnership Agreements program is one of the most important pillars of this policy, as it contributes to consolidating trade and investment relations with major allies around the world.
He said that the UAE’s non-oil trade reached 1.4 trillion dirhams in the first half of 2024, an increase of 11.2 percent compared to the same period in 2023, noting that this continued growth came amid global growth in trade that did not exceed only 1.5 percent.
He stressed that the UAE’s ability to attract various forms of human, financial and technological capital contributes to the creation of new industrial sectors, the development of new capabilities and the establishment of centers of excellence.
