UAE, Saudi businesses anticipate double-digit export growth for 2024
UAE and Saudi executives express confidence in export growth for the upcoming year, despite ongoing geopolitical tensions.
According to a research initiative led by Economist Impact and supported by DP World, business leaders in the Gulf region, particularly in the UAE and Saudi Arabia, anticipate a surge in exports in 2024, aiming for double-digit growth.
These optimistic projections are grounded in the strategic use of innovation and technology to navigate the complexities of global supply chains. The study, titled "Trade in Transition," offers insights from trade experts and senior executives worldwide, providing a comprehensive outlook on the present and future of international trade.
As both the UAE and Saudi Arabia undergo significant transformations to reduce dependence on fossil fuels, companies are actively diversifying their networks and expanding exports into new markets. A notable strategy involves enhancing network diversity by increasing sales in previously untapped markets, with 33 percent of business leaders identifying expansion into new markets as a primary driver of export growth. This approach not only addresses challenges and reduces risks but also accelerates market entry.
Furthermore, 57 percent of companies anticipate a significant increase in sales of 10 percent or more in 2024, while 40 percent expect to procure 10 percent more or higher. Abdulla bin Damithan, CEO and Managing Director at DP World GCC, emphasizes the importance of aligning strategies with initiatives such as Dubai's D33 and Saudi Arabia's Vision 2030 to capitalize on new market opportunities and enhance trade prospects. He underscores the pivotal role of technology in fortifying supply chains and mitigating disruptions, emphasizing that embracing emerging technologies is essential for resilience, adaptability, and future success.
In essence, strategic initiatives, technological advancement, and a persistent commitment to leveraging opportunities in developing global markets are driving the outlook for export growth in the UAE and Saudi Arabia to remain positive.
