UAQ Chamber Achieves Over AED 15.1 Billion In Exports For 2024, Reflecting Economic Growth

The Umm Al Qaiwain Chamber of Commerce and Industry achieved remarkable success in 2024. The value of exports and re-exports by its members surpassed AED15.1 billion, showing a 399% increase from 2023. This growth highlights the emirate's economic expansion and its efforts to diversify its economy, establishing itself as a key investment hub in the region.

Food products, insulation materials, paper, and chemicals were the top exported and re-exported goods by chamber members last year. The primary importing nations included Saudi Arabia, the United States, Qatar, Kuwait, and Iraq. This variety of markets underscores the growing demand for products from Umm Al Qaiwain.

The chamber reported that 29,181 commercial and industrial certificates of origin were issued in 2024. This significant rise in exports reflects the chamber's dedication to bolstering the local economy. The chamber is committed to supporting economic diversification through strategic initiatives.

In January 2024, H.H. Sheikh Saud bin Rashid Al Mu'alla enacted Law No. 1 of 2024 to restructure the Umm Al Qaiwain Chamber. This aligns with the emirate's strategy to enhance its investment sector and strengthen its economic role. The law aims to develop industries and attract diverse investments.

Chamber statistics suggest that exports could exceed AED25 billion in 2025. To achieve this target, the chamber plans to expand its trade network with various countries and attract more foreign direct investments. These efforts are expected to ensure continued growth and significant economic advancements in future years.

The chamber's focus on expanding trade relations is crucial for sustaining economic momentum. By attracting foreign investments, Umm Al Qaiwain aims to foster new economic sectors and support existing ones. This approach is intended to secure long-term prosperity for the emirate.

"The significant growth in exports last year is a testament to our ongoing efforts to strengthen and support the local economy," stated a representative from UAQ Chamber.

The achievements of Umm Al Qaiwain Chamber reflect a broader regional trend towards economic diversification. By focusing on key sectors such as food products and chemicals, the emirate is positioning itself as a competitive player in international markets.

With inputs from WAM