“Gulf Businesses Aim for Double-Digit Export Growth in 2024”

Executives in the UAE and Saudi Arabia are optimistic about double-digit growth in exports in 2024, despite ongoing geopolitical tensions. To achieve this goal, they are relying on innovation and technology to navigate global supply chain complexities.

A research program conducted by Economist Impact and supported by DP World, titled “Trade in Transition,” gathered insights from trade experts and senior executives worldwide. The study reveals that as the UAE and Saudi Arabia transition away from fossil fuels, companies are focused on diversifying networks and expanding exports in new markets in 2024. This shift towards selling more products in diverse markets is seen as a key growth driver, with 33% of business leaders identifying expanding operations in new markets as a primary factor driving export growth.

The study suggests that diversifying networks helps companies address challenges, reduce risks, and accelerate entry into new markets. Over half of the companies surveyed believe they will sell at least 10% more in 2024, with 40% expecting to purchase at least 10% more.

Abdulla bin Damithan, CEO and Managing Director at DP World GCC, emphasized the importance of aligning strategies with initiatives like Dubai’s D33 and Saudi Arabia’s Vision 2030. He highlighted the crucial role of technology in strengthening supply chains and preparing for disruptions, stressing the need for companies to embrace emerging technologies for resilience, adaptability, and success driven by innovation.

The future looks promising for export growth in the UAE and Saudi Arabia, as companies leverage technology and innovation to navigate a dynamic economic and geopolitical landscape in 2024.