Gulf companies eye double-digit export growth in 2024

Despite simmering geopolitical tensions, executives in the Gulf region, particularly the United Arab Emirates and Saudi Arabia, are full of optimism and predict “double-digit export growth” in 2024.

To achieve this ambitious goal, they are leveraging innovation and technology to navigate the complexities of global supply chains.

This future perspective arises from a research program led by Economist impact and supported by DP World. Titled “Trade in Transition,” the study delves into the views of trade experts and senior executives from around the world, providing a valuable snapshot of the current and future state of international trade.

The study reveals that as the UAE and Saudi Arabia undergo radical transformations away from fossil fuels, companies are focused on diversifying networks and increasing exports in new markets in 2024. They want their networks to be more varied and sell more products in new markets. . 33% of business leaders believe that expanding operations into new markets will be the main driver of export growth for both economies.

This, the study indicates, helps companies face problems, reduce risks and accelerate the start of sales in a new location. About 57% of companies believe they will sell 10% more or even more in 2024. Additionally, 40% of companies believe they will buy 10% more or even more.

Abdulla bin Damithan, CEO and CEO of DP World GCCsaying:

“As we navigate the changing geopolitical and economic landscape in 2024, companies are aligning their strategies with initiatives such as Dubai’s D33 and Saudi Arabia’s Vision 2030 to access new markets and drive opportunities in trade. Our research underscores the critical role of technology in strengthening supply chains and anticipating disruptions. Embracing emerging technologies is not just about overcoming challenges; “It’s about resilience, adaptability and a strong commitment to a future where innovation drives success.”

News source: Emirates News Agency