Sharjah 24 – WAM: The UAE has tremendous potential in the services sector driven by strong growth in key sectors such as travel and tourism, information and communication technology, and professional services.

In a statement to the Emirates News Agency (WAM), Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the country's services sector is a key driver of economic growth and diversification. He noted that the UAE ranked 12th as the largest exporter of services in the world in 2022, according to the World Trade Organisation. The value of the country's services exports reached AED 567 billion, or US$154 billion, in the past year.

Al Zeyoudi added that global services exports reached US$7.2 trillion in 2022, representing 25 percent of the value of total global exports and 11.8 percent of the global gross domestic product (GDP). This highlights the enormous potential for the UAE to boost its economic growth and diversification in this direction.

The new strategy for services exports, which was recently approved by the Cabinet, is expected to increase the contribution of this vital sector to non-oil foreign trade and the country's gross domestic product.

The services economy currently accounts for more than two-thirds of global economic output. In light of the new strategy, the UAE is working to stimulate the growth and prosperity of its services exports. This is especially important as services trade has increased globally by 60 percent faster than trade in goods and commodities in the past decade. The UAE's performance has surpassed this global average, as the country's services exports have increased four times faster than the rest of the world in the past eight years.

The UAE's services sector is growing rapidly and is now a key driver of the country's economy.

The minister added that the country's services exports are increasing at faster rates than the global average, which has helped to consolidate the UAE's position as a global business hub with a high-value, increasingly services-based economy. Services trade currently accounts for about 29 percent of the country's total foreign trade.

The goal behind launching the new services exports strategy in partnership with the private sector is to help services companies in the country maximise the benefits of the country's expanding trade relations.

The government is working with the private sector to develop a clear roadmap for each sector, create data-driven goals, identify markets and products, develop new improvement initiatives, and promote opportunities.

The UAE is also investing in digitisation and modern technologies to create a new era of technology-based trade.