Unleashing the UAE’s Service Export Potential: A Path to Global Competitiveness

The UAE’s Innovative Services Export Strategy and Its Impact on Global Trade

The United Arab Emirates (UAE) has been setting its sights on a bold new venture that could significantly reshape its economic landscape — the Services Export Strategy. This strategic initiative, developed in collaboration with the private sector, seeks to bolster the competitiveness of the UAE’s service sector and elevate the country’s standing in the global market for services.

Services exports have been rapidly gaining ground in the world of international trade. They now constitute more than two-thirds of the world’s economic output. In 2022, the UAE was recognized as the 12th largest service exporter globally, contributing 2.2% to the global services export market. Yet, the global services export industry reached an astonishing $7.2 trillion in 2022, representing 25% of total global exports and a substantial 11.8% of the world’s GDP.

The heart of the UAE’s Service Export Strategy centers around nine industry verticals, each holding unique potential for growth and development. These sectors include travel and tourism, ICT, professional services, financial services, education, medical tourism, Islamic financial services, the creative economy, and logistics.

The objective is twofold: first, to enhance the competitiveness of the UAE’s services sector, and second, to stimulate the growth of service exports. The UAE government has set up dedicated taskforces for each of these sectors. These taskforces are public-private collaborations charged with developing sector-specific roadmaps, establishing data-driven targets, identifying emerging markets, innovative services, and crafting new enhancement initiatives. Additionally, they will collaborate with various trade agencies and offices to promote opportunities.

The Federal Competitiveness and Statistics Centre (FCSC) plays a pivotal role in this ambitious endeavor. It oversees data collection across all government entities and cooperates with the World Trade Organization (WTO) to ensure that the processes align with global standards. This focus on data-driven decision-making and international compliance reflects the UAE’s commitment to becoming a leader in the global services export market.

This strategic initiative is not just a standalone project; it seamlessly aligns with the broader national objectives of digitizing government services and the wider economy. It is a testament to the UAE’s vision for a technology-driven, evidence-backed trade landscape.

With the Service Export Strategy well underway, the UAE is strategically poised to reach its targets and leverage a diversified trade mix to meet shifting global demands. This initiative is set to not only boost the UAE’s economic competitiveness but also strengthen its role in shaping the future of international trade.

As the world continues to evolve, so does the landscape of global commerce. The UAE’s commitment to embracing this evolution through its Services Export Strategy is a testament to its dedication to innovation, progress, and global leadership in the realm of services exports.

The future of the UAE’s service export potential is indeed a promising one, and the impact it will have on the global trade landscape is sure to be profound. Stay tuned as this dynamic nation reshapes the future of international services trade.