Despite simmering geopolitical tensions, executives in the Gulf region, particularly the UAE and Saudi Arabia, are brimming with optimism, predicting "double-digit exports growth" in 2024. 

 

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

 

This forward-looking perspective emerges from a research programme led by Economist Impact and supported by DP World. Titled "Trade in Transition," the study delves into the insights of trade experts and senior executives across the globe, providing a valuable snapshot of the current and future state of international commerce.

 

The study finds that as the UAE and Saudi Arabia undergo radical transformations to move away from fossil fuels, companies are focussed on diversifying networks and growing exports in new markets in 2024. 

 

They want to make their networks more varied, selling more products in new markets. 33% of business leaders believe that expanding operations in new markets will be the primary growth driver of exports for both economies.

 

This, indicates the study, helps companies deal with problems, lower risks and make it faster to start selling in a new place. About 57% of companies believe they will sell 10% more or even higher in 2024. Also, 40% of companies think they will buy 10% more or even higher.

 

Abdulla bin Damithan, CEO and Managing Director at DP World GCC, said: "As we navigate the evolving geopolitical and economic landscape in 2024, companies are aligning their strategies with initiatives like Dubai’s D33 and Saudi Arabia’s Vision 2030 to tap into new markets and boost opportunities in trade."

 

"Our research underscores the critical role of technology in strengthening supply chains and anticipating disruptions. Embracing emerging technologies is not only about overcoming challenges; it’s about resilience, adaptability and a firm commitment to a future where innovation drives success," he added.