- UAE-Singapore trade hits $18.67B, non-oil over one-third.
- FAB handled $80B UAE-Asia investments in energy, AI.
- Gulf-ASEAN trade $132B in 2024, targets $180B by 2032.
Despite the reconfiguration of the global supply chain, the UAE and Singapore are deepening their economic ties, positioning themselves as centers of talent and innovation that have managed to hold out against the turmoil in the market, as reported at First Abu Dhabi Bank (FAB) Middle East-Asia Summit.
FAB Group CEO Hana Al Rostamani acknowledged that her bank had made it possible for more than $80 billion worth of investments between the UAE and Asia last year, with the energy sector, AI, and sustainable infrastructure being the common themes of the projects, thereby being the two regions the most interdependent ones.
On his part, Dr. Brian Shegar, CEO of ME Asia Consultancy, and emeritus chairman of the UAE-Singapore Business Council, stressed the Gulf's deepening ties with ASEAN. He added that the trade flow for the year 2024 was estimated at $132 billion, and the target for the year 2032 was set at $180 billion.
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According to Enterprise Singapore, bilateral UAE-Singapore merchandise trade reached $18.67 billion last year, while non-oil trade accounted for more than one-third of total trade. The data concerning UAE exports to Singapore were cut off in the source but continued in diversified sectors with a stable upward trend.
Executives at the summit discussed how both countries attract foreign direct investment (FDI) through stable policies and innovation ecosystems. Singapore's role as a financial gateway aligns perfectly with the UAE's energy and logistics strengths, allowing the two to collaborate in the areas of clean technology and digital finance. Al Rostamani commented, "UAE and Singapore are becoming the centers for global talent and are the major players for cross-border investments in times of uncertainty."
This alliance is in line with the wider trend of the Middle East-Asia regions, where the resilience in trade is the key to economic diversification. As supply chains undergo changes from their conventional routes, the strategic positioning of the UAE and the status of Singapore as a technology hub create synergies that can open up billions of new opportunities by 2030.