Saudi Arabia, UAE trade surges by 25 per cent

Dubai: Trade between Saudi Arabia and the UAE has surged by 25 per cent, marking an enhancement in their economic partnership.

By the end of 2023, the trade volume reached $30 billion (Dh110 billion), up from $24 billion (Dh88 billion) in 2019.

At the third Saudi-Emirati Economic Forum in Riyadh, Saudi minister of economy and planning Faisal Al Ibrahim announced that direct Emirati investments in Saudi Arabia climbed to $29 billion (Dh106 billion) by the end of 2023, reflecting a 15 per cent increase from the previous year, as reported by Saudi news agency Arab News.

He highlighted that, over the past five years, the trade volume has grown nearly 25 per cent, with thousands of trademarks, agencies, and companies operating in sectors such as mining, trade, and real estate.

UAE minister of economy Abdullah Al Marri pointed out that in 2023, non-oil foreign trade between the two nations reached $37.3 billion (Dh137 billion), underscoring the robustness of their economic collaboration.

Non-oil trade soared to 75 billion dirhams in the first half of 2024, showing growth rate of over 18 per cent compared to the same period in 2023.

Moreover, the total stock of Saudi investments in the UAE reached $6.5 billion (Dh23 billion) by the end of 2022, making Saudi Arabia the fourth largest investor in the UAE.

This upward trajectory reflects the commitment of both countries to enhance trade relations and create mutual economic advantages. In the last four years, more than 30 economic reforms have been implemented, including updates to commercial company laws that permit 100 per cent foreign ownership.

These reforms also encompass areas such as cooperatives, family businesses, e-commerce, consumer protection, and anti-money laundering.