Trade between Dubai and Saudi reached Dhs500 billion in last decade

Ahmed Mahboob Musabih, Director-General of Dubai Customs said the non-oil trade between Dubai and Saudi Arabia amounted to Dhs500 billion ($136 billion) in the last ten years (2010-2020), which makes the kingdom Dubai’s biggest Arab trade partner and fifth globally.

The great economic relationship that Saudi has with the UAE reflects the strong ties between the two states, and the close work and cooperation between them in different aspects, Musabih added.

The UAE is today celebrating the 90th Saudi National Day under the theme “Together Forever”, and on the occasion, the Director-General of Dubai Customs said the value of Dubai external trade with Saudi in the first half of 2020 reached Dhs24 billion, including Dhs4 billion in imports, Dhs2.8 billion in exports and Dhs17.3 billion in re-exports.

“We are happy and proud to extend our warmest congratulations to the people and the leadership of the kingdom on the occasion and for the great developments in different sectors, the kingdom is witnessing under their leadership. We celebrate this occasion in the UAE with warm hearts as the deep relations between the two countries exceed the concept of bilateral cooperation between two neighbouring countries, but has become a strategic partnership, in line with their historical ties supported by blood, legacy and a common fate,” Musabih stated. He pointed out the Authorized Economic Operator, AEO, mutual recognition agreement between the UAE and the kingdom will help push up customs cooperation, enhance the two-way trade, reduce costs of importing and exporting and minimise the inspection time.

Saudi Arabia will be a major participant in the 5th WCO Global AEO Conference which Dubai Customs organises in cooperation with the World Customs Organisation and the Federal Customs Authority in February 2021.

Bilateral trade between Saudi Arabia and Dubai reached Dhs25 billion in the first quarter (Q1) of 2020, with imports accounting for approximately Dhs5.7 billion, exports at Dhs6.9 billion, and re-exports standing at Dhs13 billion.

Meanwhile the UAE and Saudi to strengthen ties by boosting commodity trading Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer (DMCC) — the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise — hosted a briefing call with Sheikh Shakboot Bin Nahyan Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia on Sunday (Aug.9).

Kicking off the call, both Sheikh Shakboot and Bin Sulayem commended the UAE and Saudi Arabian governments for showing exceptional leadership in rapidly tackling the COVID-19 pandemic from the outset.

Sheikh Shakboot bin Nahyan Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia, added: “With Saudi Arabia’s Vision 2030 and the UAE’s Vision 2021 being perfectly aligned, there is a clear common goal. Organisations such as DMCC are essential in boosting bilateral trade in key areas such as gold, diamond, tea and coffee. I look forward to working and collaborating with DMCC in the future.”

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The UAE and Saudi Arabia have an extensive economic, diplomatic and cultural relationship, and we plan on continuing the growth and scope of this partnership. With both countries’ economic strategies placing an emphasis on non-oil trade, combined with the large volumes of precious metals and stones exported from the UAE to Saudi Arabia, DMCC has a key role to play in bolstering the economic diversification of the UAE.”

He added: “Saudi Arabia is also among the top 10 tea and coffee consuming countries in the world, with over 91,000 tonnes of coffee imported already this year and $236.6 million worth of tea imported throughout 2019. This presents a phenomenal opportunity for collaboration between the Kingdom and the DMCC Coffee and Tea Centres.” DMCC is hosting a series of briefings with Ambassadors of the UAE across key markets, such as the UK, China, India, Colombia, Germany and the USA, to further strengthen bilateral relations, discuss ways to support ongoing trade ties and develop a deeper understanding of what businesses need in target markets. Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities.

Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive.

Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise —announced earlier the launch of its latest discount campaign to encourage international diamond companies to set up operations in Dubai.

WAM/Agencies