UAE and Saudi Arabia non-oil trade reaches Dhs586.75 billion in 5 years
- 22 Sep 2023
The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by 28 per cent in 2022, reaching Dhs 137.51 billion, compared to Dhs107.41 billion in 2018. This brings the total non-oil trade between the two countries to Dhs 586.75 billion over five years.
As per Ministry of Economy data, in 2022, the bilateral trade between the two countries was divided into Dhs 34.31 billion in imports, Dhs 36.01 billion in non-oil exports, and Dhs 67.18 billion in re-exports.
The statistics included data on trade exchange between the two countries during the period from 2018 to 2022, indicating the growth of trade exchange between the two sides in 2019 to reach Dhs113.25 billion, compared to Dhs 107.41 billion in 2018.
The year 2021 also recorded growth, reaching Dhs 124.65 billion, compared to Dhs 103.91 billion in 2020. The volume of trade exchange between the two sides reached Dhs 137.51 billion last year.
The fruitful relations between the two countries have had a positive impact on the comprehensive and sustainable development in both countries in various fields, including trade exchange, economic cooperation, and joint investment. This serves the process of progress and sustainable development and is in the interest of improving the quality of life and the well-being and prosperity of the two brotherly peoples.
Saudi Arabia ranked third among the five largest destinations for non-oil UAE exports in the first half of 2023. UAE imports from Saudi Arabia accounted for 25 per cent of total non-oil bilateral trade, while national exports and re-exports to Saudi Arabia made up 75% in 2022.
Saudi Arabia was the third trading partner for the UAE’s non-oil trade with the world in 2022. The UAE’s imports from Saudi Arabia grew to Dhs 34.49 billion in 2022, a 23 percent increase from 2018. The UAE’s non-oil exports to Saudi Arabia grew to Dhs 35.96 billion in 2022, a 14 percent increase from 2018.
The value of UAE re-exports to Saudi Arabia increased to Dhs 67.16 billion in 2022, a 40 percent rise from 2018. The UAE is the second-largest re-export market for Saudi Arabia, and is also the second-largest export destination and the third-largest import source for Saudi Arabia.
The economic, investment, and trade cooperation relations between the UAE and Saudi Arabia are witnessing increasing growth in various fields, which contributes to the strengthening, development, and prosperity of the two brotherly countries and peoples.
Oman: A UAE delegation participated in the inaugural meeting between the Gulf Cooperation Council (GCC) Common Market Committee and the Federation of GCC Chambers of Commerce and Industry (FGCC Chambers) at the headquarters of the Advisory Board of the GCC Supreme Council in Muscat, Oman.The meeting discussed ways to accelerate the completion of GCC common market requirements under the 2022-2024 plan to benefit the economies of GCC states and their societies and enhance their global economic competitiveness.
The UAE delegation included representatives from the GCC Affairs Department at the Ministry of Finance.Younis Al Khoori, Under-Secretary at the UAE Ministry of Finance, confirmed that joint initiatives are in progress with partners in the GCC to establish the fundamental elements required to establish a cohesive GCC common market. This endeavour aligns with the financial and economic plans of all member states, seeking to fully capitalise on potential opportunities to promote balanced and sustainable economic growth in the region.He said, “Guided by the vision of its wise leadership, the UAE is keen to accelerate access to the GCC common market, which benefits the region’s economies and peoples. Following the directives of Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, the Ministry of Finance is coordinating efforts with the GCC Common Market Committee, the FGCC Chambers, and various specialised committees to address the challenges facing the completion of the GCC common market and to support the GCC private sector to reach a system ready to keep up with the opportunities of the economy of the future.”Al Khoori added, “Achieving the desired goals within the GCC Common Market Committee’s work plan 2022-2024, and other initiatives in which we cooperate with the FGCC Chambers and the Committee, requires continuous coordination.
Therefore, this meeting was called to discuss opportunities for collaboration, accelerate the exchange of information, and complete the requirements of the GCC Common Market and its digital transformation strategy.”Al Khoori reiterated that many steps and procedures are required to enhance investments in the common market and various economic activities that business communities in the member states look forward to.
The goal is to develop cooperation mechanisms with other partner GCC states to accelerate the realisation of the desired and promising market pathways that achieve the aspirations of their communities.The meeting was the first in a series covering the common market. It addressed the challenges facing the common market’s requirements, in addition to the remaining steps to establish the customs union and implement the pathways of the common market, according to a specific timeline, in line with the GCC Common Market Committee 2022-2024 implementation plan.
WAM
