Sheikh Ahmed was welcomed at the venue by Abdullah Al Mutawa, Consul General of Saudi Arabia. WAM

Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, on Sunday attended a reception hosted by the Saudi Arabian Consulate General in Dubai at the Hilton Al Habtoor Palace on the occasion of Saudi Arabia’s 94th National Day.

He was welcomed at the venue by Abdullah Al Mutawa, Consul General of Saudi Arabia.

He conveyed the best wishes of the UAE leadership and people to the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud of Saudi Arabia; Prince Mohammed Bin Salman Bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia; and the people of the Kingdom.

Sheikh Ahmed highlighted the enduring relations between the two nations, and the keenness of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai; as well as the Saudi leadership, to further strengthen bilateral cooperation as part of ensuring a brighter future for the people of the two nations. The ceremony was attended by several senior UAE officials and dignitaries, members of Arab and foreign consular missions in Dubai, and members of the Saudi community residing in the UAE.

The fraternal relations between the UAE and the Kingdom of Saudi Arabia are a unique model, given their depth, complementarity, and a rich history of collaboration across all fields.

The UAE’s participation in the Kingdom’s celebrations emphasises the special and strong ties between the leadership and people of both fraternal nations. These relations have become a genuine foundation for Gulf, Arab, and regional cooperation, and a key pillar for stability, growth, and prosperity in the region.

The bilateral relations between the two countries were enhanced by the efforts of the late Sheikh Zayed Bin Sultan Al Nahyan and King Faisal Bin Abdulaziz Al Saud and expanded to a comprehensive partnership under the late Sheikh Khalifa Bin Zayed Al Nahyan and King Abdullah Bin Abdulaziz Al Saud.

The current leadership of the two countries, led by President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud of Saudi Arabia, continues to enhance these relations to the highest levels.

The fruitful ties between the two countries have positively impacted comprehensive and sustainable development in both the UAE and Saudi Arabia, spanning various fields, including trade, economic cooperation, joint investments, coordination, and consultations.

The economic and trade relations between the UAE and Saudi Arabia represent an exceptional model of cooperation and solidarity.

Over the past decade, non-oil trade between the two nations saw significant growth, increasing by approximately 69 per cent to around Dhs135 billion in 2023, compared to Dhs79.9 billion in 2013, according to data from the UAE Ministry of Economy.

The compound annual growth rate (CAGR) between 2013 and 2023 reached 5.4 per cent, with the value of non-oil trade between the two countries reaching Dhs1.032 trillion over the last ten years (2014-2023). Over the past decade, the non-oil trade was distributed across imports Dhs252.46 billion, exports Dhs255.5 billion, and re-exports Dhs524 billion.

According to data from Saudi Arabia’s General Authority for Statistics, the trade volume between the UAE and Saudi Arabia during the first half of 2024 reached $17.53 billion, a growth rate of 22.50 per cent compared to $14.31 billion during the same period in 2023.

The UAE’s exports to Saudi Arabia increased by 10.26 per cent to $6.80 billion in the first half of 2024, compared to $6.16 billion in the same period of 2023, while the UAE’s imports from Saudi Arabia amounted to $10.73 billion in the first half of 2024, compared to $8.15 billion in the first half of 2023.

In 2016, the two countries announced the establishment of the Saudi-Emirati Coordination Council, which aims to create a shared vision for enhancing and sustaining bilateral relations and advancing the integrated economic system between the two countries.

WAM