Saudi-UAE Trade Surges to $30 Billion, Reflects Strong Cooperation in the Economy.
This major achievement in economic relations is evident in trade between both Saudi and the UAE. The trade is continuously growing up to an impressive 25%. In 2023, at the close of the year, this amounted to a total $30 billion (Dh110 billion), as compared to that of $24 billion in 2019, standing at Dh88 billion. These figures confirm the sincere intention of the two states to develop their trade interactions further.
Saudi Arabia’s Minister of Economy and Planning, Faisal Al Ibrahim, announced the news during the third Saudi-Emirati Economic Forum in Riyadh. Direct Emirati investments in Saudi Arabia had reached $29 billion at the end of 2023, leading to an impressive 15% year-on-year growth, he declared. Al Ibrahim said that over the last five years, the trade volume has been steadily increasing.
UAE Minister of Economy Abdullah Al Marri reported the strength of economic partnership in the non-oil foreign trade between the two nations. It was noted at a high of $37.3 billion (Dh137 billion) for 2023. This is an indication of the power of economic cooperation between the two countries.
In the first half of 2024, the non-oil sector trade volume reached an amazing 75 billion dirhams in total, compared to an 18% increase in 2023. Total Saudi investment in the UAE reached $6.5 billion (Dh23 billion) by the end of 2022. It puts Saudi Arabia at number four among all investors in the UAE. It is a symbol of increasing interdependence between the two economies. It elaborates on a shared vision for long-term economic development.
Areas critical to the reforms include cooperatives, family businesses, e-commerce, consumer protection, and anti-money laundering measures. These will lead to an integrated, competitive market that promotes innovation and economic diversification.
The current trade between Saudi Arabia and the UAE has witnessed considerable growth in recent years. It promises bright futures for cooperative economic partnerships.
