Dubai-Saudi Arabia non-oil trade hits $136bn in a decade
Non-oil trade between Dubai and Saudi Arabia amounted to AED500 billion ($136 billion) over the past decade, a senior official has revealed.
Ahmed Mahboob Musabih, director-general of Dubai Customs,
said the kingdom is 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 said in comments
published by state news agency WAM.
The figure has been announced as the UAE celebrates the 90th
Saudi National Day under the theme Together Forever.
The director-general of Dubai Customs said the value of
Dubai external trade with Saudi Arabia in the first half of 2020 reached AED24
billion, including AED4 billion in imports, AED2.8 billion in exports and
AED17.3 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 said.
He added out the authorized economic operator (AEO) mutual
recognition agreement between the UAE and Saudi Arabia will help drive customs
cooperation, enhance two-way trade, reduce costs of importing and exporting and
minimise the inspection time.
In June 2018, the UAE and Saudi Arabia announced a joint
vision for economic, developmental and military integration through 44 joint
strategic projects.
The leaders of the two countries set a timeframe of five
years to implement the projects which include a unified strategy for food
security, medical stocks, a common supply security system and joint investment
in oil, gas and petrochemicals.
The strategy also includes a plan to establish an
agricultural investment company with a capital of AED5 billion, a joint venture
fund for renewable energy and a third investment fund for small and medium
enterprises.
The strategy will also facilitate the flow of traffic in
ports, build a unified industrial database, empower the banking sector in both
countries, harmonize economic procedures and legislations and create a joint
council to coordinate foreign investments.
At the time, Crown Prince of Abu Dhabi, Sheikh Mohammed bin
Zayed Al Nahyan, said: "We have a historic opportunity to create an
exceptional Arab model of cooperation. Our solidarity and unity protect our
interest, strengthen our economies and build a better future for our peoples.
"We are the two largest Arab economies, forming the two
most modern armed forces. The economies of Saudi Arabia and the UAE represent a
gross domestic product of one trillion dollars, our joint exports rank fourth
globally and amount to $750 billion."
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