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.”
