Media ININ Economy We Trust
Media In – June 8, 2018
The formation of the UAE-Saudi cooperation committees has contributed to closer relations between the two countries and increased the volume of trade exchange between them during the past months. Saudi Arabia has become the fourth most important trading partner in the UAE.
Saudi Arabia continued to rank first in the Gulf in terms of value of bilateral trade with the UAE with a share of 58 billion dirhams – $ 15.7 billion – in 2017, accounting for 46 per cent of the UAE’s total non-oil trade with GCC countries, according to statistics from the Federal Customs Authority United Arab Emirates.
The value of non-oil trade between the two countries reached 20 billion dirhams in 2016, accounting for 43% of the UAE’s total non-oil trade with the GCC countries and 27% of the UAE’s total non-oil trade with the Arab countries for the year The same .. These facts indicate the overall strength of the relationship between the two brotherly countries.
Saudi Arabia is the second most important destination for re-exports from the UAE, accounting for 9% of the country’s total re-exports in 2016. The Arab countries accounted for 29% of the total re-exports to the Arab countries, Accounting for 47%. In imports, 45% of UAE imports from the GCC are sourced from Saudi Arabia.
In contrast, the UAE ranks sixth in the world as the largest trading partner of Saudi Arabia, accounting for 6.1% of Saudi Arabia’s total trade for 2016 and ranked first in the Arab and Gulf countries as Saudi Arabia’s largest trading partner, accounting for 56% of Saudi Arabia’s total trade with GCC countries Cooperation for 2016.
In terms of investment, Saudi Arabia accounts for 4% of the total foreign direct investment in the UAE until the end of 2015, and is ranked first in the Arab world, accounting for nearly 30% of the Arab direct investment stock in the UAE, and 38% Of the balance of Gulf investments in the country.
