Trade exchange between the UAE and Saudi Arabia increased by 266.9 percent

MEDIA, Dubai, September 25, 2018 (WAM)

According to the report issued by the Federal Authority for Competitiveness and Statistics, the value of trade exchange between the UAE and Saudi Arabia increased by 266.9 percent, with a total value of about 6 billion dirhams during the years 2008 to 2017. Imports represent a large proportion of non-oil foreign trade Of the UAE with Saudi Arabia. The value of these imports reached 25.4 billion dirhams in 2017 compared to 16.1 billion dirhams during the same period of 2008, an increase of 9.2 billion dirhams or 57 percent. According to the report, the value of non-oil exports increased significantly to reach AED 12.8 billion between 2008 and 2017. The value of re-exported goods increased to about 35.6 billion dirhams, a significant percentage over the same period of 2008. Mohammed Hassan, Executive Director of Statistics and National Statistics Sector at the Federal Authority for Competitiveness and Statistics said that the figures issued by the Authority indicate the strength and depth of trade relations between the UAE and Saudi Arabia for decades. The increase in these figures indicates the development of trade relations between the two countries and the diversity of their fields to serve the general interest of the economy. The two countries. Statistics on the UAE’s trade with Saudi Arabia in 2017 according to the International Classification of Commodities indicate that “machinery, apparatus, and broadcasting of sound, images and supplies” ranked first in terms of value of trade, accounting for 31.8 percent of the total value of the total exchange between the UAE and Saudi Arabia Pearls and precious stones and precious metals and articles thereof, which amounted to about 17.1% and followed by metal products by 12.5% ​​of the total trade exchange between the two countries. With regard to Saudi direct investments in the UAE, the official statistics issued by the Authority said that these investments have grown by more than 25 percent in the last five years, which confirms the continuous cooperation between the two brotherly countries in various fields .. While the value of Saudi direct investment assets in the UAE about 17 billion Dirhams at the end of 2017 and a growth of 5 percent over the previous year.