Thursday 27 June 2019

UAE-Saudi non-oil trade surges to $196bn

ABU DHABI, September 25, 2018

The total non-oil intra-trade between the UAE and Saudi Arabia amounted to Dh720 billion ($196 billion) since the establishment of the GCC Customs Union in 2003 until the end of the first half (H1) of 2018, marking a growth of 1,230 per cent, a media report said.

UAE imports from the Kingdom reached Dh244.2 billion ($67 billion) during the monitored period and exports to Dh144.8 billion ($39.7), reported Emirates news agency Wam, citing statistics of the UAE Federal Customs Authority (FCA).

UAE re-exports totalled Dh330.9 billion ($90.6 billion) during the same period.

"Saudi Arabia is a strategic partner of the UAE which in the same time constitutes a major trade gateway for the Kingdom, a country that continues to be among the key partners of the UAE across the Arab world and Middle East region," said Ali bin Sobeih Al Kaabi, chairman of the FCA.

"Bilateral relations have been so buoyant and steadily growing over the years, leveraged by the robust historical relations binding that two sisterly countries, whose partnerships across various domains have fructified into tremendous achievements in areas of sustainable development, economic growth and economic diversification," he added.

He hailed the optimum level of coordination between the two countries with regards to streamlining trade and addressing customs-related risks, including smuggling counterfeited commodities.

The UAE-KSA Joint Determination of last year contributed to streamlining and increasing the flow of intra-trade through Al Bath'a and Al Ghoweifat border crossings and to facilitating the exchange of knowledge and expertise between the two countries.

He re-affirmed the FCA's determination to stamp out all obstacles and challenges obstructing the growth of intra-trade between the two nations.

Tags: UAE | Saudi | Non-oil trade |

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