Teller Report

Now you can see non-English news...

Non-oil exchange between UAE and Saudi Arabia in 5 years

2019-09-22T22:08:58.476Z

The Minister of Economy, Sultan bin Saeed Al Mansouri, said that the volume of non-oil trade exchange between the UAE and Saudi Arabia during the past five years amounted to 417.6 billion dirhams, pointing out that the non-oil trade exchange between the two countries last year amounted to 107.4 billion dirhams



The Minister of Economy, Sultan bin Saeed Al Mansouri, said that the volume of non-oil trade exchange between the UAE and Saudi Arabia during the past five years amounted to 417.6 billion dirhams, pointing out that the non-oil trade exchange between the two countries last year reached 107.4 billion dirhams, a growth of 35.6% from In 2017 of AED 79.2 billion, reflecting the strength of the strategic partnership between the two countries.

Business partner

Al Mansouri, on the occasion of the UAE's celebration of the 89th Saudi National Day, said that the Kingdom is the first Arab trade partner and the third globally for the UAE in 2018, and accounts for about 7% of the UAE's non-oil trade with the world and 25% of the UAE's non-oil foreign trade with the Arab countries. The Kingdom also reached the list of the most important recipients of UAE exports in 2018 and came in first place ahead of the third place in 2017, and accounts for 15% of the total non-oil exports of the UAE.

He added that Saudi Arabia ranks first in the world in the re-export of goods from the UAE in 2018, ahead of the second place in 2017, and holds up to 10% of the total re-export of the UAE, and also ranked eighth globally in the UAE imports from Goods in 2018 advanced from ninth place in 2017.

The most important partner of Saudi Arabia

Al Mansouri stressed that the UAE is the most important Arab trade partner for Saudi Arabia and the second in the world, accounting for 10% of the total non-oil trade with the world, and nearly half of its trade with Arab countries. The UAE is ranked second globally and the first Arab in Saudi non-oil exports, accounting for 13% of its exports to the world, and 40% of its exports to Arab countries, and the UAE is ranked third globally and first in the Arab side of Saudi imports of non-oil goods, accounting for 8% of its imports from the world, and 59% of its imports from Arab countries.

UAE Investments

Regarding the value of UAE investments in the Kingdom and the economic sectors exchanged between the two countries, the Minister of Economy said that the UAE is at the forefront of investing in Saudi Arabia with a total value of more than 34 billion dirhams reflecting the activity of 122 investment projects for more than 65 companies and prominent investment groups in the UAE carrying out major projects. He added that there are more than 20 economic and commercial activities on the list of mutual investments between the two countries.

Saudi investments

Regarding the number of Saudi companies operating in the UAE and the value of their investments, Al-Mansouri said that the balance of Saudi direct investments in the UAE exceeded the AED 16 billion mark, pointing out that there are 4004 Saudi brands, 73 commercial agencies and 26 companies registered in the UAE operating in multiple investment sectors. .

Al-Mansouri stressed that the UAE-Saudi cooperation represents one of the most successful aspects of joint action on the Gulf and Arab levels, and provides a factor of strength, stability and development for the region.

Strategic projects

Regarding the joint economic projects between the UAE and Saudi Arabia within the framework of the determination strategy, Al-Mansouri said that there is a wide range of joint economic initiatives and programs between the two countries within the "determination strategy" that was launched to achieve the common vision of integration at all economic, developmental and military levels.

"There are seven strategic initiatives: common currency, service areas, financial markets, aviation, entrepreneurship, customs and supply security," he said.

Mansouri affirmed that there are plans to activate cooperation in manufacturing industries of common value, implementation of the electrical link project, launching joint housing and financing services and solutions between the two countries, establishing a joint center for the development of desalination technologies, and cooperation in managing infrastructure projects amounting to 150 billion dollars annually. In the development of modern financial technology technologies.

The two largest Arab economies

The UAE and Saudi Arabia are the two largest Arab economies and are among the top 10 exporting countries globally, with total exports of goods and services approaching $ 750 billion in 2018, Economy Minister Sultan bin Saeed Al Mansouri said.

He revealed that the UAE and Saudi Arabia together account for two thirds of Arab exports of non-oil goods to the world in 2018 and ranks sixth in the world in terms of commodity exports in general.

2 million Saudi hotel guests

The Minister of Economy, Sultan bin Saeed Al-Mansouri, confirmed that the Saudi market was again among the most important tourist markets of the UAE in 2018, in terms of the number of guests of hotel establishments from outside the country, with two million guests, constituting 10% of the total hotel guests in 2018, an increase of 2%. For 2017.

He continued: `` The number of tourists visiting the UAE to Saudi destinations in 2018 amounted to 740 thousand tourists who spent about four million nights, and spent 2.9 billion riyals. ''

• More than 20 economic and commercial activities on the list of mutual investments between the two countries.

• Saudi Arabia accounts for 25% of the UAE's non-oil foreign trade.

• The UAE accounts for 40% of Saudi exports to Arab countries.

Projects and themes

The Minister of Economy, Sultan bin Saeed Al Mansouri, said that 44 joint strategic projects have been identified between the UAE and Saudi Arabia that serve three main axes: the economic axis, the human and cognitive axis, and the political, security and military axis.

■ A Unified Strategy for Food Security.

■ Unified medical inventory plan.

A common supply security system.

■ Joint investment in oil, gas and petrochemicals.

■ A plan to establish an agricultural investment company with a capital of 5 billion dirhams.

■ Renewable Energy Mutual Fund.

■ Third fund for investment in small and medium enterprises.

■ Facilitating the flow of traffic in ports.

■ Building a unified industrial database.

■ Enabling the banking sector in both countries.

■ Harmonization of economic procedures and legislation between the two countries.

■ Joint Council for the Coordination of Foreign Investments.

• 34 billion dirhams UAE investments in Saudi Arabia reflect the activity of 122 projects.

• 65 UAE companies and investment groups carry out major projects in Saudi Arabia.

• 16 billion dirhams balance of direct Saudi investments in the UAE.

Source: emara

You may like

Tech/Game 2019-11-19T17:47:01.947Z

Trends 24h

Latest

business 2019/12/14    

© Communities 2019 - Privacy