In a report by Al-Eqtisadiah, it monitors the strength of the economic partnership between the two countries

Saudi Arabia ... the third largest trading partner of the UAE in the world, and trade exchange records 113 billion dirhams

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On the occasion of the 90th Saudi National Day, the Ministry of Economy issued a detailed report on the economic relations, and the efforts for trade and investment cooperation between the two countries.

The report revealed that the volume of trade exchange between the two sides is the highest among the countries of the Gulf Cooperation Council, accounting for 113.2 billion dirhams, while the Kingdom is the third largest trading partner of the UAE in the world, and the first in the Arab world.

Stability and development

In detail, the Minister of Economy, Abdullah bin Touq Al-Marri emphasized that the ties between the UAE and Saudi Arabia represent a unique and exceptional model at the level of international relations, as they are not just bilateral relations based on interests only, but the two countries are linked by bonds of brotherhood and cohesion, and they are united by the constants of civilization, history and Arab and Islamic values. In addition to the solidarity and unity of the word towards the various geopolitical, economic and developmental issues regionally and globally.

Bin Touq congratulated the Kingdom and its people on the occasion of the 90th Saudi National Day, stressing that the UAE and Saudi Arabia are the pillars of stability and development in the Gulf and Arab region.

He added: “Our relations with our brothers in the Kingdom are in continuous development and growth, driven by the sound directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, and his brother, Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, which is confirmed by this interaction and the great celebration in the UAE, Leadership and people, on the occasion of the Saudi National Day under the slogan (# Together Forever) in a scene that reflects good patriotic feelings and sincere love between the two brotherly countries and peoples.

Bin Touq stressed that the UAE and Saudi Arabia are continuing with sincere determination to work together to consolidate cooperation ties and develop their strategic partnership in all fields, especially at the economic, commercial and investment levels.

He continued: “We are confident that the next phase will include more projects, qualitative initiatives and cooperation efforts that serve the comprehensive development process in the two countries in accordance with a clear vision and integrated plans, led by the Saudi-Emirati Coordination Council, and with unlimited support from the wise leaders in the UAE and Saudi Arabia.”

Partnership and integration

For his part, Minister of State for Entrepreneurship and Small and Medium Enterprises, and Minister in charge of the tourism file, Dr. Ahmed Belhoul Al Falasi, said: “It became rich in saying the strength of the strategic partnership and integration that unites the UAE and Saudi Arabia at all levels, based on brotherhood, cultural heritage and a common destiny, which are supported With unity of positions and consistent attitudes towards issues of the region and the world ».

Al-Falasi added: “There is no doubt that the Emirati-Saudi cooperation in various bilateral, regional and international issues represents one of the most successful aspects of joint action at the Gulf and Arab levels, and provides a factor of strength, stability and development for the region as a whole, with what the two countries possess in terms of economic assets, political will, and a clear future vision. And ambitious, as well as huge commercial and investment potential.

Al-Falasi explained that the two countries have made, over the past years, great steps in unifying energies and promoting integration, with unlimited support from the two wise leaders, and according to a clear vision expressed by the determinants of the determination strategy and the outputs of the Saudi-Emirati Coordination Council, including a wide umbrella of sectors, the most prominent of which is the link between entrepreneurs and launching Joint programs for developing small and medium enterprises, enhancing opportunities for their activities, encouraging tourism exchange, and developing capacities in the tourism sector.

He affirmed that our celebration in the UAE, the leadership and the people, with our brothers in the Kingdom, of the 90th Saudi National Day is a message of love and pride in our partnership "Together-Never" towards more prosperity, prosperity and sustainable growth.

Unique model

In the same context, the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, said that the Emirati-Saudi relations represent a prominent icon and a unique model on the map of international relations, as they are based on solid foundations of brotherhood and solidarity between the two leaderships and brotherly peoples, and there is a common awareness of the nature of the variables on the two arenas. Regional and international consensus in policies and positions on various issues of common interest.

Al-Zeyoudi indicated that the two countries' partnership is witnessing continuous growth according to a unified strategy that focuses on investing the developmental components of each of them, as they are the two largest Arab economies, and by starting from the huge commercial and investment potentials and promising opportunities in their vital markets and sectors.

He added that the two countries share several common denominators in the visions and development strategies for each of them, especially the UAE Vision 2021, the 50th Economy Plan, the UAE Centennial 2071 for long-term development on the one hand, and the Kingdom's Vision 2030 on the other hand, which opens up horizons. A broad scope for developing the partnership between the two countries at the governmental and private levels, by increasing trade exchange, opening new markets for the exports of the two countries, encouraging bilateral investments, enhancing economic diversification, developing knowledge and innovation, employing technology, research and development to build the future economy.

Al-Zeyoudi congratulated the Kingdom and its people on the occasion of the 90th National Day, expressing his pride in the wide participation of the leadership and people of the UAE in this precious occasion under the slogan "# Together_forever."

Investment cooperation

In addition, the Ministry of Economy issued, on the occasion of the 90th Saudi National Day, a detailed report on economic relations, and the efforts of trade and investment cooperation between the two countries, with a monitoring of the path of the distinguished partnership between them and the promising prospects for the growth of future cooperation aspects.

The report pointed out that the strength and durability of the Emirati-Saudi relations are embodied in the congruence of visions and goals, and the clear harmony between the two countries and the two peoples, which is evident on three levels: economically, politically and socially. This convergence reinforces the establishment of the Saudi-Emirati Coordination Council, which was announced in the city of Jeddah three years ago.

Business and economic partnership

The trade and economic relations between the two major countries are considered to be between their counterparts in the Gulf Cooperation Council states, while the UAE is one of the most important trade partners of the Kingdom in the Arab region in general, and the countries of the Gulf Cooperation Council in particular, as the volume of trade exchange between the two sides is the highest between the GCC countries Gulf, constituting a value of 113.2 billion dirhams, including free zone trade, and the Kingdom is the third largest trading partner of the UAE in the world, and the first Arab partner.

Saudi investments

According to the report, the balance of Saudi direct investments in the UAE exceeds the barrier of 16 billion dirhams, and there are 4459 Saudi trademarks registered in the UAE, 70 commercial agencies and 16 registered companies operating in investment sectors including: mining, quarrying, wholesale and retail trade, and activities. Financial, insurance activities, human health, social work and education, accommodation and food service activities, real estate activities, manufacturing industries, construction and building, agriculture, fishing, transportation, storage and administrative services activities, support services, professional, scientific and technical activities, information and communication technology.

sustainable energy

The report of the Ministry of Economy reviewed the most prominent areas of cooperation between the two countries, on top of which is the field of renewable energy and clean technologies.

The two countries are working to enhance their position on the sustainable development map through a number of pathways, the most important of which is the supply of clean energy.

Potential areas of cooperation in this regard include joint work to develop renewable energy projects, electricity generation and water desalination, opportunities for joint development in the technology sector related to the renewable energy sector, as well as cooperation in research and development and advanced technology.

A common tourist vision

Work has been made to formulate a joint tourism vision, and to develop intersecting promotional programs that serve the tourism sector in the two countries, which contribute to the endeavors of income diversification and strategies for progress and work in both Saudi Arabia and the Emirates, and to enhance the integration of the economic system of the two countries, and to find joint solutions to the economic challenges plaguing the region.

Re-exports: 57.2 billion dirhams

The Kingdom is the first trade partner in the world to re-export to it, and the first Arab country, with a value of 57.2 billion dirhams, 11.1% of the total UAE re-exports to the countries of the world, and the eighth place in terms of exporting countries to the UAE, with a value of 25.1 billion dirhams within a year 2019.

Import: 30.9 billion dirhams

Saudi Arabia ranks the first trading partner importing from the UAE in the world, and the first Arab country to import from the UAE for gold, copper wires, establishments, milk and cream, with a value of 30.9 billion dirhams, and 12.8% of the total UAE exports to the countries of the world during 2019 .

34 billion dirhams UAE investments in Saudi Arabia

The UAE is at the forefront of countries investing in Saudi Arabia, with a total value of more than 34 billion dirhams, reflecting the activity of nearly 122 investment projects for more than 65 prominent companies and investment groups in the UAE, implementing major projects in Saudi Arabia, while the value of Emirati banks' investments in Saudi Arabia 53.5 billion dirhams in the first half of 2019.

In addition, the Saudi-Emirati Coordination Council achieved tangible results in various sectors and businesses, and aimed to enhance financial security between the two countries, provide a competitive and safe digital technology environment, and focus on human development.

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- The balance of Saudi direct investments in the UAE exceeds the barrier of 16 billion dirhams.

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