Saudi-Emirati Economic Forum shines light on key bilateral trade numbers

The Saudi-Emirati Economic Forum commenced in Riyadh on Sunday, highlighting significant progress in bilateral trade. Over the past decade, the UAE and Saudi Arabia noted a substantial rise in trade exchange as the numbers have reached $244 billion.

The UAE is the largest trading partner of Saudi Arabia in the region and the second-largest globally. The Kingdom is also the top trading partner of the UAE regionally and the fourth globally. Both countries share strong historical, political and economic ties.

In the past three years alone, the UAE-Saudi Arabia bilateral trade exchange reached its highest level, totalling $87.3 billion. Trade numbers for last year are around $30 billion, and experts anticipated further progress in the near future.

UAE and Saudi Arabia seeing significant transformations

Faisal al-Ibrahim, Saudi Minister of Economy and Planning, noted that bilateral trade has increased by 25% over the past five years. In 2019, both countries noted $24 billion in trade exchange but the numbers for last year are sizeably higher.

The UAE and Saudi Arabia have seen significant transformations in investment due to measures designed to improve the investment landscape, the Minister added, highlighting that the Emirates has also recorded progress in foreign direct investment in Saudi Arabia.

Saudi exports to the UAE reached about $8.25 billion this year. The Kingdom has expressed eagerness to collaborate on joint initiatives in an effort to support entrepreneurs by improving access to financing and training.

Saudi-Emirati Economic Forum bolsters economic relations

Both countries have been putting substantial efforts into economic diversification to reduce their oil dependency. The UAE-Saudi Arabia non-oil trade reached $20.42 billion in the first half of 2024, reflecting over 18% progress compared to the same period last year.

The UAE Minister of Economy underlined the Saudi-Emirati Economic Forum’s role in helping business communities explore promising development opportunities in both countries. He said the current global challenges necessitate stronger partnership channels.

Abdullah Al Marri revealed that UAE investments in Saudi Arabia have reached $0.46 billion, stressing that the forum that kickstarted on Sunday provides a platform to continue strengthening the UAE-Saudi Arabia economic partnership.