UAE and the Saudi Arabia are two brotherly countries: pioneering model of leadership
The UAE and Saudi Arabia’s economic figures reflect the regional and global leadership of the two brotherly countries. In celebration of the 91st Saudi National Day, the UAE Ministry of Economy revealed figures reflecting this leadership.
Abdulla bin Touq Al Marri, Minister of Economy, said that the UAE-Saudi partnership represents a pioneering model at the regional and global levels in cooperation and the continuous development of relations, especially in the economic, commercial and investment fields, in order to serve the path of prosperity and sustainable development witnessed by the two brotherly countries. He noted the bonds of solidarity, cultural constants and solid brotherhood that unite the Emirates and the Kingdom of Saudi Arabia.
He congratulated the Saudi leadership, government and people on the occasion of the 91st Saudi National Day.
The biggest arab economy
On this occasion, he added: “The United Arab Emirates and Saudi Arabia, the two largest Arab economies, through their joint and continuous work to expand areas of cooperation in various vital sectors, contribute to pushing the development process in the region towards new horizons. Efforts are continuing to develop this strategic partnership in accordance with a clear vision led by the Saudi-UAE Coordination Council since its establishment four years ago, which oversaw the launching of development plans, initiatives and specific projects that play a fundamental role in generating a wealth of trade, investment and development opportunities for the business sector in the two countries and at the level of the Gulf region and the Arab world.”
According to trade statistics for 2020, Saudi Arabia is the UAE’s first trade partner at the Arab level and the third at the global level. The volume of non-oil trade exchange between the two sides in the first half of 2021 reached 61.7 billion dirhams, an increase of 32.5% compared to the first half of 2020, which reflects the strength, diversity and continuous growth of trade relations. In contrast, the UAE is the Kingdom’s largest Arab trade partner, and the third globally with Saudi Arabia after China and the United States of America in 2020.
He said : “We are proud of the extraordinary developments in the UAE-Saudi economic partnership with the support of the wise leaders in both the UAE and Saudi Arabia. Trade and investment cooperation between the two countries today includes vital and strategic sectors such as: Innovation, technology, industry, services and logistics, food security, tourism, mining, oil and natural gas, real estate, construction, wholesale and retail trade, and the financial and insurance sector, we trust that the next phase will see – in light of this distinguished level of cooperation and partnership – further diversification and opportunities that contribute to the growth of the Emirati and Saudi economies and bring prosperity to the two brotherly countries and peoples.”
The UAE and Saudi Arabia have strong relations
For his part, Dr. Ahmed ben Abdullah Hamid Al-Hawal Al-Fallasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, said that the UAE-Saudi relations represent a prominent landmark and a unique model on the map of international relations today, as they are based on solid foundations of brotherhood between the two brotherly leaders and peoples. He noted that these distinguished bilateral relations represented one of the most successful aspects of joint work at the Gulf and Arab levels, and these relations continue to develop, driven by a sincere determination of the two countries’ leadership to move forward in the process of consolidating brotherly ties and establishing a strategic partnership covering all fields of development.
He pointed out that the two countries have made great strides in the past years in uniting capacities and promoting integration, according to a clear vision that includes a broad spectrum of sectors, the most prominent of which is linking entrepreneurs, launching joint programs to develop small and medium-sized enterprises, enhancing opportunities for their activities, encouraging tourism exchange and developing capacities in the tourism sector, which is reflected in the size of the activities of companies in the two countries, where today more than 11,000 Saudis own and contribute to an economic license in the United Arab Emirates until September 2021, in return more than 140 Emirati companies invest in Saudi Arabia.
He said: “We are proud that the brotherly Saudi people participated in the celebrations of the 91st National Day of the Kingdom, and we look with confidence and optimism at the future of economic relations between the two countries and the opportunities and broad prospects for growth and prosperity that it entails,” he said.
For his part, Dr. Thani ben Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said: “The relations between the United Arab Emirates and Saudi Arabia are sincere brotherly relations and deep ties, which are reinforced by the unity of the Gulf and Arab affiliation, common Arab and Islamic values and customs, solidarity towards regional and world issues, as well as the ties of kinship between the two brotherly peoples.”
He added: “Our economic partnership with our brothers in Saudi Arabia is strong and growing, and our trade and investment cooperation covers most of the vital sectors of the two countries’ interests. Saudi Arabia is the UAE’s largest investment partner at the Gulf, Arab, regional and Fifth levels worldwide.”
Saudi direct investment in UAE
Saudi direct investments in the UAE reached $5 billion in early 2020, a growth of 4% compared with 2019. The UAE is at the forefront of countries investing in Saudi Arabia with a cumulative investment balance exceeding $9 billion.
He continued: “Foreign trade between the two countries has achieved pioneering levels on the Arab and international levels. The share of Saudi non-oil trade with the UAE among the group of Arab countries reached about 31.8% during the first half of 2012. The share of non-oil Saudi trade with the UAE among the countries of the world reached 6.9% during the same period. In contrast, the share of the UAE’s trade with Saudi Arabia among the group of Arab countries last year reached about 43.7%, and about 4.5% among the countries of the world.
The UAE’s non-oil exports to the kingdom during the first half of 2012 grew by 70.4% compared to the same period last year, 2020, 33.1% growth in UAE imports from Saudi Arabia, and 13.5% growth in UAE re-exports to Saudi Arabia.”
He said: “We congratulate the leadership and people of the brotherly Kingdom of Saudi Arabia on the occasion of the 91st National Day of the Kingdom, and we will be keen to continue our work to develop these good relations to new levels, and to develop partnership at the governmental and private levels to open wider opportunities and investment horizons for the business community of the two sides, in a way that supports the process of development and prosperity in the two brotherly countries.”
