UAE-Saudi non-oil trade soars 1,230%

abu dhabi — Non-oil trade between the UAE and Saudi Arabia has grown 1,230 per cent since the establishment of the GCC Customs Union in 2003 until the first half of 2018, according to statistics from the UAE Federal Customs Authority (FCA).

Total non-oil intra-trade amounted to Dh720 billion ($196 billion) during the monitored period, with total UAE imports from the kingdom hitting Dh244.2 billion and exports to Dh144.8 billion, said an FCA report released recently. UAE reexports totalled Dh330.9 billion during the same period.

“Saudi Arabia is a strategic partner of the UAE, which at 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. —