HomeEconomyEmirati-Saudi relationship a model of brotherly relations: Bin Touq
By Economy Middle East
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September 23, 2022 4:14 pm

Emirati-Saudi relationship a model of brotherly relations: Bin Touq

"Trade exchange between the two countries grew by 57.4%"
Saudi National Day
UAE Minister of Economy Abdullah bin Touq Al Marri

On the occasion of the 92nd Saudi National Day, the UAE Minister of Economy Abdullah bin Touq Al Marri extended his congratulations to the Kingdom, saying, “We extend our heartfelt and best wishes to our brothers in the Kingdom of Saudi Arabia, the leadership, government, and people, on the occasion of the 92nd Saudi National Day.” The Emirati-Saudi relationship is a model of brotherly relations and integration in the shared Gulf and Arab visions and ambitions for comprehensive economic development and a more advanced and prosperous future for the peoples of the two brotherly countries and the peoples of the region.”

“The bonds that unite the UAE and Saudi are rooted in the depths of history and are strengthened by bonds of brotherhood and a common destiny. They are a role model for the comprehensive strategic partnership between Arab countries, and an example of a common awareness of the nature of the surrounding regional and international changes,” he added.

He noted that the economic and trade cooperation agenda reflects the strength of the bilateral ties that unite the two brotherly countries, as Saudi is the UAE’s first trading regional partner, and the third globally after China and India, over the past five years from 2017 to 2021, where trade exchange witnessed an estimated growth of 57.4 percent between the two countries.

The value of trade exchanges in H1 2022 totaled 65.6 million dirhams, representing a 6.6 percent increase over the same period last year, Al Marri said.

The UAE is Saudi Arabia’s largest Arab trading partner, accounting for up to 43 percent of the group’s trade with the Kingdom in 2021, ranking second in the world after China.”

Furthermore, he stated that Saudi Arabia is the UAE’s largest national and regional investment partner, as well as the fifth largest globally.

Thani Al Zeyoudi

 

For his part, the UAE Minister of Foreign Trade Thani Al Zeyoudi extended his congratulations to Saudi on the occasion, saying: “The 92nd Saudi National Day represents a moment to express pride in the deep-rooted historical ties and ties between the UAE and Saudi. It affirms our adherence to common principles and the unity of a common destiny that binds the leaderships and peoples of the two countries.”

“The strength of relations between the UAE and Saudi Arabia has been reflected in the continuous growth in all strategic sectors, particularly economy and trade, as the volume of trade exchanges between the two countries witnessed a 6.6 percent increase during H1 2022, compared to the same period in 2021,” he added.

“Total UAE exports and re-exports to Saudi Arabia accounted for 75 percent of total non-oil trade between the two countries during H1 2022, compared to 25 percent for UAE imports.”

Moreover, Al Zeyoudi said that the UAE was among the first countries to invest in Saudi Arabia, with a total cumulative investment estimated at more than 44 billion dirhams. He noted that the Kingdom is the UAE’s largest national and regional investment partner, and the fifth globally in terms of the cumulative balance of foreign direct investment flows to the country until the start of 2021, with a value of 18 billion dirhams.