The UAE is joining Saudi Arabia in celebrating Saudiโs 94th National Day, today, September 23.
The fraternal ties between the UAE and Saudi Arabia exemplify a unique model of collaboration, characterized by their depth, complementarity, and a longstanding history of partnership across various sectors.
The UAE’s involvement in the Kingdom’s celebrations underscores the strong and special bonds shared by the leaders and citizens of both nations, WAM reported. These relationships have become a solid foundation for cooperation within the Gulf, Arab, and regional contexts, serving as a critical pillar for stability, growth, and prosperity in the area.
Historical foundations of cooperation
The historical ties between the two countries were fortified by the visionary efforts of the late Sheikh Zayed bin Sultan Al Nahyan and King Faisal bin Abdulaziz Al Saud, evolving into a comprehensive partnership under the leadership of the late Sheikh Khalifa bin Zayed Al Nahyan and King Abdullah bin Abdulaziz Al Saud.
Currently, the leadership of both nations, represented by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, continues to advance these relations to unprecedented heights.
Sustainable development through collaboration
The productive relationship between the UAE and Saudi Arabia has significantly contributed to sustainable development across various domains, including trade, economic cooperation, joint investments, coordination, and consultation.
The economic and trade relations between the two countries stand as a remarkable example of cooperation and solidarity.
Read more: Saudi, UAE sovereign wealth funds lauded in new report
Growth in non-oil trade
Over the past ten years, non-oil trade between the two nations has surged, increasing by approximately 69 percent to around AED135 billion in 2023, up from AED79.9 billion in 2013, according to the UAE Ministry of Economy.
The compound annual growth rate (CAGR) for non-oil trade from 2013 to 2023 was 5.4 percent, with the total value of non-oil trade between the two nations reaching AED1.032 trillion ($280.96 billion) over the past decade (2014-2023).
During this period, non-oil trade comprised AED252.46 billion in imports, AED255.5 billion in exports, and AED524 billion in re-exports.
Strong trade volume in 2024
Data from Saudi Arabiaโs General Authority for Statistics indicates that trade volume between the UAE and Saudi Arabia in the first half of 2024 reached $17.53 billion, reflecting a growth rate of 22.50 percent compared to $14.31 billion during the same timeframe in 2023.
UAE exports to Saudi Arabia rose by 10.26 percent to $6.80 billion in the first half of 2024, compared to $6.16 billion in the same period of 2023. Meanwhile, UAE imports from Saudi Arabia totaled $10.73 billion in the first half of 2024, up from $8.15 billion in the first half of 2023.
Establishing the coordination council
In 2016, both nations established the Saudi-Emirati Coordination Council, aimed at fostering a shared vision for enhancing and sustaining bilateral relations and promoting an integrated economic system between them.
Tourism as a catalyst for growth
Tourism also plays a significant role in bolstering the commercial and economic sectors of both countries, emerging as a promising area for investment and joint projects, which aids in diversifying their economic and trade foundations.
Cultural connections and educational exchange
Culturally, the ties between the UAE and Saudi Arabia reflect the geographical and social connections between their peoples. These relationships have been further enriched through various channels, especially in education, where Emirati students historically attended schools in Mecca, Al Ahsa, and Riyadh. Today, many Saudi students are welcomed at Emirati universities and institutes.
Joint cultural initiatives
Cultural relations manifest at multiple levels, including numerous joint agreements and programs, as well as collaborations among institutions and intellectuals from both countries. These initiatives highlight the deep-rooted connections based on shared history, cultural heritage, and intertwined social, geographical, and economic ties.
A new era with Saudi Vision 2030
This year, Saudi National Day is celebrated amid the Kingdom’s comprehensive development renaissance, embarking on a new journey towards a prosperous future with the launch of “Saudi Vision 2030,” one of the world’s largest national transformation initiatives.
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