Trade between Saudi Arabia and the United Arab Emirates (UAE) has grown impressively, increasing by 25% since 2019. By the end of 2023, the trade turnover reached 113 billion Saudi riyals (about US$30 billion). This announcement was made by Faisal Al-Ibrahim, the Minister of Economy and Planning, during the Saudi Emirates Economic Forum in Riyadh, as reported by Arab News.
Historical Trade Data
At the end of 2019, trade turnover was 90 billion Saudi riyals (US$23.9 billion). This growth highlights the strengthening economic relationship between the two countries. In 2023, UAE investments in Saudi Arabia reached 111 billion Saudi riyals (US$29.5 billion), a 15% increase from the previous year.
Non-Oil Trade Volumes
UAE’s Economy Minister, Abdullah Al Marri, stated that non-oil trade volume between the two nations rose to 74 billion dirhams (around US$20.1 billion) in the first half of 2024. This is an 18% increase compared to the same period last year, demonstrating the strength of their economic cooperation.
The Role of Tourism in Economic Cooperation
Al Marri also pointed out the importance of tourism in their economic partnership. He mentioned that Saudi Arabia is one of the top ten tourist markets for the UAE, with over 1.7 million Saudi tourists visiting the UAE last year. This influx of visitors enhances economic ties and fosters cultural connections between the two nations.
The growth in trade and investment between Saudi Arabia and the UAE shows a strong economic partnership that is expected to continue. As both countries focus on diversifying their economies and enhancing cooperation, the positive trends in trade and tourism indicate a bright future ahead.
