Trade between Saudi Arabia and the United Arab Emirates reaches $244 billion in 10 years

The Saudi-Emirates Economic Forum, which began on Sunday at the Federation of Saudi Chambers headquarters in Riyadh, highlighted the significant growth in trade between Saudi Arabia and the UAE, which reached SAR915 billion ($244 billion) over the past decade (2014 to 2023). 

Faisal Al-Ibrahim, Saudi Minister of Economy and Planning, noted that trade between Saudi Arabia and the UAE has increased by 25% over the past five years, reaching SAR113 billion ($30 billion) by the end of 2023, up from SAR90 billion ($24 billion) in 2019.

He also pointed out that at the end of last year, the UAE recorded positive growth in foreign direct investment (FDI) in Saudi Arabia, totalling around SAR111 billion ($29.6 billion), representing an increase of 15% compared to 2022.

Bandar Al-Khorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, emphasised that Saudi Arabia and the United Arab Emirates have promising potential for greater integration in industry and mining.

He noted that Saudi exports to the UAE have grown at an annual rate of over 9%, reaching around SAR 31 billion this year.

UAE Economy Minister Abdullah Al Marri revealed that UAE investment in Saudi Arabia had reached AED 15.7 billion, stressing that the forum provided a platform to further strengthen the economic partnership between the two countries and take it to new levels.

Mr Al Marri emphasised the vital role of the private sector as a key partner in helping the two governments realise their vision for the future.

Total non-oil trade between the two nations reached AED 137 billion in 2023, with non-oil trade totalling AED 75 billion in the first half of this year, reflecting growth of over 18% compared to the same period in 2023.

Investment flows from the UAE into Saudi markets increased by over AED 15.7 billion in 2023, up 6% on 2022. S

Abdulhakim Al-Khaldi, chairman of the Saudi-Emirati Business Council, said the economic partnership with the UAE was strong and growing, encompassing trade and investment cooperation in most major sectors.

Federation of Saudi Chambers vice-president Fayez Al-Shuaili said the forum would help achieve common goals, produce concrete recommendations and foster a business-friendly environment to boost trade and investment growth.

Business exchanges between the two countries reached around 30 billion dollars last year, and the trade and investment relationship is expected to continue to grow, he added.