UAE-Saudi trade reaches AED 586 billion in 5 years

Friday, 22 September 2023 21:12

By ARN News Staff

The volume of trade exchange between the UAE and Saudi Arabia grew by 28 per cent in 2022, compared to 2018, with the value exceeding AED 137 billion.

According to the ministry of economy, the total non-oil trade between the two countries surged to AED 586 billion over the five-year period.

Saudi Arabia was also the UAE's third-largest non-oil trading partner last year.

The UAE's imports from the Kingdom grew to AED 34.49 billion in 2022, while non-oil exports to Saudi Arabia hit AED 35.96 billion, and re-exports increased to AED 67.16 billion.

The strong bilateral relations have had a positive impact on the sustainable development of both countries in various fields, including economic cooperation and joint investment.

More from Business

Disney settles suit over women's pay for $43 million

Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.
Etihad Airways adds ten new destinations for 2025

UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.
Trump pledges new tariffs on Canada, Mexico, China

US President-elect Donald Trump on Monday pledged a 25 per cent tariff on all products from Mexico and Canada from his first day in office, and an additional 10 per cent tariff on goods from China, citing illegal immigration and the trade of illicit drugs.
UAE and Bahrain finalise ICV programmes procedures

The UAE and Bahrain have finalised the procedures required to implement an MoU, signed last January, that fosters cooperation between the National In-Country Value (ICV) Programme and Bahrain’s Value Programme in Industry, known as Takamul.