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The Growing Economic Partnership between Saudi Arabia and the UAE

The Saudi-Emirati Economic Forum, which began on Sunday at the headquarters of the Saudi Chamber of Commerce in Riyadh, showcased the significant progress in bilateral trade between the two countries. Over the past decade (2014-2023),trade has reached 915 billion riyals ($244 billion). Notably, the last three years have witnessed a surge in trade, reaching a record high of 327.506 billion riyals ($87.3 billion),indicating a robust and growing economic relationship. This thriving relationship is reflected in the numerous trademarks, commercial agencies, and companies registered in both countries.

Fostering Growth Through Collaboration

The forum served as a platform for high-level discussions and collaboration between officials and business leaders, aiming to expand trade and investment ties and unlock new opportunities for both nations. Notably, Saudi Minister of Economy and Planning Faisal Al-Ibrahim highlighted a 25% increase in bilateral trade over the past five years, reaching 113 billion riyals ($30 billion) by the end of 2023, compared to 90 billion riyals ($24 billion) in 2019.

A Flourishing Investment Landscape

Both countries have undergone significant transformations in the investment landscape, driven by strategic policies and initiatives aimed at fostering a robust and attractive investment environment. The UAE, in particular, has experienced positive growth in foreign direct investment (FDI) in Saudi Arabia. By the end of 2023, FDI reached approximately 111 billion riyals ($29.6 billion),representing a 15% increase from 2022.

A Shared Vision for Economic Growth

Minister Al-Ibrahim emphasized the tangible results stemming from the shared vision and ambitious strategy for economic cooperation between Saudi Arabia and the UAE. He highlighted the substantial progress in trade, investment, and overall economic collaboration, affirming the commitment of both countries to a robust partnership.

Empowering Entrepreneurs and Fostering Innovation

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef expressed the shared potential for Saudi Arabia and the UAE to enhance integration in the industrial and mining sectors. He highlighted the importance of launching joint initiatives to support entrepreneurs, facilitating access to funding and training opportunities. Furthermore, he noted that Saudi exports to the UAE have witnessed a steady annual increase of over 9%, reaching approximately 31 billion riyals in the current year.

Strengthening Economic Ties through Collaboration

UAE Minister of Economy Abdullah Al-Marri highlighted the significant flow of Emirati investments into Saudi Arabia, reaching 15.7 billion dirhams. He emphasized the forum's role as a platform for dialogue and further strengthening the economic partnership between the two countries. The forum aims to propel this partnership to new heights, empowering the business community to explore promising growth opportunities.

Recognizing the Private Sector as a Key Partner

Minister Al-Marri underscored the vital role of the private sector as a key partner for both governments in realizing their future vision. He stressed the importance of collaboration amidst global economic challenges and transformations. He emphasized that Saudi Arabia and the UAE, as the largest Arab economies, possess robust political will, substantial economic, trade, and investment capabilities, and a shared vision for economic development, positioning them well to transform challenges into opportunities that shape the future.

A Strong and Sustainable Partnership

The UAE is Saudi Arabia's leading trading partner in the Gulf Cooperation Council (GCC) and the Arab world, while Saudi Arabia is the UAE's top GCC and Arab trading partner and its fourth largest global trading partner. This underscores the depth and significance of the bilateral relationship. Non-oil trade between the two countries reached 137 billion dirhams in 2023, with non-oil trade exchanges reaching 75 billion dirhams in the first half of 2023, marking an increase of over 18% compared to the same period in 2023.

A Comprehensive Approach to Economic Collaboration

In 2023, Emirati investments in Saudi markets saw an increase of over 15.7 billion dirhams, representing a 6% growth compared to 2022. By the end of 2022, the cumulative value of Saudi investments in the UAE markets reached $6.5 billion, making Saudi Arabia the fourth largest investor in the UAE. Minister Al-Marri emphasized the importance of the tourism sector in strengthening economic ties between the two countries, highlighting Saudi Arabia as a significant source of tourism for the UAE. In 2023, over 1.7 million Saudi tourists visited the UAE. There are approximately 400 weekly flights between the two countries. The GCC is currently working to issue a unified tourist visa, which is expected to be launched soon.

Advancing Economic Diversification and Competitiveness

The UAE has recognized the importance of diversifying its national economy and reducing its reliance on oil resources. Non-oil sectors now contribute 75% of the UAE's GDP. The UAE has implemented competitive economic policies and legislation, including over 30 legislative amendments in the past four years, such as the amendment to the commercial companies law, allowing 100% foreign ownership of companies.

A Shared Vision for the Future

The Saudi-Emirati Joint Business Council, chaired by Abdulhakim Al-Khaldi and Ali Al-Zahiri, held a meeting to discuss establishing partnerships to access international markets, stimulate bilateral trade and exports, and unify product and company specifications and classifications. This comprehensive approach underscores the commitment to a strong and sustainable partnership between the two nations.