UAE, Saudi Arabia to form teams to discuss economic partnerships

Saudi Arabia and the United Arab Emirates (UAE) are set to form work teams to discuss cooperation and economic partnerships between the two countries, said Abdulla bin Touq Al Marri, the UAE Minister of Economy.

The decision came during a virtual meeting between Al Marri and Saudi Minister of Finance Mohammed Al-Jadaan, Saudi Minister Commerce and Investment, Majid Al Qasabi, Minister of State for Entrepreneurship and Small and Medium Enterprises Ahmed Belhoul Al Falasi, and Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi.

The meeting addressed means of cooperation between the UAE and Saudi Arabia in economic, commercial and investment fields over the coming period, highlighting the strategic role of the Saudi-Emirati Coordination Council.

The meeting also looked at ways to enhance the existing strategic partnership between the two countries via increasing and diversifying trade exchange, facilitating the movement of goods and products between the UAE and Saudi Arabia, developing GCC trade ties with global markets, enhancing communication at the private sector level to establish successful commercial activities and bilateral investment partnerships, bolstering cooperation in fields of innovation, technology, entrepreneurship and support of startups, as well as the sectors of civil aviation and food security, and the opportunities provided by the Dubai Expo that will start next year.

“We will focus on boosting intra-trade, increasing bilateral investment opportunities, as well as the competitive advantages for the UAE and Saudi economies, creating new opportunities in the field of exports for companies in both countries, and we will work on forming joint work groups to follow up all aspects of cooperation and partnership,” Al Marri said.

For his part, Al-Zeyoudi said that the joint cooperation efforts will help capitalize on the development fundamentals in both countries, facilitate trade movement, enhance investment opportunities, and explore more promising investments.

Al-Qasabi added that Saudi-UAE joint committees will boost cooperation between both countries in economic, investment and trade fields.

The volume of trade exchange between both countries is considered the highest among the GCC countries, with a total of AED 113.2 billion ($31 billion) in 2019, up 5% year-on-year (YoY). Saudi Arabia is the third largest trading partner of the UAE among the GCC countries, and the first among the Arab states.

Saudi Arabia is the world’s first hub for the UAE non-oil exports, and reexports and is also the world’s eighth largest exporter to the UAE.

The UAE is the world’s third market for Saudi exports and ranked the world’s second exporter to the Kingdom in 2019.

The value of the Saudi direct investments in the UAE exceeded AED 16 billion and the UAE has AED 34 billion worth of investments in Saudi Arabia with nearly 122 investment projects for more than 65 investment companies in the UAE undertaking mega projects in Saudi Arabia.