Trade turnover between the UAE and Saudi Arabia grows by 25 per cent in four years
Mutual direct investment between the two countries is also showing high growth rates
Trade turnover between Saudi Arabia and the UAE has grown 25 per cent since 2019, reaching 113 billion Saudi riyals (US$30 billion) by the end of 2023. This was announced by the kingdom's Minister of Economy and Planning Faisal Al-Ibrahim during the Saudi Emirates Economic Forum in Riyadh, as reported by Arab News.
It is specified that at the end of 2019 the trade turnover was 90 billion Saudi riyals (US$23,9 billion) . The UAE's direct investment in Saudi Arabia reached 111 billion Saudi riyals (US$29,5 billion) in 2023, up 15 per cent from the previous year, the ministry chief said.
For his part, UAE's Economy Minister Abdullah Al Marri said that trade volume excluding oil between the two countries rose to 74 billion dirhams (US$20,1 billion) in the first half of 2024. This is an 18 per cent increase compared to the same period last year.
Al Marri, referring to the economic cooperation between the two states, highlighted the role of tourism in bilateral relations. He emphasised that the kingdom is among the ten key tourist markets of the UAE. Thus, more than 1.7 million Saudi tourists visited the country last year.
Photo: iStock
-
![]()
Economy19.09.26Oman strengthens trade links as non-oil exports rise 11.4% -
![]()
Economy18.09.26Iran reports US$60 billion in trade with BRICS countries and plans to expand economic ties -
![]()
Economy18.09.26Textile exports from India rise by 16.1% in August -
![]()
Economy17.09.26Authorities: Gold becomes Ethiopia's key source of export revenue -
![]()
Economy16.09.26South Africa to receive US$1 billion from New Development Bank for urban modernisation -
![]()
Economy16.09.26Russian Government plans to increase creative industries’ contribution to GDP to 7.7% by 2036
-
![Ashok Mondal]()
Ashok MondalNID Director"Signing this Memorandum of Understanding between the National Institute of Design (NID) and TV BRICS marks a pivotal milestone in advancing design diplomacy across the BRICS media space. This moment is especially significant as India hosts the 18th BRICS Summit, following India’s assumption of the BRICS chairship under the visionary leadership of Prime Minister Shri Narendra Modi. The partnership directly embodies his call to elevate Indian design standards through 'Design in India, Design for the World'. Through the global reach and broadcast capabilities of TV BRICS, we are excited to showcase the extraordinary visual storytelling, films, and design research of NID’s Film and Video Communication students to an international audience, while also welcoming and screening film works from BRICS network countries at NID Ahmedabad. This reciprocal exchange strengthens our shared commitment to educational, cultural, and artistic collaboration, fostering sustainable connections among global creative communities. NID Ahmedabad looks forward to leveraging this partnership to deepen cross-cultural dialogue, build international expert networks, and unlock transformative opportunities for filmmakers, researchers, and faculty across member nations" -
![Vladimir Putin]()
Vladimir PutinPresident of Russia"We are developing mutual trade, which is growing; it increased by over 12 per cent last year. We have a joint commission working in this sphere. Our focus is on agriculture, shipbuilding, information technology and energy, including nuclear power. We have signed a free trade agreement between the Eurasian Economic Union and Indonesia. Jakarta is our reliable and old friend within ASEAN. We are working together at all international platforms, including the UN" -
![Joao Paulo Capobianco]()
Joao Paulo CapobiancoBrazilian Minister of the Environment and Climate Change"The BRICS countries have a very high level of responsibility because they share an important part of the world's biodiversity, landscapes, populations, food production and water resources. So, we have an opportunity to lead by example. We have our development bank, which can demonstrate and develop new ways of financing programmes. We can reduce the risks for private capital to invest in restoration and efforts to combat desertification" -
![Dilma Rousseff]()
Dilma RousseffPresident of the New Development Bank"India’s BRICS Presidency this year gives special significance to our discussion. NDB stands ready to be a trusted partner in turning commitments on sustainability, clean energy, smart and resilient infrastructure into concrete results on the ground. […] For NDB, mobilising private capital is a strategic imperative. Created by the BRICS founding members, NDB is a bank of the Global South, for the Global South, mandated to mobilise resources for infrastructure and sustainable development" -
![Sihasak Phuangketkeow]()
Sihasak PhuangketkeowDeputy Prime Minister and Minister of Foreign Affairs of Thailand"BRICS can play a very important role in maintaining the free flow of trade and investment. The group can also be a vehicle for all of us to engage and to look at economic opportunities"
