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
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