- Middle East
- Emirati-Saudi non-oil trade reach AED417.6 billion in past five years: Economy Minister
Emirati-Saudi Non-oil Trade Reach AED417.6 Billion In Past Five Years: Economy Minister
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 22nd Sep, 2019) Non-oil trade exchange between the United Arab Emirates and the Kingdom of Saudi Arabia has reached AED417.6 billion over the past five years, Sultan bin Saeed Al Mansouri, Minister of Economy, has stated.
Non-oil exchange between the two countries reached AED107.4 billion in 2018, a surge of 35% over 2017, reflecting the strength of the strategic partnership and the unity of visions between the two brotherly countries in all development fields.
In an interview with the Emirates news Agency, WAM, on the occasion of the UAE's celebration of the 89th Saudi National Day, the Minister of Economy, said that Saudi Arabia is the first Arab trade partner and the third globally for the UAE in 2018.
Regarding the value of UAE investments in the Kingdom and the economic sectors exchanged between the two countries, the Minister of Economy said that the UAE is at the forefront of investing countries in Saudi Arabia with a total value of more than AED34 billion.
With regard to the number of Saudi companies operating in the UAE and the value of their investments, Al Mansouri said that the Saudi direct investments in the UAE exceeded AED16 billion, pointing out that there are 4004 Saudi trademarks registered in the UAE, 73 commercial agencies and 26 companies registered in the country.