Abu Dhabi Reveals Huge Surge In Saudi Trade Deals

The value of non-oil trade in goods between Abu Dhabi and Saudi Arabia over the past decade was only slightly below its neighbour Dubai, according to new data.

On Wednesday, Ahmed Mahboob Musabih, director-general of Dubai Customs, said the kingdom was Dubai’s biggest Arab trade partner and fifth globally after raking in AED500 billion since 2010.

Now Abu Dhabi has revealed that its trade value hit AED493.8 billion ($134.5 billion) in the same period.

Last year saw AED55.3 billion of total trade exchanges, a growth of 83.9 percent over 2010 when the total trade volume between the two sides stood at AED30.05 billion, according to the new figures released by Abu Dhabi Customs.

The value of Abu Dhabi’s non-oil exports to Saudi Arabia jumped to AED196.17 billion over the decade, while re-exports stood at AED180.09 billion, and imports to AED117.50 billion.

Last year, the emirate's exports to Saudi Arabia grew 156.7 percent to AED25.76 billion from AED10.03 billion in 2010. Re-exports increased 67.9 percent to AED17.35 billion during the same period, with the kingdom remaining the emirate's top trading partner over the decade.

Rashid bin Lahij Al Mansouri, director general of General Administration for Customs in Abu Dhabi, told state news agency WAM that Saudi Arabia is a key strategic partner of the UAE "thanks to the common views and robust cooperation ties maintained by the leadership of the two nations".

The figure was announced as the UAE celebrated the 90th Saudi National Day under the theme Together Forever on Wednesday.

In June 2018, the UAE and Saudi Arabia announced a joint vision for economic, developmental and military integration through 44 joint strategic projects.

The leaders of the two countries set a timeframe of five years to implement the projects which include a unified strategy for food security, medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals.

The strategy also includes a plan to establish an agricultural investment company with a capital of AED5 billion, a joint venture fund for renewable energy and a third investment fund for small and medium enterprises.

The strategy will also facilitate the flow of traffic in ports, build a unified industrial database, empower the banking sector in both countries, harmonize economic procedures and legislations and create a joint council to coordinate foreign investments.

At the time, Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, said: "We have a historic opportunity to create an exceptional Arab model of cooperation. Our solidarity and unity protect our interest, strengthen our economies and build a better future for our peoples.

"We are the two largest Arab economies, forming the two most modern armed forces. The economies of Saudi Arabia and the UAE represent a gross domestic product of one trillion dollars, our joint exports rank fourth globally and amount to $750 billion."