UAE Minister of Economy Sultan Al Mansouri said that “There are many facts and economic and commercial indicators that support the cooperative efforts of UAE and Saudi Arabia, most notably that the percentage of their combined real GDP is expected to exceed 46 percent of the real GDP of Arab countries between 2017 and 2018, compared to a 41 percent average for the previous period between 2000 and 2016, which is highlighted by a report from the Arab Investment and Export Credit Guarantee Corporation, Dhaman.”
He added, “The UAE and Saudi Arabia also control almost 53 percent of the total foreign trade of Arab countries in terms of goods and services.”
Saudi Arabia and UAE represent a new model of international coalitions among neighboring countries -- this is embodied through the arrival of the two countries to high levels of understandings, unified visions and huge economic activity.
Mansouri has said that the UAE enjoys solid bilateral relations with Saudi Arabia, and that the two countries are brought together by strong ties based on shared cultures, history and noble Islamic and Arab values. He went on to say that the relations between the two countries represent a unique model of Gulf and Arab cooperation that is witnessing constant growth, in light of the will of their leadership to enhance their relations.
He added that the decision of President Sheikh Khalifa bin Zayed Al Nahyan to form a joint cooperation committee between the UAE and Saudi Arabia, across various sectors including the military, politics, economy, business and culture, represents another important step in expanding the prospects and levels of cooperation between both nations, which will help achieve their joint development interests and positively affect other countries in the region.
Saudi Arabia is fourth internationally as the UAE’s leading trading partner, with the total value of their non-oil commercial exchange being around $19.5 billion in 2016, representing 4.6 percent of the UAE’s total non-oil trade during that year, making it the country’s most important commercial partner in the Gulf.
It also had a 43 percent share of the UAE’s total non-oil trade with Gulf Cooperation Council countries (GCC) in 2016 and is the country’s most important Arab commercial partner, with a 27 percent share of the UAE’s total non-oil trade with Arab countries during that year.
In terms of exports, Saudi Arabia is the third leading international destination for the UAE’s non-oil exports and the first in the Arab region, with a 20 percent share of the UAE’s total non-oil exports to Arab countries in 2016, and 32 percent to GCC countries.
Mansouri noted that Saudi Arabia is the second most important international destination for re-exported good from the UAE, with a nine percent share while being the first in the Arab region with a 29 percent share, as well as 47 percent among GCC countries. With regards to imports, Saud Arabia has a 45 percent share of the UAE’s imports from GCC countries, and 28 percent from Arab countries.
