Dubai-Saudi Bilateral Trade Hits Half Trillion Dirhams in 10 years
Global News

Dubai-Saudi Bilateral Trade Hits Half Trillion Dirhams in 10 years

Makes the Kingdom Dubai’s biggest Arab trade partner

TLME News Service

HE Ahmed Mahboob Musabih, Director General of Dubai Customs announced that the non-oil trade between Dubai and Saudi Arabia amounted to half a trillion UAE dirhams in the last ten years (2010-2020), which makes the Kingdom Dubai’s biggest Arab trade partner and fifth globally.

Musabih said the great economic relationship that Saudi has with the UAE reflects the strong ties between the two states, and the close work and mutual cooperation between them in different aspects.

The UAE is today celebrating the 90th Saudi National Day under the theme “Together Forever”, and in the occasion Director General of Dubai Customs said the value of Dubai external trade with Saudi in the first half of 2020 reached Dh24b, including Dh4b of imports, Dh2.8b of exports and Dh17.3b of re-exports.

“We are happy and proud to extend our warmest congratulations to the people and the leadership of the Kingdom on the occasion and for the great developments in different sectors the Kingdom is witnessing under their wise leadership.

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"We celebrate this occasion in the UAE with warm hearts as the deep relations between the two countries exceed the concept of bilateral cooperation between two neighbouring countries, but has become a strategic partnership, in line with their historical ties supported by blood, legacy and a common fate,” said Musabih.

HE pointed out the Authorized Economic Operator (AEO) mutual recognition agreement between the UAE and the Kingdom will help push up customs cooperation, enhance the two-way trade, reduce costs of importing and exporting and minimize inspection time.

Saudi Arabia will be a major participant in the 5th WCO Global AEO Conference which Dubai Customs organizes in cooperation with the World Customs Organization and the Federal Customs Authority in February 2021.

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