UAE-Saudi trade soars to AED 417 billion in five years

Monday, 23 September 2019 09:12

Saudi Arabia remains one of the top trading partners of the UAE.

Non-oil trade exchange between the two countries reached AED 107.4 billion in 2018, to register a 37 per cent year-on-year increase.

Meanwhile, overall figures over the past five years have exceeded AED 417 billion.

The UAE's Ministry of Economy has released the stats to coincide with the 89th National Day of Saudi Arabia.

There are more than 4,000 Saudi trademarks registered in the Emirates, while AED 16 billion is the value of direct Saudi investments in the UAE.

Speaking to ARN News, Dr. Reeem Osman, the CEO of Saudi German Hospitals Group, hailed the close business ties between the countries.

More from Business

World Bank approves $700 million for Pakistan's economic stability

The World Bank said it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.
China's ByteDance signs deal to form joint venture to operate TikTok US app

TikTok's Chinese owner, ByteDance, has said it has signed agreements with three major investors to form a joint venture to operate TikTok's US app led by American and global investors on Thursday.
India reviewing allegations of antitrust breaches by IndiGo

India's competition regulator said on Thursday it was reviewing allegations of antitrust violations by budget airline IndiGo following recent flight disruptions that hit air travel nationwide.
DXB and DWC boost winter schedules with new routes

Dubai Airports has entered the winter travel season with one of its strongest networks in history, as Dubai International (DXB) and Dubai World Central - Al Maktoum International (DWC) welcome new airlines and expanded connectivity to meet rising seasonal travel demand.
Amazon in talks to invest in OpenAI

Amazon.com Inc is in discussions to invest in OpenAI, the developer of ChatGPT, in a potential deal that could value the artificial intelligence company at over $500 billion, a source familiar with the matter said on Tuesday.