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25 April 2024

Dubai-Saudi trade half of emirate's GCC trade

Trade exchange between Dubai and the GCC hit Dh96.19bn from January to September 2015.

By Wam

Saudi Arabia has retained its position as the top trading partner of Dubai among GCC states, Arab countries and Middle East.

Saudi has been the fourth top trading partner of Dubai on the global level throughout the first nine months of 2015.

Dubai's non-oil trade with Saudi was worth Dh44.65 billion, with a 12 per cent increase from Dh40bn scored during the same period of 2014. The significant growth came as part of the excellent ties that bind the leaderships and peoples of the UAE and Saudi.

According to the latest statistics released by Dubai Customs, DC, the total value of Dubai’s trade with the GCC states recorded Dh96.19bn in the first nine months of 2015, with an 8 per cent rise compared to the same period of 2014.

Saudi Arabia’s share of Dubai-GCC trade was 46.4 per cent, followed by Oman, with a value of Dh18bn, representing 18.7 per cent. Kuwait came third with a value of Dh14.87bn, representing 15.4 per cent, then Qatar with a value of Dh11.91bn, representing 12.3 per cent, and finally Bahrain with Dh6.75bn, representing 7 per cent.

"The UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has strong, well-established relations in all fields with Saudi Arabia, under the leadership of their brother, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud," said Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation in Dubai.

He added that such relations were "steeped in history and reinforced by ties of kinship and common destiny and are evolving every day in absolute harmony at all levels."

Bin Sulayem emphasised that the relationship between the UAE and Saudi Arabia offered a clear example of correlation that should be copied by the Arab Nation in order to develop its potentials and strengthen its structure.

"The positive bilateral relations between the UAE and the KSA, as brightly manifested in close and growing economic and commercial ties, are meant to continue, evolve, and reach wider horizons. Both countries are constantly seeking to build and support the concept of mutual interests and fruitful cooperation towards more cohesion and integration, in such a way that meets the aspirations of their respective peoples."

Ahmed Mahboob Musabih, Director of Dubai Customs, said the joint work within the framework of the GCC Customs Union, under the wise leadership of their Majesties and Highnesses the leaders of the GCC member states, had contributed effectively in the promotion of Dubai-GCC trade, due to the emirate's ability to meet the business requirements of the Gulf countries through providing them with distinguished, facilitated customs services, and the advanced services offered by Dubai’s ports and free zones.

Meanwhile, trade exchange between Dubai and the GCC hit Dh96.19bn from January to September 2015.