As according to the figures that were released from Abu Dhabi’s customs stated that during the past decade viz the last ten years, overall estimated net worth of Non-Oil trade in goods between Abu Dhabi as well as Saudi Arabia has accounted for Dhs493.8 Billion.
During 2019, the overall trade volume in between Abu Dhabi as well as Saudi Arabia stood at Dhs55.3 Billion, an overwhelming 83.9 percent surge over 2010, when the overall trade volumes within both nations stood at Dhs30.05 Billion.
The overall value of the emirate’s exports to the Kingdom of Saudi Arabia surged to Dhs191.17 Billion over the previous decade, while overall re-exports are mainly at Dhs 180.09 Billion, and the overall imports are primarily ticking at Dhs117.50 Billion.
The previous year, the emirate’s overall exports to Saudi Arabia has grown 156.7 percent to close at Dhs25.76 billion from Dhs10.03 billion as observed during the past decade in 2010, and re-exports surged as well to 67.9 percent to Dhs17.35 Billion within same timeframe, with the Saudi Arabia remaining as emirate’s top trading partner last decade.
These statistics were launched during the Saudi National Day observed on September 23rd, the previous month and both the nations are celebrating the 90th Saudi National Day under the theme of “Together Forever.”
Rashid Bin Lahij Al Mansouri, Director General concerning General Administration for the Customs in the Abu Dhabi, stated that the Kingdom of Saudi Arabia is a prime strategic partner concerning the UAE gratefulness to the common views and dynamic cooperation ties maintained by way of the presidency or leadership concerning the twin nations and their persistent exchange regarding skills or transfer on knowledge, which, he said, has mirrored of streamlining site visitors within theirs ports.
Ahmed Mahboob Musabih, Director-General over Dubai Customs reported currently to that amount the non-oil vocation between Dubai then Saudi Arabia amounted in accordance with Dhs500 billion ($136 billion) between the ultimate ten years (2010-2020), who makes the polity Dubai’s biggest Arabian nation walks of life partner and fifth globally. The extensive economic kinship so much Saudi has together with the UAE reflects the profound ties among the pair states, and the close assignment and adjuvant into them into one-of-a-kind aspects, Musabih added.
Musabih added that the Authorised Economic Operator (AEO) mutual recognition settlement between the UAE as well as the kingdom will aid in pushing further the customs cooperation, enhancement of the two-way trade, diminish the charges over importing as well as exporting, as well as curb in the overall inspection time, suggested as per the Dubai Media Office.
Saudi Arabia will be forming as a core participant of the fifth WCO Global AEO Conference wherein the Dubai Customs organises with the cooperation from World Customs Organization and the Federal Customs Authority during February 2021.
The amount of the Dubai’s non-oil foreign trade during 2019 surged up 19 percent from 91 million tons into 2018 to 109 million tons during the final year.
Dubai’s foreign trade between 2019 was Dhs1.371 trillion, that saw a surge of 6 percent from the Dhs1.299 trillion as recorded during 2018.
China was once Dubai’s greatest trading partner, accounting for Dhs150bn. India used to be its second-biggest trading partner, contributing Dhs135bn, observed with the aid of United States of America together with Dhs77.7 billion, as well as Switzerland with Dhs60bn.
For 2019, Saudi Arabia remained Dubai’s huge Arab trade partner, accounting for trade worth Dhs56bn. In Q1 2020 meanwhile, Dubai’s exterior trade among the first quarter concerning 2020 reached Dhs323bn with exports enhanced 2 percent year-on-year to Dhs43bn. China remained Dubai’s largest trading companion into the first quarter this year contributing Dhs35.8bn.