Mutual trade between Dubai, Saudi is worth AED500 billion in last decade

Mutual trade between Dubai, Saudi is worth AED500 billion in last decade

DUBAI, 22nd September, 2020 (WAM) -- Ahmed Mahboob Musabih, Director-General of Dubai Customs said the non-oil trade between Dubai and Saudi Arabia amounted to AED500 billion in the last ten years (2010-2020), which makes the kingdom Dubai’s biggest Arab trade partner and fifth globally.

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

The UAE is today celebrating the 90th Saudi National Day under the theme "Together Forever", and on the occasion, the Director-General of Dubai Customs said the value of Dubai external trade with Saudi in the first half of 2020 reached AED24 billion, including AED4 billion in imports, AED2.8 billion in exports and AED17.3 billion in 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 leadership. 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," Musabih stated.

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 minimise the inspection time.

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