Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Saudi-UAE Development Partnerships Raise Investments by 25% in 5 Years

Saudi-UAE Development Partnerships Raise Investments by 25% in 5 Years

Friday, 1 February, 2019 - 08:30
Saudi Minister of Trade and Investment Majed Al-Qasabi speaks at the the Saudi-UAE Economic Forum in Riyadh. (SPA)
Riyadh - Fateh al-Rahman Youssef
Participants in the Saudi-UAE Economic Forum, hosted by Riyadh on Thursday, discussed investment opportunities in trade, industry, technology, banking and financial services, food security and energy.

The forum – held in the presence of Saudi Minister of Trade and Investment Majed Al-Qasabi and UAE Economy Minister Sultan Al-Mansouri - comes at a time when Saudi direct investment in the UAE witnessed a growth of more than 25 percent over the last five years.

Al-Qasabi affirmed that the two countries’ vision was aimed at achieving sustainable growth, noting that the Kingdom and the UAE were among the major economies in the world that contribute to great investment opportunities.

He added that today’s global economic challenges required doubling efforts in the private and public sectors, to create a suitable environment for trade and investment. He also said he hoped the forum would adopt initiatives that would consolidate the partnership between the two countries to serve common interests.

Al-Mansouri, for his part, emphasized the continued partnership and development process between the two Gulf countries, stressing the importance of joining forces to overcome challenges and working together for a prosperous future.

He affirmed that the two countries have made great strides in uniting energies and enhancing integration over the past years, in the economic field in particular, with the unlimited support of the two countries’ leaderships.

Al-Mansouri noted that Saudi Arabia was the UAE’s first trading partner among Arab countries, accounting for 5 percent of its non-oil trade with the world, noting that the total non-oil foreign trade between the two countries in 2017 made a new leap by reaching more than 79 billion dirhams ($21.5 billion), with an increase of 11 percent compared to the previous year.

The total trade between Saudi Arabia and the UAE reached 40 billion dirhams during the first half of 2018, according to Al-Mansouri, who emphasized that the two neighbors enjoyed a vital partnership, which resulted in many projects and mutual investments in the different fields of economy, manufacturing industries, energy, logistics, air transport, telecommunications, real estate and others.

Editor Picks

Multimedia