The Dubai Chamber of Commerce and Industry recently released an industry special report that showcases how the UAE is becoming increasingly competitive in Saudi Arabia’s import market.
Saudi Arabia is now the second largest destination for products made in the UAE after India.
GCC customs unification procedures have sped up and facilitated the movement of goods between the two countries.
“The UAE is keen on maintaining the best trade relationships with Saudi Arabia,” Hamad Buamim, president and CEO of the Dubai Chamber, said. “Strong exchange between GCC countries serves to boost the economic performance of the Council as a whole and, consequently, of the entire Arab region. We need to cooperate amongst ourselves to implement all measures necessary to ensure an unobstructed flow of goods and services across borders, to the benefit of all parties.”
Saudi Arabia imports a diverse product portfolio, but items dominating the import list include pearls, precious stones, metals and coins. Twenty-two percent of UAE exports in these categories went to Saudi Arabia.
Dominating the list of imports from Saudi Arabia to the UAE, on the other hand, were ships, boats and floating structures.