Saudi Arabia-UAE Trade Increases 25% in 2023

Trade between Saudi Arabia and the UAE has surged by 25% over the past five years, reaching SAR 113 billion ($30 billion) by the end of 2023, according to Saudi Minister of Economy and Planning Faisal Al-Ibrahim. Direct Emirati investments in Saudi Arabia also increased by 15% from the previous year, totaling SAR 111 billion ($29.5 billion). Additionally, non-oil foreign trade between the two nations hit AED 137 billion ($37.3 billion) in 2023, with non-oil trade growing over 18% in the first half of 2024. Both countries have implemented over 30 economic reforms to enhance investment environments, including allowing 100% foreign ownership. Tourism has been a key component of their economic relationship, with over 1.7 million Saudi tourists visiting the UAE last year. This robust growth reflects a strong commitment to economic cooperation and mutual benefits.