Picture used for illustrative purposes.
The non-oil foreign trade between the UAE and Saudi Arabia grew by 92.5 per cent over the past decade to Dhs124.69 billion by the end of 2021, compared with Dhs64.79 billion by end of 2012, according to statistics from the Federal Competitiveness and Statistics Centre (FCSC).
The trade exchange between the two countries in the first half of 2022 totalled Dhs65.7 billion, the statistics also showed.
The total value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around Dhs205.5 billion, while re-exports were valued at Dhs471.7 billion, and imports at Dhs227 billion.
From 2012 to 2021, Saudi Arabia was the UAE’s fourth leading trading partner, with their trade exchange amounting to Dhs904.3 billion, or 5.6 per cent of the UAE’s total international trade.
Saudi Arabia was ranked first in the list of countries that received re-exports from the UAE over the past 10 years, valued at nearly Dhs423 billion. It was also ranked second in the list of countries receiving Emirati non-oil exports, with a value of Dhs206 billion, constituting 9.5 per cent of the UAE’s total non-oil exports.
According to the FCSC’s figures, the trade exchange between the two countries in 2013 was Dhs79.9 billion, decreasing in 2014 to Dhs75.5 billion, and increasing again in 2015 to Dhs83.3 billion.
The non-oil trade exchange between the two countries totalled Dhs71.5 billion in 2016 and Dhs79.2 billion in 2017. In 2018, it crossed the Dhs100 billion mark.
In 2019, their non-oil trade exchange was valued at Dhs113.2 billion, and in 2020, it amounted to some Dhs104 billion.
In 2021, the trade exchange between the UAE and Saudi Arabia amounted to Dhs124.6 billion, a rise of 20 per cent compared to 2020, and 10 per cent compared to 2019.
Re-exports represented 48 per cent of the total trade between the two countries in 2021, valued at more than Dhs59.78 billion while exports accounted for 30 per cent, with a value of more than Dhs37.85 billion, and merchandise imports for 22 per cent valued at more than Dhs26.97 billion.
In 2021, petroleum and oil obtained from bituminous minerals topped the list of Emirati imports, with a value of over Dhs5 billion, followed by ethylene polymers in their primary forms valued at Dhs3.35 billion, and raw, semi-worked or powdered gold with a value of Dhs1.87 billion, and then by propylene polymers in their primary forms.
Gold topped the list of key commodities exported to Saudi Arabia in 2021, with a value of Dhs10.9 billion, followed by wires valued at Dhs3.11 billion.
Telephone devices, including phones for cellular networks and other wireless networks, topped the list of goods that were re-exported to Saudi Arabia in 2021, with a value of Dhs11.58 billion, followed by machines for the self-processing of information and their units, magnetic or optical readers, and machines for transmitting information on stands in the form of codes worth Dhs6.12 billion, and then by cars worth Dhs2.29 billion, vehicle parts and supplies worth Dhs2.08 billion, and ready-made clothes worth Dhs1.59 billion.
Saudi Maritime Congress: The Saudi Maritime Congress, scheduled to take place on 28 – 29 September, 2022, is all set to bring together some of the leading maritime organisations in the region under one roof. Held at the Dhahran Expo, Dammam, Saudi Arabia, the Kingdom’s leading maritime event will spotlight the recent developments and unprecedented challenges in the oil and gas markets in Saudi and beyond.
During the 3rd edition of the much-awaited event, prominent figures in the energy sector will provide insights about the energy market that has rebounded strongly throughout 2021. Panellists will highlight the state of the industry and explore predictions, review what lies ahead for LNG transport, E&P investment in the KSA’s offshore fields and the offshore marine market.
Hisham Alnughaimish, Senior Vice President, Commercial & Operations, Bahri Oil said: “As one of the largest global shipping companies with a fleet of 94 vessels, our primary objective has always been to ensure smooth trade flow both regionally and internationally. Meeting worldwide seaborne transportation demand in a safe and reliable way, remains our top priority. During the first half of 2022, we delivered strong operating results. This is being led by improvement in market sentiment across all sectors including oil, chemicals and dry-bulk. Market sentiment remains positive into 2nd half of the year as well.”
“While the world is going through a critical phase in terms of the energy transition, oil will remain an important part of the energy mix. Working closely with industry partners, we aim to satisfy transportation demand of this vital resource in the most efficient manner. During the event, we look forward to further capitalize on networking opportunities and build valuable partnerships with leading companies” Alnughaimish added.