At the third Saudi-Emirati Economic Forum in Riyadh, Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, reported a 15 percent growth in direct UAE investments in Saudi Arabia, totaling SR111 billion in 2023.
UAE Minister of Economy Abdullah Al-Marri highlighted that non-oil trade reached 137 billion dirhams ($37.3 billion) in 2023, further rising by 18 percent in the first half of 2024. UAE investments in Saudi markets grew by 6 percent to 15.7 billion dirhams in 2023, while Saudi investments in the UAE reached $6.5 billion by the end of 2022, making Saudi Arabia the UAE's fourth-largest investor. Tourism also plays a crucial role, with over 1.7 million Saudi tourists visiting the UAE in 2023.
Since 2019, both nations have implemented over 30 economic reforms to enhance business cooperation, including foreign ownership laws and regulations in e-commerce, family businesses, and anti-money laundering. The forum, organized by the Federation of Saudi Chambers (FSC), included a delegation of over 100 Emirati companies and key officials.
FSC Chairman Abdulhakim Hamad Al-Khaldi noted that Saudi Arabia and the UAE are diversifying beyond oil, contributing SR327.506 billion ($87.3 billion) in trade over the past three years. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef added that Saudi exports to the UAE have grown annually by 9 percent since 2018, with SR31 billion in exports in early 2024.
Officials highlighted sectors with strong potential for further cooperation, including industry, tourism, mining, and technology. The forum emphasized a commitment to continued growth aligned with Saudi Vision 2030 and the UAE's economic vision, supported by 629 weekly flights connecting the two nations.
