Today, Saudi Arabia has been discoveredto be the major importer of gold from the UAE for 2015, with a worth of US$1.8 million, according to a recently-released Dubai Chamber of Commerce and Industry special report.
As the kingdom constitutes the second largest destination for UAE-made products after India, the report has shown that the UAE is becoming progressively competitive in Saudi Arabia’s import market. The movement of goods between the two countries has been eased by the Gulf Cooperation Council [GCC] customs unification procedures and efficient transportation system. Further, the data of the UAE Federal Customs Authority has it that UAE recorded An AED40 million trade surpluses with Saudi Arabia in 2014 as it makes arrangements to release its 2015 data.
“The UAE is keen on maintaining the best trade relationships with Saudi Arabia,” says Hamad Buamim, President and CEO of Dubai Chamber. “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 among ourselves to implement all measures necessary to ensure an unobstructed flow of goods and services across borders, to the benefit of all parties,” he added.
While the bulk of Saudi imports from its neighbor are miscellaneous, items such as pearls, precious stones, metals, and coins dominated the list in 2015. This made up 22% of the UAE’s total exports of these products, and 32% of the Kingdom’s net global imports of the product group value of US$3.7 billion.