Abu Dhabi [UAE], September 22 (ANI/WAM): The UAE will join Saudi Arabia in celebrating the Kingdom’s 94th National Day on 23rd September.
The fraternal relations between the UAE and the Kingdom of Saudi Arabia are a unique model, given their depth, complementarity, and a rich history of collaboration across all fields.
The UAE’s participation in the Kingdom’s celebrations emphasises the special and strong ties between the leadership and people of both fraternal nations. These relations have become a genuine foundation for Gulf, Arab, and regional cooperation, and a key pillar for stability, growth, and prosperity in the region.
The bilateral relations between the two countries were enhanced by the efforts of the late Sheikh Zayed bin Sultan Al Nahyan and King Faisal bin Abdulaziz Al Saud and expanded to a comprehensive partnership under the late Sheikh Khalifa bin Zayed Al Nahyan and King Abdullah bin Abdulaziz Al Saud.
The current leadership of the two countries, led by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia, continues to enhance these relations to the highest levels.
The fruitful ties between the two countries have positively impacted comprehensive and sustainable development in both the UAE and Saudi Arabia, spanning various fields, including trade, economic cooperation, joint investments, coordination, and consultations.
The economic and trade relations between the UAE and Saudi Arabia represent an exceptional model of cooperation and solidarity.
Over the past decade, non-oil trade between the two nations saw significant growth, increasing by approximately 69 per cent to around AED 135 billion in 2023, compared to AED 79.9 billion in 2013, according to data from the UAE Ministry of Economy.
The compound annual growth rate (CAGR) between 2013 and 2023 reached 5.4 per cent, with the value of non-oil trade between the two countries reaching AED1.032 trillion over the last ten years (2014-2023).
Over the past decade, the non-oil trade was distributed across imports AED 252.46 billion, exports AED 255.5 billion, and re-exports AED 524 billion.
According to data from Saudi Arabia’s General Authority for Statistics, the trade volume between the UAE and Saudi Arabia during the first half of 2024 reached $17.53 billion, a growth rate of 22.50 per cent compared to $14.31 billion during the same period in 2023.
The UAE’s exports to Saudi Arabia increased by 10.26 percent to $6.80 billion in the first half of 2024, compared to AED 6.16 billion in the same period of 2023, while the UAE’s imports from Saudi Arabia amounted to $10.73 billion in the first half of 2024, compared to $8.15 billion in the first half of 2023.
In 2016, the two countries announced the establishment of the Saudi-Emirati Coordination Council, which aims to create a shared vision for enhancing and sustaining bilateral relations and advancing the integrated economic system between the two countries.
Tourism also supports the commercial and economic sectors of both countries and is considered one of the most promising sectors for investment and attracting more joint projects, contributing to the diversification of their economic and trade base between the two countries.
The cultural ties between the UAE and Saudi Arabia reflect the geographical and social connection between their peoples. These relations have been further enhanced through various channels, notably in education, where, in the past, Emirati students travelled to Saudi Arabia to join schools in Mecca, Al Ahsa, and Riyadh. Today, Emirati universities and institutes welcome many Saudi students.
The cultural relations between the two countries are represented at various levels, including numerous joint agreements and programmes, as well as the cultural overlap between related institutions, and intellectuals in both countries. These efforts emphasise that the relations between the two countries are deeply rooted in their shared history, cultural heritage, and social, geographical, and economic ties.
Today, the Saudi National Day comes amidst the Kingdom’s comprehensive development renaissance, which has embarked on a new journey towards a prosperous future with the launch of “Saudi Vision 2030,” one of the world’s largest national transformation programmes. (ANI/WAM)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
