Dubai-Saudi trade represents half of Dubai's trade with GCC in nine months

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Monday 11 Jan 2016 - 13:36 Makkah mean time-1-4-1437 Dubai, (IINA) - Saudi Arabia has retained its position as the top trading partner of Dubai among the GCC states, the Arab countries, and the Middle East, and has been the fourth top trading partner of Dubai on the global level throughout the first nine months of 2015, WAM reported. Dubai's non-oil trade with the KSA was worth $12.15 billion, with a 12 percent increase from $10.89 billion scored during the same period of 2014. According to the latest statistics released by Dubai Customs (DC), the total value of Dubai’s trade with the GCC states recorded $26.18 billion in the first nine months of 2015, with an 8 percent rise compared to the same period of 2014. The KSA’s share of Dubai-GCC trade was 46.4%, followed by Oman, with a value of $4.9 billion, representing 18.7 percent. Kuwait came third with a value of $4 billion, representing 15.4 percent, then Qatar with a value of $3.2 billion, representing 12.3 percent, and finally Bahrain with a value of $1.8 billion, representing 7 percent. Sultan bin Sulayem, Chairman of Port, Customs and Free Zone Corporation in Dubai, stated that the significant growth came as part of the excellent ties that bind the leaderships and peoples of the UAE and the KSA. He added that such relations were "steeped in history and reinforced by ties of kinship and common destiny and are evolving every day in absolute harmony at all levels". Bin Sulayem stressed that the relationship between the UAE and Saudi Arabia offered a clear example of a correlation that should be copied by the Arab Nation in order to develop its potentials and strengthen its structure. "The positive bilateral relations between the UAE and the KSA, as brightly manifested in close and growing economic and commercial ties, are meant to continue, evolve, and reach wider horizons. Both countries are constantly seeking to build and support the concept of mutual interests and fruitful cooperation towards more cohesion and integration, in such a way that meets the aspirations of their respective peoples". Director of Dubai Customs Ahmed Musabih said that the joint work within the framework of the GCC Customs Union had contributed effectively in the promotion of Dubai-GCC trade, due to the emirate's ability to meet the business requirements of the Gulf countries. AG/IINA