- September 23, 2020
- Posted by: Administrator
- Category: Business News
The UAE will join Saudi Arabia in celebrating the kingdom’s 90th National Day on Wednesday, held under the slogan Together Forever to confirm the deep ties between the two countries.
The historic ties between the UAE and Saudi Arabia were officially consolidated by the efforts of the late leaders – Sheikh Zayed bin Sultan Al Nahyan and King Faisal bin Abdulaziz Al Saud, who were keen to establish their coordination and cooperation.
Their bilateral ties, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, were advanced to a comprehensive strategic partnership, state news agency WAM reported.
Over the few past years, the two countries united their efforts and consolidated their overall bilateral integration, in light of a clear vision represented by the Al Azm (Determination) Strategy, the outcomes of the Saudi-Emirati Coordination Council and Operation Decisive Storm.
WAM added that the strong relations between the two countries have helped maintain the security and stability of the region and the world, especially as their related efforts are aimed at settling Arab disputes and supporting Arab countries.
In 2016, the two countries signed an agreement to establish a joint coordination council, which holds consultations on issues of mutual concern.
In June 2018, the UAE and Saudi Arabia reinforced their bilateral ties to unprecedented levels and announced a comprehensive mutual vision of integration in economic, development and military areas, through 44 joint strategic projects under the framework of the Al Azm Strategy, with the participation of 350 officials from 139 Emirati and Saudi authorities.
Saudi Arabia is the leading Arab trade partner of the UAE and its third international trading partner, accounting for 7 percent of the UAE’s international non-oil trade.
The total foreign non-oil trade between the two countries totalled AED107.4 billion ($29.4 billion) in 2018. The value of Saudi investments in the UAE amounts to AED35 billion while the number of Emirati projects in Saudi Arabia is around 114, and Saudi projects in the UAE total 206.
The two countries have the two largest Arab economies and are among the top 10 exporters in the world, with a total export size of nearly $750 billion in 2018.
The UAE and Saudi Arabia also produced two-thirds of Arab non-oil goods exported to the world in 2018, as per data from the World Trade Centre, and are ranked the sixth in terms of merchandise exports, according to the figures of the World Trade Organisation in 2018.