President H.H. Sheikh Mohamed extended greetings to Saudi King, Crow Prince and people of Saudi Arabia….reports Asian Lite News
The UAE has joined Saudi Arabia in celebrating the Kingdom’s 94th National Day with President His Highness Sheikh Mohamed bin Zayed Al Nahyan congratulating King Salman bin Abdulaziz Al Saud.
“On the occasion of Saudi National Day, I extend my congratulations to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Crown Prince Mohammed bin Salman, and the people of Saudi Arabia,” the President posted on X.
“United by deeply rooted bonds of friendship, our countries share a vision for the progress and prosperity of people throughout the region, and together we look to the future with ambition and confidence.”
H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, wished the Kingdom to be in “goodness, glory, prosperity, security and safety.”
“We ask God to perpetuate our love, our brotherhood, and our solid relations, and to keep the two brotherly peoples on a path of goodness and continuous, stable, and accelerating development,” Sheikh Mohammed posted on X.
Meanwhile, H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, attended a reception hosted by the Saudi Arabian Consulate General in Dubai at the Hilton Al Habtoor Palace on the occasion of Saudi Arabia’s 94th National Day.
H.H. Sheikh Ahmed was welcomed at the venue by Abdullah Al Mutawa, Consul General of Saudi Arabia. His Highness conveyed the best wishes of the UAE leadership and people to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia; His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia; and the people of the Kingdom.
Sheikh Ahmed bin Mohammed highlighted the enduring relations between the two nations, and the keenness of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai; as well as the Saudi leadership, to further strengthen bilateral cooperation as part of ensuring a brighter future for the people of the two nations.
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 percent to around AED135 billion in 2023, compared to AED79.9 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 percent, 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 AED252.46 billion, exports AED255.5 billion, and re-exports AED524 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 percent 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 $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.
ALSO READ: Hamdan, Abdullah discuss future UAE initiatives
ALSO READ: India, UAE ink deals to boost defence ties
[soliloquy id="151345"]