Saudi-UAE economic cooperation yields positive results: Alibrahim

Faisal Alibrahim Minister of Economy

Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, highlighted the tangible and positive outcomes stemming from previous agreements aimed at bolstering economic cooperation between Saudi Arabia and the United Arab Emirates.

Significant transformations in investment have occurred, driven by policies and measures to improve the investment environment between the two nations, Alibrahim said at the Saudi-Emirati Economic Forum in Riyadh.

He added that numerous certified brands, commercial agencies, and registered companies from both Saudi Arabia and the UAE now operate across diverse sectors, including mining, retail, wholesale, and real estate.

Trade between the two countries grew by approximately 25% over the past five years, to SAR 113 billion by the end of 2023, up from SAR 90 billion at the end of 2019. Additionally, by the end of 2023, foreign direct investment from the UAE into Saudi Arabia saw a 15% increase, totaling around SAR 111 billion compared to the previous year, according to Alibrahim.