The Council of Saudi Chambers, the Federation of UAE Chambers of Commerce and Industry, and the Abu Dhabi Chamber of Commerce and Industry hosted a Saudi-Emirati Business Forum in the UAE capital in conjunction with the Saudi Crown Prince’s visit.
The participants included business owners and government and private agencies representatives in both countries.
They discussed ways to develop trade cooperation and new investment opportunities, especially related to development sectors, and how to pursue innovative solutions for optimal utilization of available resources in light of the promising opportunities in various sectors created by the future economic visions of the two countries.
Ajlan Al-Ajlan, the chairman of the Council of Saudi Chambers, highlighted the strength of the relationships between the two countries in various fields, particularly their economic ties.
The Saudi-UAE volume of trade exchange amounted to about 24 billion riyals ($6.4 billion) in the third quarter of 2021, an increase of 16 %, compared to the same quarter last year.
Al-Ajlan stressed the importance of the timing of the forum and the need to invest in its outcomes to enhance economic cooperation and conclude commercial and investment partnerships to face the challenges imposed by the coronavirus pandemic.
He noted that optimistic international economic reports had indicated a recovery in the Saudi and Emirati economies.
Al-Ajlan drew attention to the economic developments that the Kingdom is experiencing, including the real GDP growth of 6.8% in the third quarter of 2021 and the growth of tourism by 14%.
For his part, the Chairman of UAE Chambers of Commerce and Industry and President of the Abu Dhabi Chamber of Commerce, Abdullah Al Mazrouei, said that the economic relations between Saudi Arabia and the UAE are the largest among their peers.
He noted that the two countries believe in the importance of economic and trade cooperation between them as well as increasing and enhancing trade exchange in various fields.
