The UAE marks Saudi Arabia's 94th National Day on Monday to honour the strong ties between the two countries.
President Sheikh Mohamed bin Zayed has hailed the UAE's deep bonds of friendship with Saudi Arabia as the country marks its 94th National Day.
“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,” Sheikh Mohamed wrote on social media.
“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.”
Over the past decade, non-oil trade between the two nations saw significant growth, increasing by approximately 69 per cent to about Dh135 billion ($36.75 billion) last year compared to Dh79.9 billion in 2013, according to data from the UAE Ministry of Economy.
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 this year reached $17.53 billion, a growth rate of 22.50 per cent compared to $14.31 billion during the same period last year.
The UAE's exports to Saudi Arabia increased by 10.26 per cent to $6.80 billion in the first half of this year, compared to $6.16 billion in the same period of last year, while the UAE's imports from Saudi Arabia amounted to $10.73 billion in the first half of this year, compared to $8.15 billion in the first half of last year.
In 2016, the two countries established the Saudi-Emirati Coordination Council to advance the integrated economic system.
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