Saudi-UAE Economic Forum 2023 Attracts Over 400 Investors, Showcases Trade Growth And Cooperation

The third Saudi-UAE Economic Forum took place in Riyadh, hosted by the Federation of Saudi Chambers. Over 400 investors from both countries attended this event. Key figures present included Minister of Economy and Planning Faisal Alibrahim, Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, and UAE Minister of Economy Abdullah bin Touq Al-Marri. The forum aimed to strengthen economic ties between the two nations.

Minister Alibrahim highlighted the shared strategic vision between Saudi Arabia and the UAE, focusing on collaboration in trade, tourism, and logistics. He reported a significant 25% rise in trade over five years, reaching SAR 113 billion in 2023 from SAR 90 billion in 2019. This growth reflects the strong economic partnership between the two countries.

Alibrahim also pointed out the increase in foreign direct investment from the UAE into Saudi Arabia. By the end of 2023, investments reached SAR 110.9 billion, marking a 15% year-on-year rise. He attributed this to new investment policies that have bolstered the economic environment, encouraging further collaboration.

Minister Alkhorayef emphasized industrial integration as vital for sustainable development. He noted that Saudi exports to the UAE have grown annually by over 9% since 2018. By June 2024, these exports had surpassed SAR 31 billion. Alkhorayef identified potential areas for cooperation in industrial sectors and mining.

The forum explored opportunities within Fourth Industrial Revolution technologies and free industrial zones. Alkhorayef stressed supporting small and medium enterprises (SMEs) and using digital transformation to enhance industry through innovative technologies and business models.

A session titled "Investment Environment and Promising Opportunities" was part of the forum's agenda. It reviewed recent successes like issuing over 30,000 foreign investment licenses in Saudi Arabia last year. Discussions focused on boosting mutual trade, overcoming investment challenges, and expanding tourism led by citizens from both nations.

The event underscored the importance of continued cooperation between Saudi Arabia and the UAE across various sectors. By fostering these partnerships, both countries aim to achieve sustainable economic growth while leveraging their strategic positions in regional trade.

With inputs from SPA