https://arab.news/6u3ba
- Kingdom was the top destination for shipments, accounting for 14% of the total value of export certificates
- Trade volume between the UAE and Saudi Arabia reached $17.53 billion in the first half of 2024
RIYADH: Ajman’s exports to Saudi Arabia reached 859.8 million dirhams ($234 million) in 2023, marking a 29 percent year-on-year increase, according to newly released figures.
A report from the emirates’s Department of Economic Development, in collaboration with the Ajman Chamber of Commerce and Industry, revealed that the Kingdom was the top destination for shipments, accounting for 14 percent of the total value of export certificates.
The strong trade momentum continued into 2024, with exports to the Kingdom reaching 397.6 million dirhams in the first half of the year, reflecting significant developments in commercial relations that have enhanced economic partnerships and driven trade exchange between the two sides.
This comes as trade volume between the UAE and Saudi Arabia reached $17.53 billion in the first half of 2024, reflecting a growth rate of 22.5 percent compared to the same period in 2023, according to data from the Kingdom’s General Authority for Statistics.
Salem Al-Suwaidi, director general of the Ajman Chamber of Commerce and Industry, said: “The shared history and unified visions have led Saudi Arabia and the UAE to spearhead economic developments, regional stability, and the launch of major developmental initiatives and projects, thus increasing foreign investment attraction.”
As of September, the number of Saudi investors in Ajman reached 685 across various sectors, marking a 13 percent increase in the growth rate of investors in the first half of 2024 compared to the same period last year.
Abdullah Ahmed Al-Hamrani, director general of the Department of Economic Development in Ajman, noted a significant rise in new licenses issued to Saudi investors, which surged by 114 percent in the first half of 2024 compared to the same period last year.
This reflects an increase in the volume and diversity of investments across various economic activities.
He highlighted that Saudi investments are notably concentrated in the construction and contracting sector, along with hospitality and restaurants, general trade, retail trade, and real estate.
Saudi investors commended the Ajman government for fostering an attractive investment environment through supportive legislative and regulatory frameworks, which contribute to business success, according to a press release.
They also appreciated the incentives and facilities provided through the electronic services portal, which have facilitated their growth and success in various projects.