Saudi Arabia and Bahrain study creation of joint multidisciplinary holding company

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CAIRO / MOSCOW: The UAE’s non-oil trade surplus with the Gulf Cooperation Council widened by an annual rate of 353% in the first nine months of 2021, according to data from the Federal Center for competitiveness and statistics of the country.

The trade surplus reached 13.5 billion dirhams ($ 3.7 billion) during the period. Non-oil exports to the region grew 51.4% to reach 53.9 billion dirhams, while imports fell 23.7% to 40.4 billion dirhams.

Some 21.7% of the UAE’s outgoing non-oil shipments were directed to GCC countries in the nine-month period ending in September this year.

In 2020, the main non-petroleum products exported to Saudi Arabia were base metals; pearls, stones; precious metals, chemicals and related products.

Foods, beverages, spirits, tobacco and by-products are followed, followed by plastics, rubber and related items.

In the first nine months of 2021, UAE exports to Saudi Arabia grew at an annual rate of 60.5% to reach MAD 29.2 billion.

They accounted for 54.2% of total non-oil exports to GCC countries, according to official data. The United Arab Emirates recorded a non-oil trade surplus of MAD 9.7 billion with the Kingdom, compared to a much smaller surplus of MAD 0.97 billion recorded during the same period last year.

Oman came in second as the UAE sold goods worth Dh11.4 billion to the country. This reflected a 21.2 percent share of total non-oil exports to the GCC. Kuwait followed with a 17.7 percent share.

Globally, the Kingdom was the second largest recipient of Emirati non-oil products, with a share of 11.2%, behind India’s 14.7%. Saudi Arabia also received the highest value of UAE re-exports.

Re-exports are products that were previously imported by the country and which are then re-exported without adding value.

The UAE’s total trade – which includes re-exports – with the bloc was valued at MAD 178.8 billion in the first three quarters of this year. This represented 13.9% of the country’s world trade.

Last year, the country’s trade with the GCC was lower, at 153.7 billion dirhams, but it represented just over 14.9% of the UAE’s total world trade.

Non-oil trade figures for the United Arab Emirates include mineral fuels, mineral oils and their distillation products, as well as bituminous substances and mineral waxes. This group typically accounts for between 4 and 7 percent of total non-oil trade.

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