Other BriefingsUAE, Saudi Arabia Non-Oil Trade Increased 9% In 2022, Reaching US$37 Billion
Non-oil bilateral trade the UAE and Saudi Arabia – two of the Middle East’s major economies – soared to AED136.09 billion (US$37 billion), representing 9% growth in 2022, according to preliminary data from the Federal Center for Competitiveness and Statistics.
This is partially due to relaxing of market restrictions in Saudi Arabia as more social freedoms kick in, and the overall booming of both their respective economies. This has resulted in a boom in commodities imports and exports. The top five commodities imported from Saudi Arabia in 2022 were mineral oils valued at AED10.8 billion, followed by ethylene polymers worth AED3.6 billion, raw gold worth AED1.7 billion, insulated wires and cables for electricity worth AED1.1 billion, and laundry products worth AED811 million.
Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion, followed by ornaments and jewelry worth approximately AED2.5 billion, copper wires worth AED2.4 billion, flat products of iron or steel worth AED891 million, and mineral oils worth AED829 million.
Communication devices and equipment ranked first on the list of top five commodities re-exported from the UAE to Saudi Arabia in 2022, valued at AED9.1 billion, followed by data processing machines worth AED6.6 billion, parts and accessories for vehicles worth AED2.2 billion, woven clothing worth AED2.3 billion, and jewellery worth AED1.9 billion.
Saudi Arabia’s consumer market is generally broken down into four sectors, from a population of some 36 million with similar economic standards to the West. 11% are considered affluent (3.96 million) 44.91% upper middle class (16.2 million) with 33% representing a lower middle class of about 11.9 million consumers.
Increasing numbers of Asian regional and Western brands are seeking Saudi and UAE market entry. Dezan Shira & Associates maintains offices in Dubai and has a partner firm in Riyadh. We can assist with market and business intelligence, corporate establishment, tax advisory and trade compliance services. Please contact us at dubai@dezshira.com
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Middle East Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Dubai (UAE), China, India, Vietnam, Singapore, Indonesia, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
For support with establishing a business in the Middle East, or for assistance in analyzing and entering markets elsewhere in Asia, please contact us at dubai@dezshira.com or visit us at www.dezshira.com. To subscribe for content products from the Middle East Briefing, please click here.
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