Dubai, Saudi Arabia consolidate trade ties

The meeting came as part of the Chamber's keenness in facilitating trade with Saudi Arabia that ranks 22nd on Dubai's list of top trading partners as there are 1,291 partnership companies registered in Dubai with 64 owned by Saudi businessmen. Dubai's export to the Kingdom reached Dhs3.2bn mark in October this year.

Buamim assured the Saudi Consul General of the Chamber's continued support and asserted that despite the global financial crisis, the trade ties between Dubai and the Kingdom have remained strong and intact.

"Dubai enjoys a long-time trade relationship with Saudi Arabia as the Kingdom is the topmost export destination for Dubai in the region. Our members' exports to the Kingdom during the first quarter of this year amounted to Dhs9.8bn; Dhs9.9bn in the second quarter and Dhs10bn in the third quarter, compared to Dhs6.8bn during the first quarter of 2007; Dhs7.5bn in the second quarter and Dhs8.3bn in the third quarter of last year, reflecting increased growth in trade between the two countries,"

he said.

Buamim confirmed that Saudi Arabia has always remained a top export destination for Dubai exporters with major export items like electrical machinery and equipment, nuclear reactors, mineral fuels, mineral oils, bituminous substances and mineral water being exported to the Kingdom on a regular basis.

On his part, Madani thanked Dubai Chamber for its hospitality and identified the reason behind the courtesy visit which he said was to boost the relationship between the Saudi Consulate and Dubai Chamber and to take the two Arab countries' trade ties to the next level.