Saudi-UAE Economic Forum's Third Edition Draws Over 400 Investors, Highlights Growth and Cooperation
The Federation of Saudi Chambers hosted the third edition of the Saudi-UAE Economic Forum in Riyadh today, gathering more than 400 investors from both nations. The event was attended by 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, along with other key officials and investors.
In his address, Minister Alibrahim emphasized the strategic vision shared by the leaderships of Saudi Arabia and the UAE, fostering collaboration in critical sectors such as trade, tourism, and logistics. He noted a 25% increase in trade over the past five years, reaching SAR 113 billion in 2023, up from SAR 90 billion in 2019. Alibrahim highlighted the UAE’s growth in foreign direct investment in Saudi Arabia, which rose to SAR 110.9 billion by the end of 2023, reflecting a 15% year-on-year increase. He credited this growth to recent investment policies designed to strengthen the economic landscape.
Minister Alkhorayef echoed these sentiments, stressing the importance of industrial integration as a cornerstone of sustainable development. He added that Saudi exports to the UAE have grown at an annual rate of over 9% since 2018, with exports through June 2024 exceeding SAR 31 billion. Alkhorayef highlighted opportunities for collaboration in the industrial and mining sectors, Fourth Industrial Revolution technologies, and free industrial zones. He also underscored the importance of supporting small and medium enterprises and leveraging digital transformation to advance industry through new technologies and business models.
The forum featured a session titled “Investment Environment and Promising Opportunities,” which explored recent achievements, including the issuance of over 30,000 foreign investment licenses in Saudi Arabia last year. Discussions centered on enhancing mutual trade, addressing investment challenges, and advancing the rapidly growing tourism industry led by citizens of both countries.
