Strong ties between Riyadh and Dubai underlined

Arab news: The Dubai Chamber of Commerce and Industry (DCCI) has underscored its strong ties with Saudi Arabia, describing it as one of the world’s fastest growing countries and the largest free market economy in the Middle East.
“In fact, Saudis lead in the number of tourists visiting Dubai with 2.1 million in the first quarter of 2014,” according to DCCI president and CEO Hamad Buamim.
Saudi Arabia is also Dubai’s largest trading partner with DCCI members’ exports and re-exports reaching AED 48.3 billion in the first quarter of 2014.
“This means that the Saudi market has accounted for 32 percent of DCCI members’ total exports and re-exports, and 54 percent of the DCCI members’ total GCC exports and re-exports for the first quarter of 2014,” Buamim told Arab News.
Buamim said, “These figures are solid proof and a clear indication of the strong trade and commercial relationship between Saudi Arabia and Dubai.
“Dubai is committed to facilitating commercial services, hence serving Saudi companies keen to expand and benefit from trade opportunities in regional and global markets.”
He said the Dubai Chamber continues to work on tightening its connections and relations with Saudi counterparts and its cooperation.
“Our cooperation extends to the Council of Saudi Chambers, in addition to the Riyadh, Asharia, Jeddah and Makkah Chamber of Commerce and Industry and we are keen on exchanging expertise and knowledge to better serve and support the Saudi and Emirati companies alike,” he said.
He said that after the Saudi announcement and intention to start implementing the ATA Carnet system, which facilitates the temporary admission of goods, he expects Saudi Arabia to become UAE’s top partner in this sector.
He said this would increase Saudi and Emirati participation in exhibitions and forums held in Dubai and Saudi Arabia. Last week, the DCCI hosted a delegation from the Council of Saudi Chambers and shared its experiences of the ATA Carnet process.
“Also, in the 8th cycle of the Mohammed bin Rashid Al-Maktoum Business Award, the Dubai Chamber has expanded the award’s scope for the first time to include Gulf companies. We are expecting active participation from Saudi companies especially in the real estate and manufacturing sectors,” he said.
Dubai is known for its highly attractive business environment that encourages investment. According to the Dubai Chamber’s database, the number of Saudi companies registered with Dubai Chamber rose from 765 in 2008 to 1,692 in 2014, up 121 percent.

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