Saudi citizens, banks invest $2.91bln in UAE in 2018

UAE –The value of investments by Saudi citizens and banks in the UAE reached AED 10.93 billion in 2018, including AED 6.35 billion in joint stock companies and AED 4.58 billion in Saudi investors’ transactions in the UAE.

This announcement came during the first meeting of the Saudi-Emirati joint working group that was recently held at the Ministry of Finance’s (MoF) headquarters in Dubai, according to a press release on Sunday.

The undersecretary of the UAE MoF, Younis Haji Al Khoor, commented: "This meeting is a platform to enable the two nations to discuss the mutual challenges that may affect economic and commercial cooperation. […] the Ministry of Finance will work to coordinate with the concerned authorities to ensure the optimal application of this meeting’s outcomes.”

During the first meeting, the joint working group reviewed the strategic partnership between Saudi Arabia and the UAE. The results showed that 12,329 licenses were granted to Saudi citizens in different economic sectors across the UAE in 2018.

As for the real estate sector, real estate deals made by Saudi citizens amounted to AED 1.064 trillion, while the total number of Saudi real estate owners reached 14,455.

In 2018, the number of Saudi employees covered by pension and social security in the UAE registered 4,055 beneficiaries, while 2,147 Saudi students were enrolled in the UAE’s general and vocational education schools.

It is noteworthy to mention that Saudi Arabia is the UAE’s most prominent partner in the GCC, as the trade between them surged to AED 107.42 billion in 2018 from AED 97.30 billion and AED 71.60 billion in 2017 and 2016, respectively. This amount accounted for 49% of the total trade exchange value of the UAE with the GCC countries.