UAE, S.Arabia non-oil trade hits Dhs417.6b mark in past five years - GulfToday

UAE, S.Arabia non-oil trade hits Dhs417.6b mark in past five years

khalifa-port750

The UAE is at the forefront of investing countries in Saudi Arabia with a total value of more than Dhs34 billion.

Non-oil trade exchange between the United Arab Emirates and the Kingdom of Saudi Arabia has reached Dhs417.6 billion over the past five years, Sultan Bin Saeed Al Mansouri, Minister of Economy, has stated.

Non-oil exchange between the two countries reached Dhs107.4 billion in 2018, a surge of 35% over 2017, reflecting the strength of the strategic partnership and the unity of visions between the two brotherly countries in all development fields.

In an interview with the Emirates News Agency, WAM, on the occasion of the UAE’s celebration of the 89th Saudi National Day, the Minister of Economy, said that Saudi Arabia is the first Arab trade partner and the third globally for the UAE in 2018.

Regarding the value of UAE investments in the Kingdom and the economic sectors exchanged between the two countries, the Minister of Economy said that the UAE is at the forefront of investing countries in Saudi Arabia with a total value of more than Dhs34 billion.

With regard to the number of Saudi companies operating in the UAE and the value of their investments, Al Mansouri said that the Saudi direct investments in the UAE exceeded Dhs16 billion, pointing out that there are 4004 Saudi trademarks registered in the UAE, 73 commercial agencies and 26 companies registered in the country.

Meanwhile, Abu Dhabi Ports today revealed robust operational performance with significant volume growth in the first half of 2019.

The company, which operates ports and terminals across the UAE, as well as Khalifa Industrial Zone Abu Dhabi, KIZAD, said its success was driven in part by concession agreements signed with leading maritime firms, such as Mediterranean Shipping Company, MSC, and COSCO SHIPPING Ports, CSP.

Container volume at Khalifa Port rose from 620,974 TEU (Twenty-foot Equivalent Unit) in H1 2018 to 1,135,021 TEU in H1 2019 - an increase of 82.4%. This growth was fuelled predominantly through the MSC concession agreement, which was signed last year. Abu Dhabi Ports anticipates further growth thanks to the completion of the CSP Abu Dhabi Container Terminal, which was built in partnership with COSCO SHIPPING Ports and which began trial operations in Q2 2019 - ahead of the start of full commercial operations in Q4 2019.

Both agreements are part of Abu Dhabi Ports’ five-year strategy to boost the UAE’s trade and investment flows, and drive the diversification of the UAE economy. As a result, Abu Dhabi Ports will be expanding the capacity of Khalifa Port to 9.1 million by 2024. The port is capable of handling the world’s largest vessels with two 21,000 TEU mega-vessels, the COSCO SHIPPING SOLAR and PISCES, having already called at CSP Abu Dhabi Terminal earlier this year.

Falah Mohammad Al Ahbabi, Chairman of Abu Dhabi Ports, said, “Despite a challenging international environment for the trade and logistics sectors in recent years, our industry continues to grow from strength to strength in the UAE. I am delighted that Abu Dhabi Ports is playing a key role in ensuring that our nation is at the heart of trade, industry and logistics in the Middle East.

“Our strategy to collaborate with some of the world’s top industry players is proving to be a huge success and is a reflection of the vision of the UAE’s leadership, whose support and guidance continue to enhance our success.” Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said, “Our half-year figures illustrate the outstanding growth we are witnessing in our business, from containers to cruise ships. With the commencement of commercial operations at CSP Abu Dhabi Container Terminal and the rejuvenation of Port of Fujairah on track through our joint venture with Fujairah Terminals, we expect our strong growth to continue. Our success is a testimony to the fact that more and more firms are realising the opportunities that Abu Dhabi offers across the Middle East, Africa and Asia, as well as along China’s Belt and Road maritime route.” In addition to the increase in container volume, Abu Dhabi Ports also witnessed a significant increase in the total volume of cargo handled across its ports, which also include Fujairah Terminals, Zayed Port and Mussafah Port. Total cargo increased to just under 9.7 million tonnes in the first half of 2019, a rise of 10% compared to the same period in 2018.

 In June, the first fully-laden Capesize vessel to ever call at a GCC port arrived at Khalifa Port after Abu Dhabi Ports modified the approach channels to accommodate Capesize vessels. The channels have been deepened from 16.5 metres to 18.5 metres draft and widened from 250 metres to 280 metres.

Meanwhile, KIZAD continues to attract more investment, with agreements signed with DHL Global Forwarding and Gulf Compound Blending Ind. Ltd in H1 2019, while work was also started on the Dhs 2.2 billion Roadbot Tyre Project. Once completed, the 275,000 square metre facility will have a production capacity of 10 million Passenger Car Radial (PCR) tyres and 1 million truck and bus radials by 2022. To date, Abu Dhabi Ports has attracted more than 500 companies to KIZAD and more than Dhs 65 billion in investment across multiple sectors, including metals, polymers, oil and gas, automotive, food, energy, and logistics.

WAM

Related articles