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August 1, 2016 | 15:25 | Dubai
Saudi Arabia has emerged as the largest importer of gold from UAE, importing US$1.8 billion worth of the yellow metal from the UAE in 2015, according to a report by Dubai Chamber of Commerce and Industry. The UAE is becoming increasingly competitive in Saudi Arabia’s import market, as the Kingdom constitutes the 2nd largest destination for UAE-made products after India.
While Saudi imports from its neighbour are diverse, items such as pearls, precious stones, metals, and coins dominated the list in 2015, making up 22% of the UAE’s total exports of these products, and 32% of the Kingdom’s net global imports of the product group, worth US$3.7 billion. Moreover, 27% of Saudi Arabia’s imports of copper and copper articles (worth US$672 million) and 11% of its imports of articles of iron and steel (worth US$626 million), on the one hand, and raw iron and steel (worth US$507 million), on the other, came from the UAE, constituting 8%, 7%, and 6% of the latter’s total exports to the Kingdom, respectively.
Saudi Arabia’s largest imports from the UAE, 2015
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