Broadcast: The Federation of Saudi Chambers announced the approval of the formation of the Saudi-Emirati Business Council for the 1442 AH - 1446 AH session, where the first meeting of the Executive Committee of the Business Council resulted in the election of Abdul Hakim Al Khalidi as Chairman and Ayedh Al Wabri and Majid Al Ruwaili as Vice Chairman of the Council.

The Saudi-Emirati Business Council aims to facilitate continuous interaction between the Saudi and Emirati business sectors and increase trade and economic cooperation between the two brotherly countries, in addition to systematically carrying out many commercial and promotional activities in the field of trade and investment. The Business Council will facilitate the exchange of information on economic conditions, the market and investment opportunities. In addition to strengthening ties and agreements in the economic and industrial cooperation sectors, presenting proposals and studies to the competent authorities in the two countries for the purpose of improving and developing economic cooperation, and contributing to overcoming the difficulties and obstacles facing intra-trade and investments between the business sector in the two brotherly countries, as well as exchanging visits of trade delegations and holding exhibitions and events. different.

Abdul Hakim Al-Khalidi, Chairman of the Saudi-Emirati Business Council in the Federation of Saudi Chambers, confirmed that the Council enhances the strategic objectives of the Kingdom’s Vision 2030, as it works to highlight the investment opportunities and incentives available in the two countries, develop foreign economic relations, enhance trade and investment partnership, and represent business sectors at national levels. All regional and international.

Al-Khalidi pointed out that the main objectives of the Saudi-Emirati Business Council lie in contributing to raising the proportion of direct Saudi investments in the UAE, increasing Saudi non-oil exports, presenting investment opportunities in the UAE to Saudi business owners, working to remove obstacles, and opening a representative office for Saudi investors in The sisterly Emirates, in addition to encouraging the establishment of economic projects and the establishment of exhibitions in the two countries.

Al-Khalidi pointed out that the Kingdom is classified as the largest Arab economy with a GDP of 700 billion US dollars in 2020, and the United Arab Emirates, the second largest Arab economy after the Kingdom, with a GDP of 404 billion US dollars, is witnessing an increase in non-revenue sources of income. Oil, such as investments, tourism, industry, services, transport and infrastructure.

The two countries form a strategic alliance in political, economic, commercial, financial and monetary issues, to strengthen economic, commercial and financial relations and open prospects for mutual investments. The two countries have provided facilities and incentives for businessmen of the two countries, to build an integrated economy that enhances the solid relationship between the two countries.

Al-Khalidi indicated that the total number of Saudi companies operating in the UAE exceeds 3,200, in addition to 206 Saudi projects in the UAE, and official data in the Kingdom show that the volume of Saudi investments in the UAE exceeded 10 billion US dollars, in the sectors of tourism, trade and services. and industry, thanks to the incentives provided by Abu Dhabi to businessmen of the two countries.

On the other hand, Emirati investments in the Kingdom by the end of 2019 exceed $10 billion, and there are 140 Emirati projects in Saudi Arabia, in the mining, petrochemical, banking and industrial sectors.

It is noteworthy that the Federation of Saudi Chambers recently announced the launch of the Saudi-Emirati Business Council for the 1442 AH - 1446 AH session.