[ad_1]
On this UAE National Day, I would like to congratulate the leadership and people of the UAE.
Saudi Arabia and the UAE share a special relationship that spans the economic, social and cultural spheres.
The connection is deep, mutually beneficial, and growing.
At the heart of our relationship is a firm belief that we can work together to grow our economies.
This is in many ways a partnership of old friends forging new paths.
Both of these countries are the largest economies in the Arab world and recently we have witnessed cooperation between Saudi Arabia and the UAE soar to newer and higher heights as there is trade and investment potential between the two regions. This is especially true in multiple mutually beneficial priority areas such as food, telecommunications, energy, defense and ports.
In September 2022, the total trade between Saudi Arabia and the UAE reached SAR 67 billion in the first half of 2022. Interestingly, non-oil foreign trade between the two countries has grown by 92.5% over the past decade to reach 128 billion riyals in 2021, compared to 66 billion riyals in 2012.
With this in mind, we believe there is a huge opportunity for special trade linkages to give them profound new meaning, and at First Abu Dhabi Bank (FAB), we will help usher in a new era of economic cooperation.
FAB has been at KSA for almost 5 years and we are fully committed to the Kingdom. During this time, it became apparent to us that the decision to establish a presence in Saudi Arabia meant a lot to our Saudi and UAE clients.
This is because we can leverage local knowledge and expertise in both markets. We can provide UAE business investors with a window into the Saudi economy and vice versa, and we can support Saudi businesses by helping them identify ways to enter the UAE market.
FAB plays the dual role of strategic advisor and financier. Over the past 5 years we have supported and worked with businesses and sovereign wealth funds in line with the Kingdom’s Vision 2030 – we have helped businesses from Riyadh to Ras Al Khaimah, Dammam to Dubai – but most importantly Yes, we helped them succeed.
In the process, we have developed partnerships with local and foreign entities residing in KSA. We also become strategic partners with local entities, and our activities complement the goals of the respective economic development agencies of both countries. We view trade development as a collective enterprise involving multiple adjacent stakeholders as well as some of our peers.
As we look to a world of new challenges and opportunities, Saudi Arabia and the UAE share a similar vision for economic transformation – both of our countries seek to be at the forefront of new technological developments that will bring profound improvements to our economies and the people around us.
As such, we believe banks will play an even more important role in further unlocking the trade potential and integration between our economies through solutions such as consultancy, trade and export finance, and products targeting working capital expenditure.
At First Abu Dhabi Bank, we will continue to provide the vital link between KSA and the UAE. We have the ability to support businesses, institutions and private clients in both countries – and we will ensure that the future of our cooperation remains a partnership of possibility.
[ad_2]
Source link