Saudi Gold buying marks best among UAE nations

UNITED ARAB EMIRATES August 02 2016 4:56 PM     

DUBAI (Scrap Register): As per the  recently-released Dubai Chamber of Commerce and Industry special report, Saudi  Arabia has been revealed as the largest importer of gold from the UAE for 2015,  with a value of US$1.8 million.

The UAE is reported to be becoming  competitive in Saudi Arabia's import market as it constitutes the 2nd largest  destination for UAE-made products after India.

According to UAE Federal  Customs Authority data, the UAE recorded a AED40 million trade surplus with  Saudi Arabia in 2014, as it gears up to release its 2015 data.

Saudi  Arabia's imports are diverse, 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.