RIYADH: Ajman’s exports to Saudi Arabia rose by 29% in 2023, totalling 859.8 million dirhams ($ 234 million), with Saudi Arabia being the leading export destination, with 14% of the total export value. In the first half of 2024, exports totaling 397.6 million dirhams, this strengthens commercial relations and economic relationships among the two regions.
The trade volume between the UAE and Saudi Arabia hit $ 17.53 billion during the first half of 2024, a 22.5% rise compared to the same period in 2023. The Director General of the Ajman Chamber of Commerce and Industry, Salem Al-Suwaidi mentioned that growth is steered by shared visions, important initiatives and foreign investment surge between two countries.
By September 2024, 685 Saudi investors were operating in Ajman across a variety of sectors, an increase of 13% compared to last year. During the first half of 2024, new licenses for Saudi investors in Ajman recorded a 114% growth.
The focus of Saudi investors’ investment is on construction, contracting, hospitality, retail and real estate. The Ajman Government has laid out a system that encourages businesses and provides them with access to supportive legislative fireworks and incentives. The electronic services portal has made a difference for Saudi investors with its contribution to make starting and expanding their business simpler.
Ajman’s and Saudi Arabia’s rising economic partnerships and mutual benefits are clearly demonstrated by the robust trade and investment activity between the two countries.
