Saudi exports to Arab countries hit $7.9bn in 2011
By ARAB NEWS
RIYADH: Saudi Arabia topped the list of countries exporting to other Arab countries valued at $7.9 billion in 2011, accounting for 37.2 percent of total Arab exports, followed by the UAE at $2.8 billion, according to a report by Arab Monetary Fund (AMF).
The volume of inter-Arab trade between the Arabian Gulf countries and other Arab countries amounted to $49.6 billion in 2011 compared to $33.5 billion in 2010, an increase of 18.2 percent, the report said.
The UAE and Oman remained the biggest importers from other Arab countries at $2.1 billion followed by Saudi Arabia and Egypt at $1.9 billion and $1.5 billion respectively.
Meanwhile, GCC direct investments in Arab countries, particularly Jordan, Tunisia, Morocco, and Algeria, stood roughly at $100 billion, according to estimates of the International Monterey Fund (IMF).
Arab investments flowing into Saudi Arabia jumped from $76.8 million in 2000 to $721.2 million in 2011. The increase was ascribed to the introduction of a system by the Kingdom related to the encouragement of foreign investments by providing a package of incentives for investors. Since its inception, Saudi Arabian General Investments Authority (SAGIA) has been supervising foreign investments and providing all facilities for investors.
GCC investments in Egypt account for 25 percent of total foreign investments, which were mainly focused on projects related to real estate, construction sector, telecommunication, tourism, and financial services. Value of GCC investments in Morocco and Tunisia reached $2.8 billion and $1.6 billion respectively, according to the IMF estimates.
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