#Saudi imports from #UAE drop 33% in July after new trade rules | Reuters

Saudi imports from UAE drop 33% in July after new trade rules | Reuters

The value of Saudi Arabia’s imports from the United Arab Emirates (UAE) in July fell by 33% month on month, official data showed on Wednesday, after the kingdom imposed new rules in July on imports from other Gulf countries.

Imports from neighbouring UAE fell to 3.1 billion riyals ($827 million) in July from 4.6 billion riyals in June, according to data from the General Authority for Statistics. On an annual basis, UAE imports declined by about 6%.

In July, Saudi Arabia amended its rules on imports from other Gulf Cooperation Council (GCC) countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, a move seen as a challenge the UAE’s status as the region’s trade and business hub.

Despite being close allies, Saudi Arabia and the UAE are competing to attract investors and businesses.