Yemen and U.A.E. demonstratedistinctive economic ties [Archives:2005/862/Business & Economy]

July 25 2005

Yasser Mohammed Al-Mayyasi
Yemen and. the U.A.E. enjoy historic and distinctive ties that experience ongoing development. The bilateral ties between the two brotherly countries keep on being enhanced with the help of a unified language and religion, as well as shared customs and traditions.

In addition, the strong relationships between the two Arab countries are supported by the unity of goal and the joint interests, and they date back to the times of the civilization of Sheba and events accompanying it such as the immigration of Marin tribes to the U.A.E. after the collapse of Marib Dam.

Bilateral ties, cooperation and joint interests between the two brotherly countries have been built up on clear and fixed bases. The reconstruction of Marib Dam is one of the important fingerprints of the mutual cooperation and the economic and trade exchange between Yemen and U.A.E.

Over the last few years, the U.A. E. occupied the first position in the volume of trade exchange with Yemen. The volume of Yemen's external trade with the Gulf Cooperative Council's countries reached the tune of YR 295 billion while YR94.4 billion is the value of exports.

According to official economic reforms, the U.A. E. topped the list of the Gulf countries in the volume of mutual trade with 85.3%.

The Central Organization for Control and Audit (COCA) asserted last Thursday the Kingdom of Saudi Arabia stood second in the volume of trade exchange with Yemen, followed by Kuwait, Oman, Qatar and Bahrain came last in the list.

Economic opportunities for trade exchange between Yemen and other Gulf countries varies, and the Yemeni Market is considered the biggest by virtue of its population that nears 20 million.

Yemen imports over 33% of needs from the Gulf countries and its exports to these countries constitute 6.6%, according to 2004 scores.

In its exports to the Gulf countries, Yemen depends on the agricultural products, which gained fame and popularity mainly in the U.A.E. markets.

Trade exchange between Yemen and other Gulf countries needs more attention and efforts in order to grow better and any barriers and difficulties facing it should be overcomed through cooperation to enable the Gulf countries to serve their economies.