Despite being close allies, Saudi Arabia and the neighbouring UAE are competing to attract investors and businesses. "The idea once was to create a GCC market, but now there's the realisation that the priorities of Saudi Arabia and the UAE are very different," said Amir Khan, senior economist at Saudi National Bank. 'INCREASED COMPETITION'Saudi Arabia has announced the latest rule changes despite the fact that UAE is its second-biggest trade partner after China in terms of import value, based on recent Saudi trade data. It is also a major re-exporting hub for foreign products to Saudi Arabia, including Turkish goods - which have been under an unofficial boycott by Riyadh. Turkey and Saudi Arabia have been at loggerheads since the 2011 Arab uprisings, when Riyadh accused Ankara of supporting Islamist political groups.

Source: Mint July 05, 2021 13:07 UTC