UAE firms expect AED100 million worth of exports to Saudi Arabia
UAE firms have closed over AED100 million worth of export opportunities to Saudi Arabia in 2011, as a result of their successful participation in the recently concluded Saudi Build 2010, the Middle East’s largest construction and building material exhibition in the region. Dubai Export Development Corporation (EDC), an agency of the Dubai Department of Economic Development, has supported 50 local companies from the field of building, construction and real estate at the exhibition. During the exhibition, EDC introduced its exports services, which includes readiness assessment for exporters, and general information about the construction sector in Saudi. The UAE companies have also met with 25 Saudi buyers during a matchmaking event organised by EDC which resulted to overwhelming sales and 30 business leads. The matchmaking event was supported by the UAE Embassy in Saudi Arabia. According to EDC’s Dubai Export Monitor, direct exports and re-exports to Saudi Arabia in 2009 posted AED2.09 billion and AED3.34 billion respectively. “EDC’s participation at the show is one of its supports to UAE companies in expanding their presence and increasing their export opportunities in regional markets such as Saudi Arabia, which is one of the top destinations for Dubai exports. Through this exhibition, we are strengthening our trade relations with Saudi Arabia by enhancing awareness on the products and services our local companies can provide in this sector,” said Engineer Saed Al Awadi, Chief Executive Officer, EDC. Eng. Hussein El-Agroudy, Managing Director of Valbruna Gulf FZE, a wholly owned subsidiary of Acciaierie Valbruna, expressed appreciation to EDC’s efforts to bring Emirati companies closer to Saudi consumers. “Our outlook is very positive in regards to Saudi Arabia. With the amount of projects going on in Saudi Arabia, we feel that the companies based in UAE will be good partners to contractors in timely completion of their projects with appropriate material and timely supply,” he furthered. “With the help of EDC, we have made some positive contacts with the contractors pertaining to the New Financial Centre Project in Riyadh and hope that we will continue the same level of co-operation in future. We will be participating in the upcoming Big 5 Exhibition which will be held in Jeddah in 2011 and will aim to market our company and products more widely across various regions of Saudi Arabia,” El-Agroudy added. Elie Moujahes, Assistant Manager-Sales at Jehan Gulf Horizon LLC said, “We applaud EDC’s support given to us during the Saudi Build exhibition in order to promote our competitive system, especially the organised conference and dinner with the Saudi buyers and developers. Through these efforts, we were able to establish many promising leads in the Saudi market and we are looking forward for good business to come.” Saudi Build 2010, held at Riyadh International Conference and Exhibition Center, showcased wide opportunities to network with high ranking Saudi government decision makers and country delegations from around the world. It also attracted the largest property developers, local and international builders, building merchants and high profile investors. EDC representation office in Saudi Arabia (OTO-KSA) has started operating in January 2010 with the main goal of assisting its members to increase their exports to Saudi Arabia markets in all sectors. Among the tasks of OTO-KSA are matchmaking meetings of potential Saudi Arabia buyers with EDC members; creating a database of Saudi importers with full details; and identifying and overcoming issues related to exporting from Dubai to Saudi Arabia. OTO-KSA also provides quick market assessments to enable EDC members to collect adequate information about the status of different commodities in Saudi market as well as organises inward and outward missions such as the matchmaking event during the Saudi Build Exhibition.
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