Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020

Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020
Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020

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Jeddah - Yasmine El Tohamy - DUBAI: The UAE’s automotive trade amounted to AED 68.8 billion ($18.7bn) from January to September of 2020, official government data has shown.

Car and tractor re-exports reached AED 25.6 billion in the same period, while exports stood at AED 1.26 billion, according to figures from the Federal Competitiveness Statistics Centre.

Automobile imports hit AED 42 billion, which was attributed to household spending, according to the report.

The UAE has expressed ambitions to be a key re-export hub in the Gulf, state news agency WAM has indicated, especially as it focuses on developing its non-oil economy.

The country’s automotive trade accounted for 6.6 percent of the UAE’s non-oil trade in the same period.

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