"Saudi Arabia and the UAE will increasingly focus their oil exports on industrializing economies in Asia, in line with a transformation of international trade flows toward emerging markets, a report by HSBC and Oxford Economics showed. Both Gulf countries will remain major oil producers during the next two decades, although Saudi Arabia - the world's largest oil producer - will gradually diversify its export trade into other sectors where it is also competitive, such as plastics and chemicals, the report said. While maintaining petroleum exports, the UAE is expected to have the tenth largest growth in merchandise exports in the world between 2021-30."

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