A new report has highlighted the economic opportunities for Ireland presented by the Arab states, including Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The Arab Irish Chamber of Commerce's report said the value of Irish exports to the region is expected to more than double within the next 15 years to reach almost €12 billion by 2031.
According to the EY-DKM compiled report, current Irish merchandise exports to the region are valued at €1.91 billion, while services account for €3.273 billion of the total €5.18 billion export value.
The AICC focuses in particular on 13 AICC member countries that are considered to represent the greatest potential for Irish business.
These include Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan and the United Arab Emirates (UAE).
These countries represent approximately 4.4% of the world's population and 2.8% of the world economy.
With a population of 33.6 million, Saudi Arabia is the largest importer of Irish goods among the AICC member countries.
Almost 1% of Saudi Arabia's merchandise imports are from Ireland and are valued at €553m. Food imports are important and Ornua said Saudi Arabia is the fifth largest dairy importer in the world.
The UAE, which is home to an estimated 10,000 Irish expats and with a population of 9.6 million, imported €361m worth of Irish goods (0.2% of its global merchandise imports) last year.
Bord Bia has been actively promoting Irish food products in the UAE in recent years and the food sector, together with construction, tourism and aviation present some of the strongest opportunities for Irish companies looking to grow their business there.
Meanwhile, Ireland's merchandise exports to Egypt amounted to €167m last year. In 2016, the Egyptian market reopened to live Irish cattle and in 2017, the beef market re-opened and five Irish meat plants were approved for export to Egypt.
Today's report reveals that four categories of Irish goods account for over 70% of Irish merchandise exports to the region - soft drink concentrates, baby formula, pharmaceuticals and computers.
Dairy, which accounts for 8.2% of Irish goods exported to the region, is valued at more than €140m, an increase of about 37% since the first AICC economic report, compiled by DKM in 2013.
Since the 2013 report, Irish medical and pharma exports to the region have grown by almost 73% and are now valued at €334m.
The AICC said this is driven by a rapidly growing population and investment in healthcare in the region, while it may also reflect the high incidences of lifestyle-related diseases.
Ahmad Younis, chief executive of the Arab-Irish Chamber of Commerce, said that with strong population growth and continued reliance on imports, there is huge potential for Irish businesses across a wide range of sectors in the area.
"The value of goods and services to Ireland's economy makes the Arab region one of its most important trading blocs, outside of the EU and North America, and hundreds of Irish businesses have been successfully trading with or in the region for many years," Mr Younis added.
He also said that direct links between Ireland and the region have improved dramatically, easing market access and creating stronger links between the two markets.
"Irish businesses with a high-quality product or service that are willing to put in the time to explore and nurture new opportunities are on a pathway to success in the Arab world. We are a small nation, but we have a very positive image in the region and Arabs like doing business with their Irish counterparts," he added.
