The UAE and Saudi Arabia have announced their shared vision for economic, developmental and military integration through 44 strategic joint projects.
This vision, Strategy of Resolve was announced during the first meeting of the Saudi-Emirati Coordination Council, chaired by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prince Mohammed Bin Salman Al Saud, Crown Prince, Deputy Prime Minister, Minister of Defence, and chairman of the Council for Economic Affairs and Development.
The leaders have agreed on a 5 year timeframe to implement the projects which include a unified strategy for medical stocks, common supply security system, food security and joint investment in oil, gas and petrochemicals, reported state news agency WAM.
The strategy also plans to have an agricultural investment company with capital of AED 5 billion, a renewable energy joint venture company and an investment fund for small and medium sized enterprises (SMEs).
The strategy will enable better flow of traffic in ports, build an industrial database, enhance the banking sector in both countries, agree on economic procedures and legislations and create a joint council to organize foreign investments.
Twenty memorandums of understanding (MoU) were signed in the first meeting to build the Saudi-UAE cooperation in various fields.
“We are the two largest Arab economies… The economies of Saudi Arabia and the UAE represent a gross domestic product of one trillion dollars, our joint exports rank fourth globally and amount to $750 billion,” said Sheikh Mohammed bin Zayed Al Nahyan.
The establishment of the Saudi-Emirati Coordination Council aims to maintain and further enhance strong ties between the countries.