Riyadh – Mubasher: Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, Deputy Prime Minister and Minister of Defense, has met on Wednesday with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
The two countries aim at enhancing cooperation that leads to full integration in economy, knowledge and human development, defence and military.
Saudi-Emirati Coordination Council
The Saudi-Emirati Coordination Council held its second meeting, chaired by the two Arab leaders, in Abu Dhabi on 27 November.
“The deep-rooted ties between the two countries are clearly reflected on the Saudi-Emirati Coordination Council’s vision, which aligns with the national strategies of both countries and the marked harmony between the Saudi Vision 2030 and the UAE Vision 2021,” said Prince Mohamed bin Salman.
The Council’s reviewed latest updates on the seven key initiatives, including issuing of joint visit visa, facilitating traffic between ports of entry, joint food security strategy, cybersecurity, cryptocurrency, the mega refinery project and the Saudi-Emirati Youth Council.
“Today, we have 20 joint development field in the economic, security, human development and other domains,” said Sheikh Mohamed bin Zayed.
“Our joint economy ranks 16th globally and we can work together to become one of the top ten economies in the world. Our overseas investments currently exceed $250 billion in various economic sectors and our investment funds are ranked first in the world. We will increase our investments to be one of the top ten countries investing globally. Our financial markets exceed $720 billion and we seek to be one of the top ten financial markets globally,” the Crown Prince of Abu Dhabi added.
Key Initiatives
MoUs
Four new Memoranda of Understanding, MoUs were signed during the visit, in the fields of health, culture, space, and food security.
Joint Tourist Visa
The Saudi Commission for Tourism & National Heritage and the UAE’s Ministry of Economy are cooperating to issue a joint visit visa for residents of the two countries to facilitate tourism contribution to both economies
Entry ports
The Saudi General Authority of Customs is working with the Federal Customs Authority in the UAE to facilitate the flow of traffic in ports, which will enhance the customs cooperation
Joint Strategy for Food Security
The initiative aims at closer work between the two countries in the field of food security to ensure overcoming the food challenges facing the two countries in particular and the region to provide safe and sustainable food at affordable prices for everybody.
Cybersecurity
The initiative aims to enhance cybersecurity in both countries and support the provision of a reliable cyberspace for each country through which to provide secure electronic services and transactions. It has reduced cyberattacks by 55% in its first phase.
Cryptocurrency
The two countries are cooperating to issue a digital currency targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments.
Mega Refinery
A new joint mega crude oil refinery with a capacity of 1.2 million barrels per day (b/d), integrated with a modern petrochemical complex is set to see an initial investment of $70 billion in the state of Maharashtra in western India, to secure 600,000 b/d of Saudi crude oil and UAE for Indian market with high conversion rate for chemicals
Saudi-Emirati Youth Council
The initiative of establishing the Saudi-Emirati Youth Council is to strengthen the partnership between the youth in both countries, exchange ideas between them, and coordinate efforts aimed at raising the capacities in order to invest their potential in the development of society.
G20 Summit
“2020 is the year of international achievements. We are preparing to host major international events. With Saudi Arabia taking over the G20 presidency and the UAE hosting Expo 2020, reflecting the rising international stature enjoyed by the two countries,” Prince Mohammed added.
Prince Mohammed bin Salman extended an invitation to the UAE to participate as a Guest of Honour in the upcoming G20 Summit, to be presided over by Saudi Arabia.
