Mubasher: A Saudi-UAE committee has held its first meeting in Abu Dhabi where 16 members from both sides tackled seven initiatives encompassing economic, social, and military fields between the two countries.
The Executive Committee of the Saudi-Emirati Coordination Council, which met on Saturday, discussed boosting sectors which included cryptocurrencies, civil aviation and small and medium-sized enterprises (SMEs).
"The UAE and the Kingdom of Saudi Arabia are two major economic powers, with their economies valued at more than $1.2 trillion," Emirates News Agency (WAM) reported, citing UAE minister of economy Sultan bin Saeed Al Mansouri as saying.
The UAE and Saudi will be launching “the largest urban and tourism developments in the Arab region,” Al Mansouri added, highlighting that cooperation between the two GCC members unlocks “considerable investment value, producing more than 25 projects in a number of essential sectors, and tapping myriad job opportunities, not only for their nationals, but for all Arab youth as well.”
Meanwhile, UAE minister of state Dr. Sultan bin Ahmad Sultan Al Jaber stressed his country’s longstanding relations with Saudi Arabia in all economic and social fields.
"The UAE and Saudi Arabia are leading the region at the energy level. There are several initiatives to ramp up cooperation in the field of renewables to increase their contribution to the energy mix in the two countries,” Al Jaber explained, citing colloborations in the oil and gas between the UAE’s ADNOC and Saudi Aramco, which seek to “unlock value and utilise the growing global demand for petrochemicals.”
The UAE’s minister of state further highlighted that the UAE was one of Saudi Arabia’s top global partners as well as its “first regional partner.”
Trade exchange between the GCC states jumped 20% in 2017 to SAR 14.6 billion ($3.89 billion), according to the minister, who indicated a host of projects, both ongoing and future, between the countries.
