The UAE and Saudi Arabia announced the adoption of a strategy that includes economic and military integration through 44 common projects.
The UAE and Saudi Arabia have announced an agreement to implement a joint development program between the two countries. The adoption of the strategy was announced during the first meeting of the Coordinating Council of the UAE and Saudi Arabia, headed by Sheikh Mohammed Ibn Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the UAE, as well as Mohammed Ibn Salman Al Saudi Arabia Deputy Prime Minister, Minister of Defense and Chairman of the Council on Economic Affairs and Development.
The top officials of the two countries set a five-year deadline for the implementation of projects, including a unified strategy for ensuring food security, medical supplies, creating a common security system and making joint investments in the oil and gas industry.
The strategy also includes a plan to establish an agricultural investment company with a capital of 5 billion dirhams, a joint fund for financing the development of renewable energy sources and a fund for investments in small and medium-sized businesses.
In addition, the strategy is designed to facilitate the movement of transport in ports, as part of a joint program, a unified industrial database will be created, the banking sector of both countries will be expanded, economic procedures and legislation will be harmonized in order to create a joint council for the coordination of foreign investments.
The strategy also defines cooperation in the areas of security and defense.
The countries agreed to work on the launch of joint manufacturing facilities, to solve issues related to housing and financing, to establish a center for the development of water demineralization technologies, to cooperate in the field of infrastructure project management and to jointly develop modern technologies in the field of finance.
The first meeting of the Joint Coordinating Council was completed by signing 20 memoranda of understanding in order to strengthen cooperation between Saudi Arabia and the UAE in various fields.
