The UAE and Saudi Arabia took significant steps on Wednesday to accelerate joint co-operation with the first meeting of the Saudi-Emirati Coordination Council in Jeddah.
The council, chaired by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Saudi Crown Prince Mohammed bin Salman, met at the Peace Palace in Jeddah and declared its organisational structure.
There will be a total of 44 joint projects promoting economic, developmental and military integration. The initiative, known as The Strategy of Resolve was prepared by 350 government officials from many fields over a year, and has three main axes: economic; human and knowledge; and the political, security and military.
The two leaders have set a five-year time-frame to implement the projects. The strategy also protects the interests of both countries and creates opportunities for them.
A number of projects were announced on Wednesday, including a strategy for food security, a unified plan for medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals.
The Strategy of Resolve also includes a plan to establish an agricultural investment company with capital of Dh5 billion; a joint venture fund for renewable energy; and a third investment fund for small and medium-sized enterprises.
There are also plans to help the flow of traffic in ports, build a unified industrial database, empower the banking sector in both countries, harmonise economic procedures and legislation and create a joint council to coordinate foreign investments.
In our second home, KSA, my brother Mohammed bin Salman & I witnessed the 1st meeting of the Saudi-UAE Coordination Council, which represents our aspirations for the future & reflects our vision, brotherhood & common destiny. It heralds a stronger, more prosperous future. pic.twitter.com/Dyx8KlWkpN
— محمد بن زايد (@MohamedBinZayed) June 6, 2018
Other areas identified by the strategy include security and military cooperation and integration, coordination of foreign military assistance and standardisation in the military industry sector.
“We have a historic opportunity to create an exceptional Arab model of cooperation. Our solidarity and unity protect our interest, strengthen our economies and build a better future for our peoples,” Sheikh Mohammed said.
“We are the two largest Arab economies, forming the two most modern armed forces. 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 $750bn, plus Dh150bn annually invested in infrastructure projects, which generates huge opportunities for bilateral cooperation,” he said.
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