Saudi Arabia, UAE launch seven strategic initiatives

ABU DHABI, The Executive Committee of Saudi-Emirati Coordination Council launched Saturday seven strategic initiatives: cryptocurrency, services, financial markets, aviation, entrepreneurship, customs and security.

The strategy includes areas of collaborations and sets forth a joint vision of economic, social and military integration between the two countries.

UAE’s Minister of Cabinet Affairs and the Future Mohammad Al-Gerqawi, cited by official WAM news agency, said their aim was to see the Saudi and Emirati citizens sharing common dreams.

Saudi Minister of Economic and Planning Mohammad Al-Twaijri said the strategy was a “vital and genuine” component that would further develop bilateral ties and cooperation with the United Arab Emirates (UAE).

The committee, he added, would remove all obstacles facing implementation of initiatives.

The committee members said in a statement the combined sovereign wealth funds of Saudi Arabia and the UAE ranked second in the world. The two countries rank eighth globally in terms of exports of goods and services, according to the World Bank data.

The market capitalisation of listed companies in the two countries is the 17th globally, and the two countries have an oil reserve accounting for about a quarter of the world’s total stock, or 24.3 percent.

One of the seven initiatives was a Pilot cryptocurrency. The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding implications of Blockchain technology and facilitating cross-border payments.

The two countries will facilitate flow of traffic at entry ports between both countries and at customs outlets through adoption of fast track system and application of “Authorised Economic Operator” framework.

The initiative will contribute to smoother operations between customs and commercial establishments, and facilitated trade between the two countries. The number of companies listed in the Authorised Economic Operator is 41 from Saudi Arabia and 40 from the UAE.

The two countries would launch a joint platform to support SMEs, which allowed registered Saudi and UAE SMEs to benefit from government procurement allocations and to compete on terms of reciprocity on federal government procurements.

They would launch a Financial Awareness Program for Children aims to promote basic financial concepts youngsters between seven and 18 years old. The program would enable them to simulate business world to learn about saving and smart spending, as well as understand the culture of entrepreneurship through customised training courses.

Saudi Arabia and the UAE would work on ehnacing travel experience of People of Determination by ensuring complaince of disabled-friendly airports in both countries.

Meanwhile, the common market for civil aviation aims to achieve comprehensive integration and cooperation in the civil aviation sector in vital areas including air navigation, safety and security, and investigation of air accidents.

Source: Kuwait News Agency