The Executive Committee of the Saudi-Emirati Coordination Council announced the launch of 7 strategic initiatives namely the joint cryptocurrency to embody bilateral integration in various fields of services.
The Committee held its first meeting in Abu Dhabi with the participation of all 16 members, headed by Saudi Minister of Economy and Planning, Mohammed al-Twaijri, and UAE’s Minister of Cabinet Affairs and The Future, Mohammad al-Gergawi to announce the launch of the strategic initiatives that reflect the bilateral integration as part of the “Strategy of Resolve”.
The initiatives include areas of collaborations and setting forth the joint vision of economic, social and military integration between the two countries.
Speaking at the occasion, Minister Gergawi said: “Our end goal is to make the Saudi and Emirati citizens work hand in hand having common aspirations towards a bright future”.
Gergawi added that the executive committee has a historic task to provide a successful model for bilateral integration. He asserted: “We have unlimited support by our leadership to unify and spare no efforts for the benefit of our citizens.”
Also at the occasion, Minister Tuwaijri said the Executive Committee’s meeting represents an important breakthrough, a real development, and an effective engine for the Council’s work.
The committee is implementing and following up on ideas, initiatives and projects, said Tuwaijri, adding: “We have a great responsibility and we are doing our best to fulfill it.”
The Committee’s key roles include removing any obstacles from the way of achieving joint initiatives and following up on projects focused on the security and prosperity of the two brotherly peoples, according to the Minister.
The Saudi-Emirati alliance is considered one of the strongest economic alliances in the world. Combined, the sovereign wealth funds of the Kingdom and the UAE are ranked second in the world.
Both countries rank eighth globally in terms of exports of goods and services based on the World Bank’s data.
The market capitalization 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, which amounts to 24.3 percent.
During the meeting, Saudi-Emirati Pilot cryptocurrency was launched as the first of its kind joint cryptocurrency. The cross-border digital currency will be strictly for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. It will determine the impact of a central currency on monetary policies.
Another initiative is that of facilitating the flow of traffic at the entry ports between both countries and at customs outlets through the adoption of the fast track system and the application of the "Authorised Economic Operator" framework. The initiative will contribute to smoother operations between customs and commercial establishments, and facilitated trade between the two countries.
Both countries also announced the establishment of a joint platform that allows registered Saudi and UAE SMEs to benefit from the government procurement allocations from both countries and to compete on terms of reciprocity on federal government procurement.
The fourth initiative is the Financial Awareness Program for Children which aims to promote the basic financial concepts youngsters between 7 and 18 years old. The program will enable them to simulate the business world to learn about saving and smart spending, as well as understand the culture of entrepreneurship through customized training courses.
The joint training exercise was launched to test the supply chain security systems in the vital sectors of the two countries during a crisis or natural disasters and to identify the points of improvement and develop an implementation plan accordingly.
The joint exercise will contribute to building a mechanism for direct communication and control of risks between the relevant units in both countries during emergency times, as well as the sharing of expertise, knowledge, and experience on supply chain security and risk management of both Saudi Arabia and UAE.
The Committee also launched an initiative which seeks to enhance the experience of travelers from the People of Determination, people with special needs. It ensures airports in both countries are disabled-friendly.
The Saudi-Emirati 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.
The Executive Committee of the Saudi-Emirati Coordination Council was established according to a cooperation agreement signed between the two countries in May 2016 to serve as a platform for coordination and consultation on vital issues of common interest.
