More than 175 initiatives and projects are being discussed
Saudi-Emirati Co-ordination Council meets in Jeddah
More than 175 initiatives and projects are being discussed by the Saudi-Emirati Coordination Council.
The second meeting of the council took place in Jeddah on Saturday and organisers said the projects will herald a new era for the region, Wam said.
The council first met last June to boost co-operation between both countries.
At least 44 joint strategic projects were established then to promote economic, developmental and military integration under what was called the "strategy of resolve".
It is believed the 175 initiatives come under these 44 projects.
The meeting on Saturday was co-chaired by Mohammed Al Gergawi, Minister of Cabinet Affairs and The Future, and Mohammed Al Tuwaijri, the Saudi Arabian minister of economy and planning.
Mr Al Gergawi said that the UAE and Saudi Arabia share a common vision on many issues.
"The two countries are taking deeper, stronger and strategic steps to bring about happiness and prosperity to their peoples," he said.
''We are determined through this committee to achieve the maximum benefit from [these] opportunities and potential for joint cooperation and set a general framework to integrate efforts between ... teams in implementing the projects," he said. "Now, we have more than 175 initiatives and projects which will define a new reality and era of constructive work in the region."
The first meeting in June led to the formation of three committees to oversee the three main pillars of co-operation.
An agricultural investment company with Dh5 billion in capital is to be established, along with a a joint venture fund for renewable energy and a third investment fund for small and medium enterprises.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, attended the inaugural meeting in June.
“We have a historic opportunity to create an exceptional Arab model of co-operation. Our solidarity and unity protect our interest, strengthen our economies and build a better future for our peoples,” Sheikh Mohammed said at the time.
“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.
The council includes 16 ministers from both countries.
The establishment of the co-ordination council followed a decree by UAE President Sheikh Khalifa last December announcing a new alliance with Saudi Arabic across defence, politics and the economy.