Image Credit: WAM
In the first ever meeting of Saudi-Emirati Coordination Council, both the countries have agreed upon forty four joint projects to promote economic and military cooperation.
The meeting was chaired by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Saudi Crown Prince Mohammad Bin Salman Bin Abdul Aziz Al Saud, Crown Prince, Deputy Prime Minister, Minister of Defence of Saudi Arabia in Jeddah.
The initiative named as ‘The Strategy of Resolve’ will have projects based on economy, knowledge and military. The council has set a five-year time-frame for the implementation of these projects.
‘The Strategy of Resolve’ includes an agricultural investment company, a joint venture fund for renewable energy and another investment fund for small and medium-sized enterprises.
The region’s two largest Arab economies have also decided to empower the banking sector in both countries, ease economic procedures. Well defined strategies for food security and joint investment in oil, gas and petrochemicals have also been proposed.