Saudi-UAE panel reviews progress of joint strategic projects

The executive committee of the Saudi-Emirati Coordination Council on Saturday reviewed the progress of the implementation of joint strategic projects, within the "Strategy of Determination" and discussed the latest cooperation between the two parties, state news agency SPA reported.

Initiatives and priorities were also discussed, and their work and performance indicators were followed up, it added.

"The UAE and Saudi Arabia constitute a model for full integration and harmony as they share common visions on a host of issues of mutual interest," Mohammad Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and the Future said during the panel's meeting in Jeddah.

"The two countries are taking deeper, stronger and strategic steps to bring about happiness and prosperity to their peoples. The first meeting of the chairmen of the council's executive committee complements efforts being made under the umbrella of the longstanding, strong bilateral ties," he stated.

"We are determined through this committee to achieve the maximum benefit from opportunities for cooperation and set a general framework to integrate efforts between work teams in implementing projects. Now, we have more than 175 initiatives and projects which will define a new reality and era of constructive work in the region.”

The executive committee 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.

In June, the two countries announced a joint vision for economic, developmental and military integration through 44 joint strategic projects. A total of 350 government officials from 139 government, sovereign and military entities prepared 'The Strategy of Resolve' within 12 months.

The strategy outlines three main axes: the economic axis, the human and knowledge axis, and the political, security and military axis.

The first meeting of the committee saw the formation of three other committees regarding the three main axes of the strategy. These committees will work to ensure optimum cooperation in areas of implementation of projects in each axis within the set time frame.

The creation of the coordination council reflects the strategic vision through which Riyadh and Abu Dhabi will address their challenges, depending on their respective sources of strength, the statement said

The economies of the two countries are worth $1 trillion - the largest in the Middle East - and are among the top 10 exporters in the world, with a value of more than $700 billion. The volume of non-oil trade between the two countries is worth $24 billion, while imports totaled nearly $550 billion.

The "Strategy of Resolve" includes a plan to establish an agricultural investment company with a capital of AED 5 billion, a joint venture fund for renewable energy and a third investment fund for small and medium enterprises. Nearly AED 150 billion will be invested annually in infrastructure projects, which generates huge opportunities for bilateral cooperation.