The UAE and Saudi Arabia have announced a joint vision for economic, developmental and military integration through 44 joint strategic projects.
The Strategy of Resolve was announced during the first meeting of the Saudi-Emirati Coordination Council, chaired by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prince Mohammed Bin Salman Al Saud, Crown Prince, Deputy Prime Minister, Minister of Defence, and chairman of the Council for Economic Affairs and Development.
The leaders of the two countries have set a timeframe of five years to implement the projects which include a unified strategy for food security, medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals, state news agency WAM reported.
The strategy also includes a plan to establish an agricultural investment company with a capital of AED5 billion, a joint venture fund for renewable energy and a third investment fund for small and medium enterprises.
The strategy will also facilitate the flow of traffic in ports, build a unified industrial database, empower the banking sector in both countries, harmonize economic procedures and legislations and create a joint council to coordinate foreign investments.
The areas of cooperation identified by the Strategy of Resolve also include security and military cooperation.
The two sides will also work on activating the joint manufacturing industries, implementing the electric linkage project, launching joint housing and financing services and solutions, establishing a joint centre for the development of desalination technologies, cooperation in the management of infrastructure projects, and cooperate in the development of modern financial technology techniques, WAM said.
The first meeting of the Joint Coordination Council witnessed the signing of 20 memorandums of understanding to enhance the Saudi-UAE cooperation in various fields.
Sheikh Mohammed bin Zayed Al Nahyan said: "We have a historic opportunity to create an exceptional Arab model of cooperation. Our solidarity and unity protect our interest, strengthen our economies and build a better future for our peoples.
"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 $750 billion," he added.
The establishment of the Saudi-Emirati Coordination Council aims to maintain and further enhance strong ties between the countries.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.