EDA to strengthen the economic might of UAE and Saudi Arabia

For the first time in the UAE, the Emirates Diplomatic Academy (EDA) is hosting the Economic Diplomacy Seminar for the UAE and Saudi Arabia, aimed at strengthening the economic might of the two nations.

Held in partnership with Prince Saud Al-Faisal Institute of Diplomatic Studies, the event seeks to support UAE and Saudi entities in foreign markets, evaluate the level of global integration of their economies and promote the attraction of foreign direct investments (FDI) to support job creation in the two countries.

Dr Mariam Ibrahim Al Mahmoud, Acting Deputy Director General of EDA, said: “The UAE and Saudi Arabia have many common interests. They both view economic prosperity as a top priority, and share a vision to develop a knowledge economy and gradually increase the contribution of non-oil sectors to the GDP by 2030. In this context, we are proud to organise the first Economic Diplomacy Seminar for the two countries. The goal of this significant event is to boost the economic power of our nations.”

She added: “In the current changing world order, economic diplomacy is crucial to wielding influence and to growth. I am confident that our distinguished panel of experts will propose pivotal ideas to help overcome global economic challenges.”

The event will feature an impressive line-up of experts, economists, diplomats and academics. Participants will predominantly focus on the vital roles that ministries of foreign affairs and embassies play in economic diplomacy.

His Excellency Dr Abdullah Al Salamah, Director General of Prince Saud Al-Faisal Institute of Diplomatic Studies, said: “A deep-seated cognition of economic and commercial diplomatic skills, as well as know-how of international organisations, global economic and trade changes, and opportunities and challenges, are key strengths in diplomatic work today. This includes a comprehensive understanding of the vital roles of embassies and diplomatic missions in protecting national interests, promoting investments, and accessing new markets.”

Dr Al Salamah added: “As our countries move towards a more diversified economy, it is crucial to bring together domain experts and diplomats, in order to gain a deeper insight into the various challenges, while also ensuring the effectiveness of diplomatic performances.”

Set to run at Four Seasons Hotel Abu Dhabi from 8 to 9 December, the much-anticipated seminar will highlight the UAE’s and Saudi Arabia’s economic prospects, as well as the importance of diplomatic missions in achieving the objectives of the two nations. Experts will also discuss the current and future trends in the regional and global markets, including geopolitical risks and climate change, and their impact on the world economy.

Furthermore, the seminar will examine the statistics and prospects of FDI in the UAE and Saudi Arabia, as well as review proposals of policies for diplomatic missions, aimed at driving development programmes and initiatives.

EDA is the UAE’s leading international relations and diplomatic institution and was established in Abu Dhabi in 2014. A prestigious platform that combines the best of academia, research and practice, EDA equips the UAE’s current and future diplomats with the knowledge and multi-disciplinary skills to effectively serve their nation. A dynamic community of seasoned diplomats, renowned faculty, respected thought leaders, experienced researchers, international partners and exceptional aspiring diplomats come together at EDA to create an ecosystem of continuous learning and achievement - a true centre of excellence for diplomatic capacity development, research and thought leadership in the UAE.

Last month the first joint conference between bank officials in Saudi Arabia and the UAE convened in Riyadh to deliberate key challenges and opportunities in areas of direct impact on the two countries’ banking sectors.

The conference opened in the presence of the Governor of Saudi Arabian Monetary Authority (SAMA) Dr Ahmed Abdulkarim Alkholifey, and Mubarak Rashed Al Mansoori, Governor of UAE Central Bank.

Addressing the conference, which was organised by the SAMA in cooperation with the Central Bank of the United Arab Emirates, Al Mansoori said that the robust partnership between the UAE and Saudi Arabia is likely to ensure continued cooperation and integration in areas of financing, investment and banking activities.

“The UAE-Saudi trade exchanges amounted to over Dhs107 billion by the end of September 2019,” he added, affirming that the two countries are closely monitoring the multi-faceted and rapid global developments associated with the Fourth Industrial Revolution, including blockchain and IoT, thanks to their resilience financial systems and robust FinTech ecosystem.