UAE and Saudi set to strengthen financial economic cooperation

The UAE, represented by the Ministry of Finance (MoF), hosted the meeting of the Finance and Investment Committee of the Saudi-Emirati Coordination Council, which took place at the Partners Building at Expo 2020 Dubai, to discuss topics related financial and economic cooperation between the UAE and Saudi Arabia.

The meeting sought to follow up on the strategic initiatives in various fields, including financial services and markets, entrepreneurship support, customs cooperation and common market, and tourism and national heritage - in addition to the mechanisms for their implementation in accordance with the approved plans.

From the UAE, Younis Haji Al Khoori, Undersecretary of Ministry of Finance chaired the meeting alongside senior officials from MoF, in addition to representatives from the Ministry of Economy; Ministry of Foreign Affairs and International Cooperation; Ministry of Climate Change and Environment; Ministry of Industry and Advanced Technology; Ministry of Energy and Infrastructure; Central Bank of the UAE; as well as the Federal Authority for Identity, Citizenship, Customs and Ports Security. From Saudi Arabia, His Excellency Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies chaired the meeting alongside senior officials from the Saudi Ministry of Finance, in addition to representatives from Saudi Ministry of Environment, Water and Agriculture; Ministry of Tourism of Saudi Arabia; the Saudi Central Bank (SAMA); Zakat, Tax and Customs Authority; General Authority for Foreign Trade; Saudi Standards, Metrology and Quality organisation (SASO); Saudi Food and Drug Authority; and the Saudi Export Development Authority.

During the meeting, Younis Haji Al Khoori welcomed the Saudi delegation and praised the strong relations between the UAE and Saudi Arabia and both nations’ leaderships.

Al Khoori said: “The UAE is keen to strengthen the strategic partnership and bilateral cooperation between the two brotherly countries in the financial, economic and investment fields, in order to achieve their common vision, ensure the continuation of development, progress and prosperity for their peoples, and build a more sustainable future for generations to come.”

Dr. Abdulaziz Al Rasheed said: “The meeting comes within both countries’ keenness to promote integration in various fields through the Coordination Council, which has made remarkable progress over the past five years.”

During the meeting, several sessions on various areas related to the Finance and Investment Committee were held to discuss the progress of the initiatives and ensure their implementation in accordance with the approved plans. This is to fulfil the requirements of the Executive Committee Secretariat of the Saudi-Emirati Coordination Council, as well as devise solutions to the challenges that may face and impede the progress of the initiatives and projects. Also held during the meeting was a dialogue session to discuss how to resolve challenges, ensuring the interests of both countries are taken into consideration. That, in addition to customs challenges currently facing national companies at ports in both countries, which the challenge review team has yet to agree upon the recommendations suggested in previous meetings to resolve these challenges.

At the end of the meeting, participants toured a group of pavilions at Expo 2020 Dubai, such as the UAE Pavilion, Saudi Arabia Pavilion and Gulf Cooperation Council Pavilion.

The most important initiatives of the Finance and Investment Committee include: the initiative to facilitate the flow of traffic at ports, enhancing the strategic partnership between the UAE and Saudi Arabia in the common market, and issuing and using a virtual experimental electronic currency. Additionally, the initiatives include devising a mechanism to enable the branches of both countries’ banks to enhance their business, as well as coordination on modern Fintech works and the exchange of experiences.