The United Arab Emirates and the Kingdom of Saudi Arabia have announced a joint vision for economic, developmental and military integration through 44 joint strategic projects, a media report said.
A total of 350 government officials from different fields 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 announcement of the strategy came during the first meeting of the Saudi-Emirati Coordination Council, chaired by Sheikh Mohammed 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 and Minister of Defence, Chairman of the Council for Economic Affairs and Development.
The leaders of the two countries have set a timeframe of 60 months to implement the strategic projects aimed at building an exceptional model between UAE and Saudi Arabia which supports the works of the GCC.
The Strategy also protects the interests of both countries and creates new opportunities for the two brotherly peoples. During the meeting, a number of joint projects were announced, including a unified strategy for food security, a unified plan for medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals.
The Strategy of Resolve also includes a plan to establish an agricultural investment company with a capital of Dh5 billion ($1.36 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 and integration, coordination of foreign military assistance and standardization in the military industry sector.
The two sides will work during the coming period 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.
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. A number of strategic projects were launched, and the structure of the Council was announced. The Council will follow up the implementation of projects within the set timeframe.
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, plus Dh150 billion ($40.8 billion) annually invested in infrastructure projects, which generates huge opportunities for bilateral cooperation," His Highness concluded.
The Strategy of Resolve was adopted during the meeting of the Saudi-Emirati Coordination Council as one of the main outputs of the council. The council set a timeframe of five years to implement the projects outlined in the strategy.
The strategy aims to create an exceptional model of integration and cooperation between the two countries through the implementation of joint strategic projects for the happiness and prosperity of the people of the two countries. The strategy comprises three main axes: economic, human and knowledge, political, security and military, as well as 44 joint projects out of 175 total initiatives.
On the sidelines of the first meeting of the Saudi-Emirati Coordination Council, the UAE signed 20 memorandums of understanding with Saudi Arabia to tackle areas of priorities and kick-start the implementation phase. The projects represent a new phase in the cooperation between the UAE and Saudi Arabia.
The Strategy of Resolve includes strategic projects for each of the three main axes, representing a new phase in the Saudi-Emirati relations. The economic axis aims at strengthening the integrated economic system between the two countries and finding innovative solutions for optimal utilization of existing resources.
The economic axis focuses on the following areas: financial services and markets, logistics and infrastructure, production and industry, supply’s security, customs union and common market, environment, agriculture and water, renewable energy, tourism and national heritage, business leadership, foreign partnerships, government development and government services, housing, youth, sports, oil, gas and petrochemicals.
The economic axis outlines a number of joint projects between the two countries, including: - Launching the policy of empowering the banking sector to enable branches of banks in the two countries to enhance their business and benefit from the available growth opportunities, and facilitate the work procedures in both countries.
The cooperation in the political, security and military axis aims at enhancing cooperation and integration between the two countries in the political, security and military fields, thus maintaining the sovereignty of both nations regionally and globally. This axis includes a number of initiatives such as the joint manufacturing of ammunition, light weapons, vehicles, and electronic shooting systems, as well as cooperation and coordination in foreign military assistance, cooperation in the maintenance of military systems, and standardization of the military industry.