Saudi-Emirati Coordination Council meeting takes place remotely

The United Arab Emirates’ Ministry of Finance (MoF), participated in the first meeting of the Finance and Investment Committee of the Saudi-Emirati Coordination Council on Sunday.

Taking place virtually, 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. It also discussed 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 Abdulaziz al-Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies from Saudi Arabia.

Al-Khoori stressed on the importance of this meeting, serving as an effective platform that enables the UAE and Saudi Arabia to discuss and devise proactive plans for various challenges that may affect projects and operations related to joint economic and commercial cooperation.

He said: “The UAE is keen to strengthen joint cooperation frameworks with Saudi Arabia through joint strategic projects in all economic and investment fields, to create a more prosperous future for current and coming generations of both countries. This meeting discussed pivotal economic trends such as the issuance and use of an experimental virtual electronic currency, the facilitation of customs procedures for cross-border trade, and the exchange of goods.”

These meetings come within the framework of implementing the directives of the wise leadership in both countries, and to follow up on the progress of the initiatives and projects and ensure their implementation in accordance with the approved plans. That, in addition to devising solutions to the challenges that may face and obstruct the progress of projects and submitting periodic reports (every three months) to the Executive Committee on the progress of the initiatives and projects implemented by the Finance and Investment Committee.

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.

The finance ministries of the UAE and Saudi Arabia are working to implement the decisions of the Saudi-Emirati Coordination Council and the Finance and Investment Executive Committee by strengthening ties between both countries and achieving the aspirations and objectives of the Saudi-Emirati Coordination Council. This is to activate and achieve the common vision and intensify bilateral cooperation on issues of common interest – to create a better future for citizens in both nations.

Ahmed bin Lahej, Director General of the Federal Customs Authority, Juma Muhammed al-Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, and other senior officials from the Ministry of Finance, the Central Bank, the Ministry of Economy and the Federal Customs Authority included in the UAE delegation participated in the meeting.