UAE hosts Saudi-Emirati Co-ordination Council meeting at Expo 2020 site

Committee discussed initiatives in various fields such as financial services, entrepreneurship, customs co-operation and tourism

Younis Al Khoori (without mask), undersecretary in the UAE Ministry of Finance, during the Saudi-Emirati Coordination Council's meeting in Dubai. Image: UAE Ministry of Finance

The UAE hosted a meeting of the finance and investment committee of the Saudi-Emirati Co-ordination Council, which explored the financial and economic co-operation between the Arab world’s two biggest economies.

The committee, which met at the Expo 2020 site, discussed strategic initiatives in various fields, including financial services and markets, entrepreneurship support, customs co-operation and the common market, as well as tourism and national heritage.

The UAE is keen to strengthen the strategic partnership and co-operation with the kingdom in the financial, economic and investment fields, said Younis Al Khoori, undersecretary in the UAE’s Ministry of Finance, who chaired the meeting from the Emirati side.

It will help 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”, he said.

Members during the Saudi-Emirati Co-ordination Council after a meeting in Dubai. Image: UAE Ministry of Finance

The Saudi-Emirati Co-ordination Council was established through an agreement between the UAE and Saudi Arabia in May 2016, in line with orders from President Sheikh Khalifa and King Salman of Saudi Arabia.

The council's aim is to achieve the two countries' joint vision in the areas of economy, social development, politics and military integration, as well as to ensure the welfare of their communities.

It held its first meeting in Jeddah in June 2018.

“The meeting comes within both countries’ keenness to promote integration in various fields through the co-ordination council, which has made remarkable progress over the past five years,” said Abdulaziz Al Rasheed, Saudi Arabia's Assistant Minister of Finance responsible for international financial affairs and macro-fiscal policies.

During the meeting, several sessions were held to explore the progress of the current initiatives and ensure they are put into effect in accordance with the approved plans.

Some of the initiatives of the finance and investment committee include promoting the flow of traffic at ports, enhancing strategic partnerships in the common market and issuing and using a virtual experimental electronic currency.

The committee is also working to have a mechanism in place to enable banks to enhance their business and advance FinTech initiatives.

Updated: January 12th 2022, 4:34 PM