Senior Emirati and Saudi ministers have hailed a landmark agreement which will deepen cooperation between the two countries.
Abu Dhabi and Riyadh announced a seven-point plan on Saturday following the meeting of the Executive Committee of the Saudi-Emirati Co-ordination Council.
The initiatives include developing a joint cryptocurrency, a form of customs union and measures to ensure goods and supplies flow in the event of a crisis.
The UAE Minister of State for Foreign Affairs said the deal lays down a new basis for Arab diplomacy that efficiently addresses critical and fundamental issues.
"The Arab world is going through a watershed in its history during which it is facing myriad challenges, the survival of which entails that the two countries adopt an integrated vision toward regional developments. We should not look back on the past,” Dr Anwar Gargash said.
“Today Riyadh and Abu Dhabi are spearheading a major transition in the region and all parties concerned should support their efforts to ensure remarkable progress and development in the region," he added.
Saudi Arabia’s Minister of Economy and Planning Mohammed Al Tuwaijri said the agreement marked a vital breakthrough in relations between the two nations.
“The Council was established to create an exceptional model in cooperation relations between the two brotherly countries, and to seek to strengthen the ties of interdependence and develop them, and to support the development opportunities of the two countries economically, in human development and in terms of knowledge and to boost them,” Mr Al-Tuwaijri said.
“This places great tasks upon us, which we are honoured to carry out, and we strive to achieve them in the fullest possible manner.”
UAE Minister of Cabinet Affairs and the Future Mohammad Al Gergawi, who heads the Executive Committee from the UAE side, said the meeting was a “continuation of the enhancement of integration in issues of common concern.”
He said: "Our goal is to see Saudi and Emirati citizens see themselves in a single fabric with a common aspiration for a bright future."
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said the plan would unlock “a considerable investment value”, with both countries economies valued at more than $1.2 trillion (Dh4.4 trillion).
The initiatives, which aim to improve financial literacy among young people, would create employment opportunities for the youth of both countries, said Hussain bin Ibrahim Al Hammadi, UAE Minister of Education.
"We have ambitious projects in the education sector in both countries that will provide vocational training opportunities, from which large segments of the two countries' youth will benefit," the minister said.