KSA and UAE sign 20 memorandums of understanding to implement Resolve Strategy Projects

Jeddah The Saudi-Emirati Coordination Council adopted in Jeddah yesterday the strategy of resolve and the joint work mechanism during the next five years between the two countries, whereas the strategy includes three main axes including economic axis, human and knowledge axis, and security and military axis, as well as 60 joint projects out of 175 projects aimed at strengthening cooperation between the two countries and supporting the system of Gulf Cooperation Council (GCC) for Arab States.

On the sidelines of the first meeting of the Saudi-Emirati Coordination Council, 20 memorandums of understanding were signed between the two countries to implement the projects of the Strategy of Resolve on the three major axes.

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.

- Exchange of experiences in the field of modern financial technology to identify opportunities and challenges.

- Sharing experiences in the insurance sector to improve and support insurance markets in terms of products, pricing and regulatory mechanism.

- Sharing experiences in infrastructure management.

- Sharing experiences in the field of safety and road maintenance.

- Establishment of a joint investment fund to invest in small and medium-sized enterprises of the emerging industrial sectors in partnership with the private sector.

- Activating value-added manufacturing industries in combination with existing industries to support manufacturing industries and implement them through small and medium enterprises in the fields of iron, aluminium and petrochemicals.

- Building a precise and standardized industrial database as well as standardization of coding systems for industrial goods and services.

- Conducting a joint exercise between the two parties to test the supply security system in key sectors.

- Developing a strategic medical stock plan, establishing a joint plant for the manufacture of sensitive medical drugs, and establishing a joint reference laboratory to achieve safety standards in this field and exchange experiences, cadres and medical staff in the field of emergency and crisis.

- Joint cooperation in the field of taxation.

Source: Saudi Press Agency