UAE and Saudi Arabia Announced Five Year Joint Vision through 44 Joint Projects

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UAE and Saudi Arabia Announced Five Year Joint Vision through 44 Joint Projects

The United Arab Emirates and the Kingdom of Saudi Arabia announced a joint vision for economic, developmental and military integration through 44 joint strategic projects.

They have set a timeframe of five years to implement the projects which include a unified strategy for food security, medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals.

It includes a plan to establish an agricultural investment company with a capital of AED5 billion.

The strategy will 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.

Both countries will work on 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.