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

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.

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