The Executive Committee of the Saudi-Saudi Coordinating Council held its first meeting to announce the completed and ready-to-launch initiatives within the framework of the Azzam strategy to implement the joint vision of economic, developmental and military integration between the two countries and intensifying bilateral cooperation on issues of mutual concern.

Under the chairmanship of the Minister of Cabinet and Future Affairs, Mohammed bin Abdullah Al Gergawi from the UAE side and the Minister of Economy and Planning Mohammad Al Tuwaijri announced the launching of seven strategic initiatives, led by the Common Virtual Currency, to embody bilateral integration in the fields of services and financial markets, Aviation, entrepreneurship, customs, supply security, and others.

"The first meeting of the committee, under the umbrella of the Saudi-Saudi Coordination Council, is a complement to enhance integration on issues of mutual concern," said Gergawi. "Our aim is to see the Saudi and Emirati citizens, who see themselves in a single fabric, share a common aspiration for a bright future," he said, stressing that the committee's work is a historic task to provide a successful model for bilateral integration. Our leadership, to unite efforts and exert energies for the benefit of our citizens ».

Al-Tuwaijri stressed the depth of the relations between the two countries. "The work of the first meeting of the committee represents an important vital breakthrough, a real developer and an effective engine for the work of the council.

He added that the role of the committee is to work to remove any obstacles that stand in the way of achieving joint initiatives and follow-up the progress of projects focused on achieving security and prosperity of the two peoples. The two brothers.

The UAE-Saudi alliance is one of the strongest economic alliances in the world. The sovereign wealth funds of the Kingdom and the UAE are the second largest in the world. The two countries rank eighth in the world in terms of exports of goods and services, according to World Bank data. And the two countries have oil reserves representing about a quarter of the world's total stock by 24.3%.

During the Executive Committee meeting, seven initiatives were launched in a number of vital hubs after months of joint work between the Saudi and UAE teams. The joint cooperation program was signed in the field of supply security between the Kingdom and the UAE.

The default currency

During the meeting, the pilot virtual currency was launched. The project is based on the experience of Block Qin technology to create a unified digital currency between the two countries and to be used between the participating banks on a pilot basis. The virtual currency relies on the use of a distributed database between the central banks and the participating banks to study the digital currencies, how they are issued and traded, and to understand the techniques used and the technical and operational influences in the current structure to determine the effect of issuing a digital central currency in monetary policies.

Flow of traffic in ports

The initiative to facilitate the movement of traffic in the ports aims at coordination in customs cooperation to ensure the smooth flow of traffic at customs outlets through the adoption of the fast track system and the bilateral coordination of the application of the approved economic operator. The initiative promotes the concept of partnership between customs and commercial enterprises, as well as enhancing the security of the global supply chain and the availability of more advantages to facilitate trade between the two countries. Currently, 41 companies from Saudi Arabia and 40 from the UAE are listed.

A Saudi - UAE platform

The establishment of a joint platform that allows Saudi and Emirati companies registered in the approved platforms of the two countries to benefit from the allocated government procurement and open the way for the small and medium enterprises of the two countries to compete and reciprocity on federal government procurement through the federal government procurement platform of the national program for small and medium enterprises In accordance with the procedures followed in the Kingdom.

Financial awareness of young people

The aim of the program is to raise awareness of financial skills and to promote the concepts of savings and smart spending for males and females between 7 and 18 years of age by practicing business and providing them with entrepreneurial skills and simulating the business world to serve the initiative of developing and disseminating the programs and content of the culture of entrepreneurship. Is to provide the young people with the necessary financial and personal skills through customized training courses. The second phase is the practical application where the small trader of financial awareness will be held. Participants will present their projects through a real personal experience that simulates the reality of business and investment. Leaving them deep impact in knowing the value of money and the importance of their savings and investment, and discover their attitudes and life goals, build multiple financial and personal skills.

An exercise to test supply security

The joint exercise is designed to test the supply security system to test the supply and supply chain security systems in the main sectors of the two countries during a crisis or disaster, and to identify the points of improvement and develop an implementation plan to address them. The joint exercise will contribute to building a mechanism for direct communication, control and control of risks between the National Risk Unit and the Authority National emergency, crisis and disaster management, coordination during emergencies, as well as the sharing of experiences, knowledge and experiences on supply security and risk management between the two countries.

Travelers are inspired

The aim of the initiative is to enhance the experience of interested travelers by unifying the procedures, facilities and legislation of the owners of the organization and facilitating their travel by creating friendly airports for those with interests in the two countries, standardizing travel procedures and legislations in both countries. Developing the services provided to travelers with an interest.

The standards will be implemented for travelers of mutual interest between the two countries, training airport staff to implement the right standards to ensure their rights, as well as developing regulations, standards and regulations on travel procedures for the target segment.

Common market for civil aviation

The Common Market for Civil Aviation aims to achieve comprehensive integration and cooperation in the civil aviation sector in vital areas, including air navigation, safety and security, and investigation of air accidents. The common aviation market is considered to be an advanced stage of economic integration, The region, which will be one of the largest aviation markets in the world, will positively affect the national output of both countries and will have a significant impact on economic growth through a convergence of legislation on civil aviation between the two countries.

The committee aims to ensure the effective implementation of the opportunities for cooperation and partnership between the two countries within the Council and to establish a clear performance measurement mechanism to ensure the sustainability of the plans and the success of the initiatives.

It is worth mentioning that the Coordinating Council was established within the framework of an agreement between the UAE and Saudi Arabia in May 2016. Under the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and his brother the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, to achieve a common vision. Areas of economy, human development and political and military security integration.

Mohammed Al-Gergawi:

"Our mission is historic ... and we have unlimited support from our leadership to unify efforts."

«Meeting update to promote integration of common themes».

Mohammed Al-Tuwaijri:

"The meeting represents an important vital breakthrough and an effective engine for the work of the Council."

"We have great tasks to honor and carry on.

Visit to Louvre Museum Abu Dhabi

Members of the Committee visited the Louvre Museum, Abu Dhabi, for the exhibition "Trade routes in the Arabian Peninsula: masterpieces of the effects of Saudi Arabia through the ages", which lists a journey to explore the history of the Arabian Peninsula through cutting and distinctive works of the Kingdom's heritage and culture, Of the rare pieces of the UAE, and touring the museum, which is the first international museum in the Arab world, is characterized by its unique architecture, and explains the stations of human history through collections rich in antiques and contemporary art, reflecting the UAE's pioneering cultural status, which is based on the values ​​of Tolerance, peace, goodness and generosity.