UAE participates in Finance and Investment Committee of Saudi-Emirati Coordination Councils first meeting

ABU DHABI- The UAE, represented by the Ministry of Finance (MoF), participated today in the first meeting of the Finance and Investment Committee of the Saudi-Emirati Coordination Council, which took place virtually.

The meeting sought to follow up on strategic initiatives in various fields, including financial services and markets, support for entrepreneurship, customs cooperation and common markets, along with tourism and national heritage - in addition to the mechanisms for their implementation, in accordance with the approved plans.

From the UAE, Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, chaired the meeting alongside Dr. Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies from Saudi Arabia. Ahmed bin Lahej, Director-General of the Federal Customs Authority, Juma Muhammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, and other senior officials from the Ministry of Finance, the Central Bank, the Ministry of Economy and the Federal Customs Authority were included in the UAE delegation and participated in the meeting.

Al Khoori stressed the importance of this meeting serving as an effective platform that enables the UAE and Saudi Arabia to discuss and devise proactive plans for various challenges that might affect projects and operations related to joint economic and commercial cooperation.

"The UAE is keen to strengthen joint cooperation with Saudi Arabia through joint strategic projects in all economic and investment fields, to create a more prosperous future for current and coming generations in both countries. This meeting discussed pivotal economic trends, such as the issuance and use of an experimental virtual electronic currency, the facilitation of customs procedures for cross-border trade, and the exchange of goods," said Al Khoori.

These meetings come within the framework of implementing the directives of the wise leadership in both countries, and to follow up on the progress of the initiatives and projects and ensure their implementation, in accordance with the approved plans. That, in addition to devising solutions to the challenges that may face and obstruct the progress of projects and submitting periodic reports (every three months) to the Executive Committee on the progress of the initiatives and projects implemented by the Finance and Investment Committee.

The Ministries of Finance of the UAE and Saudi Arabia are working to carry out the decisions of the Saudi-Emirati Coordination Council and the Finance and Investment Executive Committee by strengthening ties between both countries and achieving the aspirations and objectives of the Saudi-Emirati Coordination Council. This is to activate and achieve the common vision and intensify bilateral cooperation on issues of common interest to create a better future for citizens in both nations.