UAE Participates in the Finance and Investment Committee of the Saudi-Emirati Coordination Council’s First Meeting

Published June 13th, 2021 - 10:56 GMT
UAE Participates in the Finance and Investment Committee of the Saudi-Emirati Coordination Council’s First Meeting
During the Meeting
Highlights
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.

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

From the UAE, His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance chaired the meeting alongside His Excellency Dr. Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies from Saudi Arabia. His Excellency Ahmed bin Lahej, Director General of the Federal Customs Authority, His Excellency 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 included in the UAE delegation participated in the meeting.

His Excellency Younis Haji Al Khoori stressed on 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 may affect projects and operations related to joint economic and commercial cooperation. His Excellency Al Khoori said: “The UAE is keen to strengthen joint cooperation frameworks with Saudi Arabia through joint strategic projects in all economic and investment fields, to create a more prosperous future for current and coming generations of 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.”

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 most important initiatives of the Finance and Investment Committee include: the initiative to facilitate the flow of traffic at ports, enhancing the strategic partnership between the UAE and Saudi Arabia in the common market, and issuing and using a virtual experimental electronic currency. Additionally, the initiatives include devising a mechanism to enable the branches of both countries’ banks to enhance their business, as well as coordination on modern Fintech works and the exchange of experiences.

The Ministries of Finance of the UAE and Saudi Arabia are working to implement 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.

Background Information

UAE Ministry of Finance

The UAE Ministry of Finance (MoF) is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. Among its core responsibilities are the preparation and allocation of the Federal Budget and the management of the government’s financial position.

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