UAE, Saudi Arabia unveil economic cooperation plan

The UAE and Saudi Arabia have signed a seven-point agreement to boost economic ties.

The two countries struck the deal in Abu Dhabi during a meeting of the Executive Committee of the Saudi-Emirati Co-ordination Council on Saturday.

Financial services, tourism, aviation and SMEs are some of the sectors covered under the partnership.

Plans include the development of a joint cryptocurrency aimed at easing cross-border payments. It will be strictly targeted at banks in the initial phase.

Another initiative aims to ease the flow of traffic at the entry ports between the two countries, while they have also agreed to set up a joint platform to help SMEs benefit from government contracts in both countries.

A financial awareness programme for children has also been announced to get them thinking about money management from an early age.

It will target youngsters between 7 and 18 years old with lessons on savings and smart spending as well as entrepreneurship.

A joint exercise to test the supply security system during a crisis or natural disasters was also agreed.

Other initiatives include enhancing the travel experience of people of determination by ensuring the compliance of disabled-friendly airports in both countries.

The seventh initiative is a Saudi-Emirati common market for civil aviation which aims to achieve comprehensive integration in vital areas including air navigation, safety and security, and investigation of air accidents.