UAE, Saudi Arabia agree plan for joint cryptocurrency
Saudi-Emirati Coordination Council agrees seven initiatives at its first meeting in Abu Dhabi
Tags: Cryptocurrency, Saudi Arabia, United Arab Emirates
Saudi Arabia and the UAE will develop a digital currency for use in the banking sector.
By Sam Bridge Published January 20, 2019
The UAE and Saudi Arabia have agreed new plans to collaborate on key sectors such as cryptocurrencies, civil aviation and small and medium-sized enterprises (SMEs).
The Executive Committee of the Saudi-Emirati Coordination Council agreed seven initiatives at its first meeting in Abu Dhabi to follow up on the execution of the Strategy of Resolve.
The strategy includes areas of collaborations and sets forth the joint vision of economic, social and military integration between the two countries.
The committee was headed by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, from the UAE side, and Mohammed bin Mazyad Altwaijri, Minister of Economy and Planning, from the Saudi side.
According to state news agency WAM, the initiatives cover sectors including services and financial markets, tourism, aviation, entrepreneurship, and customs and security.
The seven initiatives include a Saudi-Emirati pilot cryptocurrency.
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The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The project will also determine the impact of a central currency on monetary policies.
Another initiative aims to ease the flow of traffic at the entry ports between both countries with the application of the "authorised economic operator" framework. The number of companies listed is 41 from Saudi Arabia and 40 from the UAE.
The two countries have also agreed to set up a joint platform to support SMEs that allows registered Saudi and UAE SMEs to benefit from government procurement allocations from both countries.
A financial awareness programme for children has also been announced to promote basic financial concepts to youngsters between 7 and 18 years old while a joint exercise to test the supply security system during a crisis or natural disasters was also agreed.
The initatives also 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 and cooperation in vital areas including air navigation, safety and security, and investigation of air accidents.
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