Saudi Arabia and UAE Agree to Launch New Cryptocurrency

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Saudi Arabia and United Arab of Emirates (UAE) have entered into an agreement where both countries have decided to collaborate on various industrial sectors including the likes of civil aviation, cryptocurrency, and small and medium-sized enterprises (SMEs). The decision in this regard was taken at the first meeting of Saudi-Emirati executive committee held in Abu Dhabi. So that you know, both the countries have jointly constituted a coordination council named Saudi-Emirati Coordination Council. The council has agreed to work on the seven initiatives to enhance business and industry coordination two countries under the vision christened “Strategy of Resolve”.

Vision of Strategy of Resolve

The strategy envisages the deep collaboration between the two countries in economic, social, and military domains while enhancing the integration in a host of other areas of strategic importance. In terms of representation in the committee, the Saudi side is represented by the country’s Minister of Economy and Planning, Mohammed bin Mazyad Altwaijri while the UAE is headed by Minister of Cabinet Affairs and The Future, Mohammed Bin Abdullah Al Gergawi. The state news media agency WAM reported that the collaboration initiatives are focused in the areas such as financial and services markets, entrepreneurship, aviation, tourism, and customs and security, etc. More importantly, however, these initiatives include bringing a pilot cryptocurrency in the market which will be jointly developed by both the countries. The primary objective behind the development of cryptocurrency is to facilitate cross-border payments and in the initial pilot phase, the digital currency will be targeted only for banks. The pilot project will also help the countries to explore the blockchain technology and determine the impact of cryptocurrency on the various economic and monetary policies of both the nations.

Initiatives for Wider Cooperation

Another major initiative that both the countries have agreed on is the development and application of “authorized economic operator” that will help to ease the traffic between the countries at the entry ports. The total number of companies that are listed on the framework is 40 from the side of UAE while 41 are listed on the side of Saudi Arabia. Both the countries have also agreed upon to establish a joint platform to help and support SMEs on both sides. The provisions of the new platform will help the SMEs to draw benefits from the allocation made for the government procurements in both of the countries.

To promote financial awareness among the children, both of the countries have jointly announced a new financial awareness program for the youngsters aged between 7⎯18 years. Both countries have also agreed to conduct a joint safety exercise to test the preparedness of supply and security systems for natural disasters or any other kind of crisis. For promoting the tourism and travel experience, UAE and Saudi Arabia have decided to comply with the disabled-friendly measures and mechanisms at the airport of both nations. The list of initiatives also includes establishing a common market for the civil aviation that will enable the countries to exchange, cooperate, and integrate into important areas such as air navigation, investigation of the air accidents, and safety and security of the airlines and the passengers.

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