Connect with us


UAE hosts meeting of Finance and Investment Committee of Saudi-Emirati Coordination Council

DUBAI, 12th January, 2022 (WAM) — The UAE, represented by the Ministry of Finance (MoF), hosted the meeting of the Finance and Investment Committee of the Saudi-Emirati Coordination Council, which took place at the Partners Building at Expo 2020 Dubai, to discuss topics related financial and economic cooperation between the UAE and Saudi Arabia.

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, Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, chaired the meeting alongside senior officials from MoF, in addition to representatives from the Ministry of Economy; Ministry of Foreign Affairs and International Cooperation; Ministry of Climate Change and Environment; Ministry of Industry and Advanced Technology; Ministry of Energy and Infrastructure; Central Bank of the UAE; as well as the Federal Authority for Identity, Citizenship, Customs and Ports Security. From Saudi Arabia, Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies chaired the meeting alongside senior officials from the Saudi Ministry of Finance, in addition to representatives from Saudi Ministry of Environment, Water and Agriculture; Ministry of Tourism of Saudi Arabia; the Saudi Central Bank (SAMA); Zakat, Tax and Customs Authority; General Authority for Foreign Trade; Saudi Standards, Metrology and Quality Organisation (SASO); Saudi Food and Drug Authority; and the Saudi Export Development Authority.

During the meeting, Al Khoori welcomed the Saudi delegation and praised the strong relations between the UAE and Saudi Arabia and both nations’ leaderships. He said, "The UAE is keen to strengthen the strategic partnership and bilateral cooperation between the two brotherly countries in the financial, economic and investment fields, in order to achieve their common vision, ensure the continuation of development, progress and prosperity for their peoples, and build a more sustainable future for generations to come."

Dr. Al Rasheed said, "The meeting comes within both countries’ keenness to promote integration in various fields through the Coordination Council, which has made remarkable progress over the past five years."

During the meeting, several sessions on various areas related to the Finance and Investment Committee were held to discuss the progress of the initiatives and ensure their implementation in accordance with the approved plans. This is to fulfill the requirements of the Executive Committee Secretariat of the Saudi-Emirati Coordination Council, as well as devise solutions to the challenges that may face and impede the progress of the initiatives and projects. Also held during the meeting was a dialogue session to discuss how to resolve challenges, ensuring the interests of both countries are taken into consideration. That, in addition to customs challenges currently facing national companies at ports in both countries, which the challenge review team has yet to agree upon the recommendations suggested in previous meetings to resolve these challenges.

At the end of the meeting, participants toured a group of pavilions at Expo 2020 Dubai, such as the UAE Pavilion, Saudi Arabia Pavilion and Gulf Cooperation Council Pavilion.

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. Other 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


UK publishes roadmap for reaching tech superpower status by 2030

LONDON, 22nd March, 2023 (WAM) — The UK has today published a roadmap for reaching tech superpower status by 2030 through a new International Technology Strategy.

The Foreign Secretary and the Science, Innovation and Technology Secretary set out at the launch in London how the UK will build on the strength of its tech sector, which is already the largest in Europe and the third highest valued in the world after the USA and China, said a press release issued by the UK's Foreign, Commonwealth and Development Office.

The UK, guided by four principles – to be open, responsible, secure and resilient – will shape the future of technology in a way that promotes its use positively, and drives innovation and UK tech leadership, while boosting its security from new and emerging threats.

The UK Government will work closely with Governments, academia and industry to leverage the UK’s world-leading strengths in technology through international partnerships with established and emerging science and technology powerhouse nations.

The Prime Minister has made growing the economy, creating better paid jobs and opportunity across the country, one of his five priorities. Investing in the UK's thriving tech sector will directly contribute to that. The sector was worth US$1 trillion in 2022, and the UK is home to more than 85,000 start-ups and scale-ups. More investment was generated in the UK tech sector last year than in France and Germany combined, creating and sustaining high quality jobs around the country.

The International Tech Strategy will boost growth in this sector, strengthening the country's position on the world stage while forging long-term links that will promote the UK as place for investment and collaboration in the technologies of the future.

Foreign Secretary James Cleverly said, “Now more than ever, it is important that the UK steps up to promote British tech excellence worldwide.”

He added that this strategy will help deliver on the UK's ambition to be a tech superpower by 2030, backing UK businesses and helping the country solve the challenges of tomorrow through innovation and international collaboration.

Technology Secretary Michelle Donelan said, “We are a top-class breeding ground for emerging tech, but being a superpower means working with our international partners to turn these nascent technologies into global industries."

Donelan added, “Our International Tech Strategy will ensure we deepen collaboration with our allies on the technologies of tomorrow, driving growth and prosperity for the UK while strengthening our national security.”

As part of the strategy, the UK will also work with the Organisation for Economic Co-operation and Development (OECD) Global Forum on Technology to engage with the international community on how to better use technology.

“We will also build on the UK’s success in securing a seat on the Council of the International Telecommunications Union (ITU), working together with partners to increase worldwide connectivity, and provide clear leadership in the telecoms sector,” said the press release.

Continue Reading


UAE distributes 200 tons of dates to quake-affected people in Türkiye

ANKARA, 22nd March, 2023 (WAM) — The UAE Joint Operations Command of the Ministry of Defence in cooperation with the "Chivalrous Knight / 2" operation began distributing 200 tons of dates to approximately 11 earthquake-affected areas in several Turkish villages and cities.

The initiative reflects the wise leadership's keenness to provide assistance to affected families and alleviate their suffering ahead of the Holy Month of Ramadan.

The dates will be distributed to eligible groups based on their humanitarian and economic conditions.

The Joint Operations Command continues to implement the recovery and rehabilitation stage, following its success in achieving the rapid response phase within the "Chivalrous Knight / 2" operation.

Continue Reading


Earthquake in Afghanistan kills at least 11

ISLAMABAD, 22nd March, 2023 (WAM) — At least nine people were killed and 44 injured in northwest Pakistan by a magnitude 6.5 earthquake that struck in neighbouring Afghanistan late on Tuesday, Reuters reported.

At least two people were killed in Afghanistan, a disaster agency official there said.

The quake was felt over an area more than 1,000 km wide by some 285 million people in Pakistan, India, Uzbekistan, Tajikistan, Kazakhstan, Kyrgyzstan, Afghanistan and Turkmenistan, the European-Mediterranean Seismological Centre said.

The epicentre was in the Hindu Kush mountains, in the sparsely populated northeastern Afghan province of Badakhshan, 40 km (25 miles) southeast of Jurm village, at a considerable depth of 187 km (116 miles), the US Geological Survey said.

In Pakistan's Khyber Pakhtunkhwa province, on the Afghan border, nine people were killed and 44 injured, senior provincial official Abdul Basit told Reuters on Wednesday, adding that at least 19 houses were damaged.

Continue Reading