Saudi Arabia and the UAE have unveiled a raft of economic deals, including in the defence industry, as the two Gulf countries look to boost ties, AFP reported Thursday (June 7th).
The two oil-rich Gulf nations signed 20 memoranda of understanding for over 60 joint projects to be implemented over the next five years in sectors including oil and gas, banking, nuclear energy and defence.
The projects were approved at a meeting of the Saudi-Emirati Co-ordination Council in Jeddah Wednesday night, chaired by Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan.
The deals do not involve the four other nations that constitute the Gulf Co-operation Council -- Bahrain, Kuwait, Qatar and Oman.
"The Saudi-Emirati Co-ordination Council provides the ideal model for bilateral co-operation between countries while supporting the Gulf Co-operation Council joint work system," said a statement by the Saudi information ministry after Wednesday's meeting.
The joint projects also include investments in the petrochemical sector, unified food security projects and creating a $1.4 billion agricultural investment firm.
The strategy calls for setting up a joint fund for nuclear energy and a bilateral council to co-ordinate well over $1.3 trillion in foreign investments.
