Business & Money | Sunday 20 January, 2019 3:24 am |

Supply chains and security systems are to be tested in preparation for a crisis or disaster in Saudi Arabia and the UAE, one of several initiatives agreed on Saturday by a body representing both countries.

The Saudi-UAE Coordination Council held its first executive committee meeting in Abu Dhabi. 

It was chaired by Minister of Economy and Planning Mohammed bin Maziad Al-Tuwaijri from the Saudi side, and Minister of Cabinet Affairs and the Future Mohammed bin Abdullah Al-Gergawi from the UAE side.

Al-Tuwaijri said the meeting was a continuation of the achievements made in bilateral relations.

A joint security cooperation program was signed to test the supply chain and security systems in the major sectors during a crisis or disaster, identify the points for improvement and develop a plan to address them.

It was agreed to introduce and market the products of small traders through joint events.

A virtual e-currency project was launched, but only on a trial basis. It will be restricted to trading between some banks in the Kingdom and the UAE in order to explore and prepare for future technologies.

Al-Tuwaijri also visited the Saudi Arabian pavilion at Expo 2020 in Dubai, heading an official delegation from the Kingdom.

The group was received by the minister of state for international cooperation and director general of the expo, Reem bint Ebrahim Al-Hashimy.

Saudi Arabia was the first international participant to begin building its pavilion for the event.

The Kingdom and the UAE have the two largest economies in the Gulf Cooperation Council and a combined gross domestic product of around $1 trillion.

There was a Saudi-UAE Coordination Council meeting last June in Jeddah that was chaired by the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed and the Kingdom’s Crown Prince Mohammed bin Salman.  

The two main goals set out at that meeting were to enhance the domestic economy of both nations and counter threats to Gulf and Arab security.