Mof Hosts First Meeting of Saudi-Emirati Joint Working Group

The UAE Ministry of Finance recently hosted the first meeting of the Saudi-Emirati joint working group at the ministry’s headquarters in Dubai, as part of its continuous efforts to promote collaboration between the two countries.

Younis Haji Al Khoori, Under-Secretary of MoF, as well as representatives from the ministry and relevant government entities, attended the meeting of the group which is part of the Saudi-Emirati Coordination Council.

The Saudi delegation was headed by Jaber Al-Mishaal, Executive Director of International Relations and Commercial Attache at the General Authority for Foreign Trade.

Al Khoori welcomed the Saudi delegation and reaffirmed the deep historic relationship the two countries share based on the foundations laid by the late Sheikh Zayed bin Sultan Al Nahyan, the founder of the UAE.

"The UAE is keen to strengthen its cooperation with Saudi Arabia in various areas, especially when it comes to facilitating the flow of traffic at customs points.

This supports strategic projects between the two countries and helps achieve happiness and prosperity of the people," he said.

Al Khoori added, "This meeting is a platform to enable the two nations to discuss the mutual challenges that may affect economic and commercial cooperation.

As per the directives of the Executive Committee of the Saudi-Emirati Coordination Council, the Ministry of Finance will work to coordinate with the concerned authorities to ensure the optimal application of this meeting’s outcomes."

During the meeting results of the strategic partnership between the UAE and Saudi Arabia were reviewed, which demonstrated that the value of investments of Saudi citizens and banks in the UAE amounted to AED 10.93 billion in 2018, of which AED 6.35 billion was the value of Saudi investments in joint-stock companies allowed to be exchanged for Gulf nationals.

There was a further AED 4.58 billion in the value of Saudi investors’ transactions in the country.

The number of licences for economic activities granted to Saudi citizens in the UAE reached 12,329 in 2018, including 1,282 professional licences, 9,565 commercial, 950 industrial, 468 tourism, 29 agricultural and 35 for other activities.

The value of real estate deals made by Saudi citizens in 2018 amounted to AED 1,064 billion, and the total amount of real estate owners from Saudi citizens reached 14,455.

During the same year, the number of Saudi employees covered by pension and social security in the UAE reached 4,055 beneficiaries, and the number of Saudi students enrolled in general and vocational education schools in the country reached 2,147. Furthermore, the number of Saudis benefiting from health services in the UAE in 2018 was 59,068.

Trade between the two countries increased from AED 71.60 billion in 2016 to AED 97.30 billion in 2017, and then to AED 107.42 billion in 2018 - this constitutes 49 percent of the total trade exchange value of the UAE with the Gulf Cooperation Council countries.

The Executive Committee of the Saudi-Emirati Coordination Council’s meeting held in Riyadh on 15th April 2019, decided to assign Mohammed bin Abdullah Al-Jadaan, Minister of Finance of Saudi Arabia; and Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs of the UAE; in coordination with the relevant authorities in the two countries, to form a joint working group to facilitate and enhance trade.

During the Saudi-Emirati Coordination Council meeting, seven committees were formed to achieve Emirati-Saudi cooperation in vital fields, in order to achieve the common vision of the two countries and enhance bilateral ties.

These include the Finance and Investment Committee chaired by Al Tayer and Al-Jadaan.

The committee will implement several strategic initiatives when it comes to the customs union and the common market, services and financial markets, as well as entrepreneurship.