First-of-its-kind joint cryptocurrency launched in Abu Dhabi

The seven announced initiatives announced by the Executive Committee of the Saudi-Emirati Coordination Council on Saturday are:

Saudi-Emirati Pilot cryptocurrency

The first of its kind joint pilot cryptocurrency was launched during the meeting. The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides. It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies.

Facilitated flow of traffic at the entry ports

This initiative facilitates the flow of traffic at the entry ports between both countries and at customs outlets through the adoption of the fast track system and the application of the “Authorised Economic Operator” framework. The initiative will contribute to smoother operations between customs and commercial establishments, and facilitated trade between the two countries. The number of companies listed in the Authorised Economic Operator is 41 from Saudi Arabia and 40 from the UAE.

Joint platform to support SMEs

The establishment of a joint platform that allows registered Saudi and UAE SMEs to benefit from the government procurement allocations from both countries and to compete on terms of reciprocity on federal government procurements.

Financial Awareness Programme for Children

The Financial Awareness Programme for Children aims to promote the basic financial concepts youngsters between 7 and 18 years old. The programme will enable them to simulate the business world to learn about saving and smart spending, as well as understand the culture of entrepreneurship through customised training courses.

A joint exercise to test the supply security system

The joint training exercise is aimed at testing the supply chain security systems in the vital sectors of the two countries during a crisis or natural disasters, and to identify the points of improvement and develop an implementation plan accordingly. The joint exercise will contribute to building a mechanism for direct communication and control of risks between the relevant units in both countries during emergency times, as well as the sharing of expertise, knowledge and experience on supply chain security and risk management.

Enhancing the travel experience of People of Determination

The initiative seeks to enhance the experience of travellers from the People of Determination category by ensuring the compliance of disabled-friendly airports in both countries. The initiative will also standardise travel procedures and regulations for accompanying members. Other elements outlined in the initiative include the training of airport crew to implement adequate standards that guarantees People of Determinations all their rights.

Common Market for Civil Aviation

The Saudi-Emirati common market for civil aviation aims to achieve comprehensive integration and cooperation in the civil aviation sector in vital areas including air navigation, safety and security, and investigation of air accidents. The common aviation market is considered to be an advanced stage of economic integration as both countries combined have the largest economies in the region.