Strategy of Resolve will counter threats facing region
SAUDI-EMIRATI COUNCIL GIVES ARAB WORLD HOPE TO OVERCOME GREAT CHALLENGES
The UAE-Saudi Strategy of Resolve announced on Wednesday by leaders of the two countries will tilt the regional balance of power in favour of the two countries, analysts said yesterday.
“The UAE-Saudi Arabia alliance with its economic, military, political and strategic power will tilt the regional balance of power towards the two countries as it will create a greater military power to defend countries of the region against any potential threats,” Mohammad Al Asoomi, a UAE economic expert and specialist in economics and social development in the UAE and GCC countries, told Gulf News.
The UAE and Saudi Arabia have announced a joint vision for economic, developmental and military integration through 44 joint strategic projects.
A total of 350 government officials from various fields prepared “The Strategy of Resolve” in 12 months.
The strategy outlines three main areas of cooperation: economic, human and knowledge; political; and security and military.
The announcement of the strategy came during the first meeting of the Saudi-Emirati Coordination Council, chaired by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prince Mohammad Bin Salman, Crown Prince of Saudi Arabia, Deputy Prime Minister, Minister of Defence, and Chairman of the Council for Economic Affairs and Development.
Al Asoomi said the alliance is also a great turning point in terms of economic development, especially as it involves future economy projects, renewable energy funds and huge oil, gas and petrochemicals investments.
60-month time frame
The two countries have demonstrated unprecedented determination to implement these strategic projects and set a time frame of 60 months to implement them with the aim to build an exceptional model for the Gulf Cooperation Council, he added.
“The strategy not only protects the interests of both countries but also benefits the entire region,” Al Asoomi said.
Mohammad Al Hammadi, editor-in-chief of Arabic daily Al Etihad, said the council gives the Arab world hope to overcome the “great challenges” it faces.
“The alliance is a model of creative and constructive bilateral cooperation between two great powers who are employing all their enormous resources, both human and material, to promote prosperity and cope with challenges of tomorrow,” Al Hammadi said.
“This great cooperation, developed by the wise leadership of the two countries, is not only aimed at achieving the interests of the two brotherly peoples, but also aims at supporting and protecting the Arab regional system from fragmentation and the forces of evil.
A number of joint projects were announced, including a unified strategy for food security, a unified plan for medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals.
Joint projects
The Strategy of Resolve also includes a plan to establish an agricultural investment company with a capital of Dh5 billion, a joint venture fund for renewable energy and a third investment fund for small and medium enterprises.
The strategy will also facilitate the flow of traffic in ports, build a unified industrial database, empower the banking sector in both countries, harmonise economic procedures and legislations and create a joint council to coordinate foreign investments.
The areas of cooperation identified by the Strategy of Resolve also include security and military cooperation and integration, coordination of foreign military assistance and standardisation in the military industry sector.
The two sides will work during the coming period on activating the joint manufacturing industries, implementing the electric linkage project, launching joint housing and financing services and solutions, establishing a joint centre for the development of desalination technologies, cooperation in the management of infrastructure projects, and cooperate in the development of modern financial technology.