Tech & Business
6.22.2018
Saudi Arabia and United Arab Emirates sign historical partnership
Saudi Arabia and the United Arab Emirates (UAE) have recently signed a historic partnership in Riyadh for cooperation and regional economic integration. These agreements intends to create synergy between the two Gulf powers and accelerate their economic and social development. It targets, therefore, mainly start-ups and innovative companies, which dream of spreading abroad.
During the first meeting of the Saudi-Emirati Gulf Cooperation Council (GCC), the Saudi Crown Prince Mohammed bin Salman and the Abu Dhabi Prince Mohammed bin Zayed decided to create a model of integration and cooperation between their both countries. This includes 44 projects based on three major cooperation axis: economy, human and knowledge development and political, military and security cooperation.
A unique partnership
This unprecedented partnership appears as an economic hub aiming to combine bilateral expertise and reduce red tape for joint strategic projects. This meeting thus laid the foundations for a regional economic accelerator.
Saudi Arabia and the United Arab Emirates together count for more than a trillion dollars, namely the largest economy in the Middle East. The value of their exports, worthing more than $ 700 billion, rates them among the ten biggest exporting countries in the world. By unifying their energies, the two superpowers offer a new impetus to the entire Gulf and open up great opportunities for young startups or ambitious entrepreneurs in the region. Indeed, they represent the main target of this policy, which allows them to spread their ideas, to access funds, incubators and co-working spaces managed bilaterally. Exchanges of ideas, skills and knowledge and discussions will be facilitated. In fact, this porosity is an essential milestone in order to build a competitive innovation and new technologies sector.
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