UAE and KSA reiterate committment to issuance of virtual electronic currency

The UAE which recently participated this week in the first virtual meeting of the Finance and Investment Committee of the Saudi Emirati Coordination Council, discussed and reiterated their committment to the issuance of a virtual electronic currency, ( also known as CBDC). UAE was represented by the Ministry of Finance. 

 

The meeting sought to follow up on strategic initiatives in various fields, including financial services and markets, support for entrepreneurship, customs cooperation and common markets, along with tourism and national heritage – in addition to the mechanisms for their implementation, in accordance with the approved plans. From the UAE, Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, chaired the meeting alongside Dr. Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies from Saudi Arabia. Ahmed bin Lahej, Director-General of the Federal Customs Authority, Juma Muhammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, and other senior officials from the Ministry of Finance, the Central Bank, the Ministry of Economy and the Federal Customs Authority were included in the UAE delegation and participated in the meeting. 

 

Al Khoori stressed the importance of this meeting serving as an effective platform that enables the UAE and Saudi Arabia to discuss and devise proactive plans for various challenges that might affect projects and operations related to joint economic and commercial cooperation.

 

“The UAE is keen to strengthen joint cooperation with Saudi Arabia through joint strategic projects in all economic and investment fields, to create a more prosperous future for current and coming generations in both countries. This meeting discussed pivotal economic trends, such as the issuance and use of an experimental virtual electronic currency, the facilitation of customs procedures for cross-border trade, and the exchange of goods,” said Al Khoori.

 

The UAE and KSA had previously piloted the Aber CBDC ( Central Bank Digital Currency) and issued their final report which showed positive feedback in terms of the ability to implement it using DLT or Blockchain. With the statement made by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, it shows that the project is still on the table as part of Saudi-UAE cooperation objectives. 

 

The Ministries of Finance of the UAE and Saudi Arabia are working to carry out the decisions of the Saudi-Emirati Coordination Council and the Finance and Investment Executive Committee by strengthening ties between both countries and achieving the aspirations and objectives of the Saudi-Emirati Coordination Council. This is to activate and achieve the common vision and intensify bilateral cooperation on issues of common interest to create a better future for citizens in both nations.