Saudi Arabia, UAE sign MoUs on business cooperation

Saudi Arabia and the United Arab Emirates (UAE) on Wednesday signed three memoranda of understanding (MoU) to enhance cooperation between the two countries.

The first MoU pertained to strengthening cooperation and partnership in the field of entrepreneurship, while the second was signed between Hawkamah- Institute for Corporate Governance and the Saudi Governance Center, UAE Ministry of Economy said in a statement.

Another MoU was inked by the Saudi Agricultural and Livestock Investment Company (SALIC) and Al Dahra Holding to promote cooperation in agricultural investments.

The agreements came on the sidelines of the UAE-Saudi Business Forum held in Abu Dhabi on Wednesday.

Speaking at the forum, UAE Minister of Economy Sultan bin Saeed Al Mansoori underlined the importance of cooperation between the two countries in civil aviation sector, along with building partnership agreements in the logistics, airline and airports segment.

Mansoori also urged Saudi investors to explore opportunities in the UAE.

Mohammed Thani Murshed Ghannam Al Rumaithi, chairman of UAE Federation of Chambers of Commerce and Industry, said Saudi Arabia and the UAE see promise in industries, construction, oil and gas, financial services, food products, medical supplies, and renewable energy as areas of cooperation between the two countries.

Saudi Arabia is the fourth largest trading partner of the UAE. The non-oil trade between the two countries jumped 30 percent over the past six years, from around AED 55 billion in 2011 to more than AED 71.5 billion in 2016.