ABU DHABI: Sultan Bin Saeed Al Mansouri, Minister of Economy, has said that the UAE enjoys solid bilateral relations with Saudi Arabia, and that the two countries are brought together by strong ties based on shared cultures, history and noble Islamic and Arab values.

He went on to say that the relations between the two countries represent a unique model of Gulf and Arab cooperation that is witnessing constant growth, in light of the will of their leadership to enhance their relations.

In a statement to the Emirates News Agency, WAM, Al Mansouri said that the decision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to form a joint cooperation committee between the UAE and Saudi Arabia, across various sectors including the military, politics, economy, business and culture, represents another important step in expanding the prospects and levels of cooperation between both nations, which will help achieve their joint development interests and positively affect other countries in the region.

He also highlighted their economic similarities, such as their expertise in commerce, investment and economic development, which will make the committee a vital platform for developing plans, strategies and initiatives that will support their efforts to achieve development and prosperity.

“There are many facts and economic and commercial indicators that support the cooperative efforts of the two countries, most notably that the percentage of their combined real GDP is expected to exceed 46 percent of the real GDP of Arab countries between 2017 and 2018, compared to a 41 percent average for the previous period between 2000 and 2016, which is highlighted by a report from the Arab Investment and Export Credit Guarantee Corporation, Dhaman.

WAM