Saudi Cabinet commends UAE-Saudi Arabia joint strategy for economic, development and military integration

JEDDAH, 3rd July 2018 (WAM) The Saudi Cabinet has praised the announcement of the Kingdom of Saudi Arabia and the United Arab Emirates to adopt a joint strategy for integration between the two countries economically, developmentally and militarily through 44 projects named the "Resolve Strategy" which came after the first meeting of the Saudi-Emirati Coordinating Council, under co-chairmanship of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince, Vice President of the Council of Ministers and Minister of Defense. Also announced was the Council's organizational structure which was formed in order to intensify bilateral cooperation and follow-up the implementation of projects and programs to achieve the vision of the Council represented in highlighting the status of the two countries in the fields of economy ,human development, political integration and military security, and to achieve welfare for the peoples of the two countries. Saudi Press Agency reported that during the meeting, held today under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Saudi Cabinet commended constructive cooperation between producing countries from inside and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies taking into account current market conditions. The Cabinet also affirmed the Kingdom‘s readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates in coordination with other producing countries. the Cabinet stressed that one of the most important objectives of the Kingdom‘s petroleum policy is always to seek for achieving balance and stability in oil markets, coordination and consultation with other producing countries as well as major consuming countries, and the importance of providing supplies when necessary to achieve common interests and stimulate the global economic growth.