<h1>Saudi and UAE Confirm Plan to Issue a Joint Digital Currency</h1>
<span style="font-weight: 400">Saudi Arabia’s Crown Prince Mohammed bin Salman visited the United Arab Emirates (UAE) in an official visit on Nov.27 to discuss joint policy measures, including a cryptocurrency plan. </span>

<span style="font-weight: 400">Moreover, the National </span><a href="https://www.thenational.ae/uae/government/saudi-uae-agree-to-build-oil-refinery-and-plan-to-launch-joint-digital-currency-1.943314"><span style="font-weight: 400">reported</span></a><span style="font-weight: 400"> that Prince Mohammed was hosted by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. </span>

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<h2><strong>Financial and Political Pact</strong></h2>
<span style="font-weight: 400">According to reports, the two leaders officially agreed on four new policy collaborations and reviewed seven strategic initiatives. A policy to launch a Joint Digital Currency to facilitate interbank trading between the two nations; was among the items on the agenda.</span>

<span style="font-weight: 400">Details about the jointly-issued cryptocurrency were announced by the United Arab Emirates Central Bank (UAECB); as well as the Saudi Arabian Monetary Authority (SAMA) earlier this year. Today’s agreement is among the foremost collaborations between the two arab nations. It is placed alongside major agreements; such as the construction of a major oil refinery with a daily capacity of 1.2 million barrels and cooperation on cybersecurity.</span>

<span style="font-weight: 400">In addition, the report claims that bank officials from both countries will meet up in Riyadh later this week; to discuss the challenges and opportunities in their respective financial sectors. The report by The National cite press by coverage from Saudi news agency Spa, which reportedly claimed that the <a href="https://www.cryptoknowmics.com/crypto/uaes-sca-seeking-public-opinion-on-incoming-crypto-regulations/">UAE</a> views Saudi Arabia as its "safety valve," carrying “the banner of defending its interests against all aspirations and projects aimed at splitting Arab unity."</span>
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<h2><strong>Digital Currency Strictly for Inter-Bank Usage</strong></h2>
<span style="font-weight: 400">Furthermore, the UACEB-SAMA Joint Digital Currency is dubbed “Aber” and will be restricted to financial settlements using Blockchain; “on a probational basis and exclusive use by a limited number of banks in the two countries.” However, the official date for launch was not mentioned in today’s meeting.</span>

<span style="font-weight: 400">In conclusion, Aber and the other agendas discussed in Abu Dhabi today; are part of a seven-point bilateral cooperation plan between UAE and the Kingdom of Saudi Arabia. The 7 were discussed in a meeting by the Executive Committee of the Saudi-Emirati Co-ordination Council earlier this year.</span>

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Saudi and UAE Confirm Plan to Issue a Joint Digital Currency

Saudi Arabia’s Crown Prince Mohammed bin Salman visited the United Arab Emirates (UAE) in an official visit on Nov.27 to discuss joint policy measures..%

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Saudi and UAE Confirm Plan to Issue a Joint Digital Currency

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