October 1, 2022

UAE and Saudi Arabia leaders discuss launch of joint digital currency

UAE and Saudi Arabia leaders discuss launch of joint digital currency

Saudi Crown Prince Mohammed BinSalman and His Highness Sheikh Mohammed bin Zayed al-Nahyan, Crown Prince of Abu Dhabi, discussed a number of issues, including the launch of a joint digital currency to simplify interbank settlements between the two countries.

So far, representatives of the authorities and the Central Bank do not name the launch dates.

In February, the UAE Central Bank reported that six commercial banks from both countries are developing the Aber digital currency for cross-border operations. It was supposed that to verify the concept it will take about 12 months, but the central banks of the country will make the final decision on the advisability of launching.

During the official meeting of the head of stateagreed on four new strategic partnerships and reviewed seven strategic initiatives. Among other things, they discussed cooperation in the field of cybersecurity and the construction of a new oil refinery with a daily capacity of 1.2 million barrels.