Saudi Arabia and the United Arab Emirates (UAE) have signed 20 deals and announced 60 joint projects as part of the newly formed alliance, Xinhua reported citing Saudi Press Agency.
The first meeting of the newly formed council was chaired by Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in Jeddah on Wednesday night.
The alliance includes the formation of the Saudi-Emirati Coordination Council and the joint work mechanism during the next five years, covering economic, knowledge, security and military fields.
The 60 joint projects aim at strengthening cooperation between the two countries and supporting the system of the Gulf Cooperation Council (GCC).
The economic cooperation includes a policy to empower the banking sector and the exchange of financial technology, insurance market, nuclear energy, infrastructure and road safety experiences.
Both sides agreed to form a joint investment fund for small and medium enterprises in emerging industrial sectors.
A Saudi-Emirati Investment Fund for Renewable Energy and an investment advisory board will also be established to boost cooperation and transfer of knowledge in the field of foreign investment and coordination.
They also decided to develop the security of government services, through forming a joint response team, and dealing with the electronic security of government services.
Meanwhile, the knowledge cooperation aims to create an effective and integrated educational system for both countries to prepare highly qualified generations of citizens.
The security and military cooperation includes a number of initiatives such as the joint manufacturing of ammunition, light weapons, vehicles, electronic shooting systems as well as cooperation and coordination in foreign military assistance, cooperation in the maintenance of military systems, and standardization of the military industry.
Saudi Arabia and the UAE are among the world's top 10 exporters, with economies totalling one trillion U.S. dollars, the largest two in the Middle East.