UAE Saudi agreement to build a giant oil refinery with a 1.2 million barrels a day

Saudi Crown Prince Mohammed bin Salman in the UAE for an official visit, where the two countries discussed regional issues and strengthening relations, and launched four new policy partnerships.

He was welcomed by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

After an elaborate reception and an inspection of the guard at Qasr Al Watan, the two leaders discussed mutual issues.

Sheikh Mohamed later revealed the pair had reached agreement on four new policy partnerships and reviewed seven strategic initiatives.

Among the partnerships was an agreement to build a giant oil refinery with a capacity of 1.2 million barrels a day, and a digital currency to enable trading between banks in the two countries.

The two nations also agreed to enhance cyber security between Saudi Arabia and the UAE to prevent attacks.

The Saudi-UAE Co-ordination Council also reviewed strategic initiatives, including a joint tourist visa for residents of both countries.

It said the two countries agreed on many “Arab issues”, including the conflicts in Palestine, Egypt, Syria, Iraq and Yemen.

They had an “identical position” on Iranian intervention in Bahraini affairs and its occupation of the three UAE islands.

UAE and Saudi Arabia flags lined the streets to welcome Prince Mohammed, with the Burj Khalifa in Dubai also lit bright green.

As the cars approached King Abdullah bin Abdulaziz Al Saud Street, the black Mercedes carrying the royals was joined by a procession of mounted cavalry.

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