Saudi Arabia and UAE launch a new joint cryptocurrency

The Saudi-Emirati Coordination Council set seven initiatives to increase the integration between the two countries during their first meeting in Abu Dhabi. (Shutterstock)
Updated 20 January 2019

Saudi Arabia and UAE launch a new joint cryptocurrency

  • The cryptocurrency will be limited to banks during its first stages
  • The program will also help the two countries evaluate the monetary policies of a centralized currency

Saudi Arabia and the UAE have launched a joint cryptocurrency during the first meeting of the Saudi-Emirati Coordination council Saturday in Abu Dhabi, UAE’s national press agency WAM said.

The cryptocurrency will be limited to banks during its first stages, until the governments have a better understanding of how Blockchain technology operates cross-borders.

The currency operates on the use of a “distributed database between the central banks and the participating banks from both sides,” aiming to protect customer interests, set technology standards and assess cybersecurity risks. The new program will also help evaluate the impacts of a central currency on monetary policies.

During the meeting, representatives of Saudi Arabia and the UAE also signed the Joint Supply Chained Security Cooperation program, which tests the two countries abilities to provide vital supplies during times of crisis and national emergencies, as well as share expertise and knowledge in the field.

All 16 members of the executive committee of the council followed up on the execution of the initiatives mentioned in the Strategy of Resolve.

Representatives also set five other initiatives to enhance the cooperation between the two countries, such as facilitating the traffic between ports, improving airports to make it easier for people with disabilities to travel, creating a financial awareness program for children aged 7-18, starting a joint platform to support local SMEs, and the integration of civil aviation markets,

The committee was headed by Mohammad bin Abdullah Al-Gergawi, minister of cabinet of affairs and the future of UAE, and Mohammed bin Mazyad Al-Twaijri, minister of economy and planning in Saudi. The committee will also monitor the implementation of the initiatives.


Kuwaiti lessor Alafco reaches agreement with Boeing over 737 MAX dispute

Updated 4 min 3 sec ago

Kuwaiti lessor Alafco reaches agreement with Boeing over 737 MAX dispute

  • Kuwaiti lessor will now buy 20 aircraft from Boeing, instead of 40, with new delivery date

DUBAI: Kuwaiti aircraft leasing company Alafco will buy fewer aircraft from Boeing after reaching an agreement to end its legal claim over a canceled 737 MAX order, it said on Tuesday.
Alafco was suing the US planemaker for $336 million over accusations it wrongly refused to return advance payments on a canceled order for 40 of its troubled 737 MAX planes.
The Kuwaiti lessor will now buy 20 aircraft from Boeing, instead of 40, with new delivery dates, it said in a bourse filing.
Additional details of the agreement could not be disclosed due to confidentiality clauses, it said.
Alafco said it was “looking forward to a long-lasting and mutually beneficial relationship with Boeing.”
Alafco and Boeing did not immediately respond to emailed requests for comment.
Boeing suspended deliveries of its narrow-body 737 MAX jet in March last year, when the Federal Aviation Administration grounded the aircraft after the deaths of 346 people in crashes of two 737 MAX planes operated by Lion Air and Ethiopian Airlines.
The crisis over the grounding of the once top-selling 737 MAX has cost the US planemaker more than $19 billion, slashed production and hobbled its supply chain, with criminal and congressional investigations still ongoing.
Alafco’s owners include Kuwait Finance House, Gulf Investment Corporation and state airline Kuwait Airways, according to its website.