Saudi Crown Prince Mohammed bin Salman walks with Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan during the Saudi-UAE Summit in Jeddah, Saudi Arabia, June 6, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via Reuters
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Saudi Arabia and the United Arab Emirates have unveiled a raft of economic deals, including in the defense industry, as the Gulf powerhouses look to boost ties. The two oil-rich Gulf countries signed 20 memoranda of understanding for over 60 joint projects to be implemented over the next five years in sectors including oil and gas, banking, nuclear energy and defense.Saudi and UAE say they remain committed to working within the GCC framework.Saudi Arabia and UAE have a combined gross domestic product of $1.06 trillion or 73 percent of the six nation GCC's combined GDP, but their energy-reliant economies have suffered in the past four years due to the crash in oil prices.Last year, the Saudi economy shrank 0.7 percent while UAE's economy grew just 0.5 percent, with Abu Dhabi's contracting 1.6 percent.
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