Riyadh: The UAE and Saudi Arabia have discussed economic relations and ways to boost trade, business and investment cooperation, according to a statement from WAM released on Saturday.

During a bilateral meeting held on the sidelines of the second Saudi-UAE Business Forum, between Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and Dr Majid Bin Abdullah Al Qasabi, Minister of Commerce and Investment, Saudi Arabia, both countries reviewed the latest economic developments and followed up on the outcomes of the forum.

They also discussed possible opportunities for new partnerships in tourism, infrastructure, transport, shipping and logistics, and reviewed the main projects being implemented in the two countries.

The role of the private sector in the development and strengthening of economic relations also came under discussion.

A coordination meeting for undersecretaries of the ministries of economy of both countries was also held on the sidelines of the forum, where both countries discussed the most important recommendations from the business forum, and possible ways of coordination in relation to organising joint foreign trade and economic delegations from the two countries.

The second Saudi-UAE Business Forum focused on highlighting the economic diversification in the two countries and the ongoing efforts to develop the national economy in the non-oil sectors as well as enhancing the contribution of non-oil GDP, stimulating the business environment and empowering the private sector.