Regulation & Policy
Share

LA
Content Writer
During the recent visit of Prince Mohammed Bin Salman Crown Prince of Kingdom of Saudi Arabia to Abu Dhabi last week, and his meeting with H.H. Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, various topics were discussed including the joint digital currency Aber that has been in the making since early 2019.
Earlier this year, reports stated that six commercial banks, three from UAE and three from KSA would be participating in the joint digital currency project “Aber”. It had noted that the project would be completed within a year after SAMA and UAE Central Bank announced the Aber project in January.
During this recent visit just a month before the end of the year, the two countries KSA and UAE have reaffirmed their plans to launch the joint digital currency that would enable trading between the banks in the two countries as reported by Sky News Arabia. In addition discussion also covered the building of a giant oil refinery with a capacity of 1.2 million Barrels a day, and the enhancement of 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.
Disclaimer of Warranty
The information provided in this article is for general informational purposes only. We make no warranties about the completeness, reliability, and accuracy of this information. Read full disclaimer
IBM had previously mentioned that it was the company working on the Aber project as published by UNLOCK in the past.
The announcement made recently by H.H. Prince Mohammed Bin Salman and that of H.H. Sheikh Mohamed Bin Zayed reaffirm the commitment of these two countries to launch the project in the near future. If this does happen this will be the first time Arab countries come close to a common currency even though if it will only be used between banks.




Editor's Picks

UAE Stablecoins: Why They Are Built to Travel, Not Stay Local
Walid Abou Zaki
Feb 28, 2026
8 min

The Central Bank of the UAE Clearing the Noise Around Article 62
Walid Abou Zaki
Feb 25, 2026
5 min

Europe’s Crypto Purge: Did Lithuania Just Kick Out Innovation — and is the UAE the Beneficiary?
Salma Naueihed
Feb 18, 2026
7 min
Read More Articles
In the Same Space

Investors Sue JPMorgan Over Alleged Role in $328M Cryptocurrency Fraud
News Desk
Mar 12, 2026
4 min

CBUAE Allows Case-by-Case Offshore Disaster Recovery for Banks
Walid Abou Zaki
Mar 12, 2026
4 min

SEC and CFTC Sign Coordination Pact to Align Crypto and Financial Market Oversight
News Desk
Mar 12, 2026
4 min

U.S. Senators Negotiate Stablecoin Rewards Compromise in Market Structure Bill
News Desk
Mar 11, 2026
4 min