According to CoinMeta, Saudi Arabia hosted an international conference to discuss the establishment of a maritime defense alliance. The Saudi Ministry of Defense stated that delegations from 43 countries and the European Union attended the meeting, where participants discussed Saudi Arabia's role as a founding and leading member of the proposed maritime defense alliance, as well as its responsibility to host the alliance's headquarters. The aim of the alliance is to strengthen defense cooperation in the Strait of Hormuz, the Red Sea, and the Gulf of Aden regions, in order to protect global navigation and trade freedom. The Ministry of Defense mentioned that any country wishing to join the maritime defense alliance can apply at any time.