UAE Spearheads Discussions on Economic Development at Arab Council Meeting in Cairo

Abdullah bin Touq Al Marri, the UAE's Minister of Economy, spearheaded the country's delegation at the 113th Arab Economic and Social Council meeting in Cairo. This pivotal gathering, hosted by the General Secretariat of the Arab League and chaired by Jordan, saw participation from various member states. The agenda focused on enhancing Arab cooperation across a spectrum of economic and social issues, aiming to implement executive decisions from prior meetings.

The Minister underscored the UAE's commitment to bolstering joint Arab initiatives, emphasizing the development of action plans and mechanisms to foster sustainable economic growth. He highlighted the sectors of the new economy, tourism, digital transformation, entrepreneurship, and SMEs as areas for strengthened cooperation among Council members. Bin Touq also remarked on the resilience of Arab economies in facing political, environmental, and health challenges, noting their strategic geographical position that boosts global trade.

According to the International Monetary Fund (IMF), Arab countries are projected to see a GDP growth rate of 1.8 percent in 2023, reaching nearly US$3.4 trillion, with expectations to hit US$3.5 trillion in 2024 despite regional economic hurdles. The Minister hailed the Council meeting as a crucial step towards enhancing Arab economies' competitiveness and supporting their growth and prosperity.

Key topics discussed at the meeting included efforts towards establishing an Arab Customs Union to facilitate exports and imports among Arab nations. Bin Touq also stressed the importance of advancing the Greater Arab Free Trade Area to bolster intraregional trade amidst global economic openness. Additionally, he expressed the UAE's eagerness to implement the amended Arab Investment Agreement to boost investment exchanges within the region, highlighting an overall increase in FDI flows.

The Minister praised the Arab Economic and Social Council's role in community development, sponsoring initiatives and events across health, family development, and conducting training courses and awareness programs addressing challenges faced by Arab economies. These initiatives aim to support Arab women, child health, and provide training for individuals with special needs.

This meeting marks a significant stride in reinforcing economic ties and cooperation among Arab states, setting a roadmap for future development and leadership in the region. The discussions and decisions taken here are poised to have a lasting impact on fostering economic resilience and prosperity across the Arab world.

With inputs from WAM