UAE Initiatives To Spearhead 4% Growth In Intra-Arab Trade By 2025

In a recent discussion with the Emirates News Agency (WAM) on the sidelines of the AIM Congress in Abu Dhabi, Dr. Khaled Hanafi, Secretary-General of the Union of Arab Chambers, shared optimistic views on the future of intra-Arab trade. With a forecasted growth of 4 percent by 2025, Dr. Hanafi highlighted the significant role of qualitative initiatives led by Arab nations, particularly the UAE, in this upward trajectory. The UAE's commitment to not only its economic prosperity but also to the economic development of the Arab region as a whole was underscored.

Despite the evolving economy of the Arab region, Dr. Hanafi pointed out the need for greater incentives to boost its contribution further. He noted that intra-Arab trade currently stands at about 10 percent, indicating ample room for growth and development. Key areas identified for development included transportation, logistics, and customs policies. Enhancing these sectors could facilitate easier movement for businessmen across Arab countries, thereby boosting investments and expanding trade within the Arab market.

The AIM Congress and similar events were mentioned as pivotal in rejuvenating investment and commercial sectors that have shown signs of stagnation. Dr. Hanafi emphasized that such platforms could serve as significant catalysts for economic advancement.

Highlighting the attractiveness of the Arab region for investments, Dr. Hanafi remarked that the UAE plays a central role in mobilizing these investments across Arab countries. He revealed that substantial investments are being directed towards the Arab region, with the UAE emerging as one of the largest hosts for new global investments, trailing only behind the United States. The UAE's strategy includes targeting $150 billion in investments and focusing on enhancing trade within the services sector and digital industry.

Furthermore, Dr. Hanafi shed light on the critical role of the private sector in propelling investments and economic development across Arab nations. He pointed out that the private sector's contribution to the Gross Domestic Product (GDP) in these countries surpasses 70 percent, underscoring its importance in driving economic growth.

The insights shared by Dr. Hanafi at the AIM Congress reflect a comprehensive approach towards fostering economic development within the Arab region. Through strategic initiatives and enhanced cooperation among Arab countries, led by forward-thinking nations like the UAE, there is a clear path towards achieving significant growth in intra-Arab trade and investment in the coming years.

With inputs from WAM