Khaled Hanafi explained that the UAE does not only focus on its own economy but also continues its efforts to develop the economy of the Arab region as a whole…reports Asian Lite News
Dr. Khaled Hanafi, Secretary-General of the Union of Arab Chambers, expects intra-Arab trade to grow by 4 percent during the next year of 2025, supported by the qualitative initiatives proposed by Arab countries, led by the UAE.
He explained that the UAE does not only focus on its own economy but also continues its efforts to develop the economy of the Arab region as a whole.
In statements to the Emirates News Agency (WAM) on the sidelines of the AIM Congress being held in Abu Dhabi, he noted that the Arab region’s economy continues to evolve, but it requires greater incentives to enhance its contribution, pointing out that the current volume of intra-Arab trade is about 10 percent.
He stressed that intra-Arab trade needs development in several areas including transportation, logistics, and customs policies, facilitating the movement of businessmen between Arab countries to enhance investments and expand Arab market trade, noting that the AIM Congress and others serve as a catalyst for stagnant waters in investment and commercial fields.
The Secretary-General of the Union of Arab Chambers said that the region attracts significant investments and the UAE occupies the lion’s share of mobilising these investments in Arab countries.
He added that significant investments are moving in the Arab region, and the UAE is one of the largest hosts of “new” investments globally, ranking second after the United States. Additionally, there are mutual investments hosted by the UAE in foreign direct investment, targeting $150 billion of investments and working to enhance trade in the services sector and digital industry.
Hanafi pointed out the role of the private sector in driving investments and economic development in Arab countries, where its contribution to the GDP in these countries exceeds 70 percent.