Kuwait City: Sultan Bin Saeed Al Mansouri, Minister of Economy, on Saturday led the UAE delegation to Kuwait at a meeting of the Arab League’s Economic and Social Council at the finance minister-level ahead of the 25th ordinary Arab Summit to be hosted by Kuwait on Tuesday.
Al Mansouri said the summit “gathers momentum given its timing, challenges and developments being experienced by a number of Arab countries amid huge economic and social repercussions, as well as other issues in the agenda”.
He reiterated that some Arab countries face poverty and youth unemployment, adding that inter-Arab trade is modest. He noted that there were hopes the summit would launch initiatives and socio-economic projects to keep pace with aspirations of Arab peoples.
The minister stressed the UAE’s keenness to support Arab joint work, institutions and economic development. He underscored the importance of the League’s Economic and Social Council, which oversees Arab institutions tasked with economic and social development.
On the Arab initiative to provide financial resources to small and medium-sized enterprises (SMEs). the Arab countries’ pledges have amounted to $1.30 billion out of the $2 billion capital.
The finance ministers also approved draft resolutions regarding the preparations for next year’s Arab economic summit, establishing the Arab Banking Commission and the Grand Arab Investment Zone.
The Arab League Economic and Social Council also approved draft resolutions reflecting consensus among Arab countries and keenness to bring about success of next week’s summit.