Arabs Set to Invest $3 Trillion in New Projects.
Adnan Kassar, president of the General Federation of Chambers of Commerce, Industry and Agriculture for Arab Countries (GUCCIAAC), said a positive approach from the Arab countries in diversifying their internal investments after the global financial crisis was an urgent need to respond to the new economic environment realities.
KassarAEs estimate of the size of the Arab liquidity come in the wake of remarks made by Aa KuwaitAEs foreign minister Shaikh Mohammed Sabah Al Salem Al Sabah that the global financial meltdown had cost Arab nations $2.5 trillion in four months and led to 60 per cent of development projects in the Gulf region being put off or scrapped.
Kassar, who is a former Lebanese minister of economy, said Arab businessmen and decision makers would work to develop different economic ideas and theses at the Arab Investment Forum (AIF), and discuss how to manage this wealth in future. The AIF, Aa under the banner oWealth Management in the Era of Criseso will be held in Dubai on 24-25 March 2009.
Abdel Rahman bin Hamad Al Attiyah, Secretary-General of the GCC, who is participating as a keynote speaker in the forum, said that the GCC states should coordinate efforts to face the repercussions of the global financial crisis.
He said the GCC should protect its wealth by strengthening investment cooperation and by adopting a unified Gulf investment policy that diversifies the structure of the economies of the region.
The region must also maximise the financial returns from oil through re-investing them in productive and sustainable projects in joint cooperation with the Arab and Muslim countries, he said.
Abdullah Sultan Abdullah, Secretary-General of the FCCI in the UAE, said that the participation of the federation in organising the forum was an acknowledgement of the importance of the challenges facing the Arab and Gulf economies during the global financial crisis and the importance of intensifying common Arab efforts to ensure the best ways to maximise revenues.
Abdel Rahim Hassan Naqi, Secretary-General of the FGCCC said that there was an urgent need for joint cooperation between the public and private sectors in the Arab countries in order to face the repercussions of the global financial crisis and to protect Arab wealth by allowing the Arab private sector to take part in economic activities in all sectors.
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