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29 March 2024

UAE urges Arab development roadmap

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By Staff

The UAE has proposed a road map to achieve sustainable growth in the Arab region following a sharp rise in unemployment rates and debt, stressing that such a strategy should involve stronger inter-Arab integration.

Addressing Arab finance ministers in Abu Dhabi on Wednesday, Deputy Ruler of Dubai and Finance Minister Sheikh Hamdan bin Rashid Al Maktoum said real Arab GDP growth dived to only 1.8 per cent in 2009 from 6.6 per cent in 2008 while the combined Arab exports plunged by nearly 32 per cent.

Sheikh Hamdan said lower exports allied with a sharp decline in oil prices to widen the foreign debt in some Arab countries to as high as 60-80 per cent of GDP while unemployment surged above 15 per cent among graduates.

He warned that without real development, Arab nations would not be able to tackle festering unemployment, referring to a recent study by the Arab League showing that member states need to create 50-75 million jobs in 10 years.

“Despite all the efforts exerted by the Arab countries in development and structural reforms over the past three decades, the achievements have not reached the aspired level compared with what has been achieved in some Asian nations…Arab states have waited too long to implement some major initiatives, including the common market that was approved in 1964,” Sheikh Hamdan said.

“Achieving sustainable development in the Arab world requires a series of measures that should complement each other…this should include a strategic roadmap for development that includes a clear definition of all programmes and projects to accomplish real change in the socio-economic field.”

Sheikh Hamdan said the strategy must take into account what has been achieved in the past and must include “evaluation and monitoring mechanism.”

“The strategy should also involve the creation of national public and foreign debt bodies, monitoring the private sector and individual debt….regional and global challenges should prompt us (Arabs) to work for stronger economic integration by implementing the free Arab trade zone and the 2009 economic summit in Kuwait, including the establishment of an Arab customs union in 2015,” he said.

“We have to seize the opportunity to discuss our various experiences and to benefit from the points of strength in our economies so we can tackle weakness points…we should support all institutions meant with economic development and enforce standards that will make Arab economies more competitive.”