JEDDAH: ARAB NEWS
Published — Thursday 10 January 2013
Last update 9 January 2013 4:49 pm
Custodian of the Two Holy Mosques King Abdullah yesterday sent a message to Egyptian President Muhammad Mursi inviting him to attend the upcoming Arab economic summit in Riyadh.
The invitation was handed to Mursi by Saudi Ambassador to Cairo Ahmed Qattan during a meeting at the presidential palace in Cairo.
Abdullah Al-Mubti, president of the Council of Saudi Chambers, said the summit would focus on promoting intra-Arab trade, which is now estimated at a tiny 10 percent against a whopping 70 percent intra-EU trade.
“The private sector contributes 50 percent of the gross domestic product of Arab countries,” said Al-Mubti, who is vice president of the Federation of Arab Chambers for Commerce, Industry and Agriculture.
“We’ll make proposals to Arab leaders attending the summit to create a suitable atmosphere for the increased flow of trade and investment between Arab League member countries and strengthen the private sector’s role in economic development,” Al-Mubti said.
He highlighted the significance of the economic summit, saying it comes at a time when many Arab and non-Arab countries are facing difficult challenges that demand formation of a strong Arab economic force.