Custodian of the Two Holy Mosques King Abdullah has been praised for his proposal to launch a massive SR 37.5 billion plan to boost social and economic development in Arab countries.

Chairman of the Council of Saudi Chambers (CSC) Abdullah bin Said Al-Mubti described this as the most important initiative at the third Arab Social and Economic Development Summit currently underway in Riyadh.

The King's plan is to ensure that the capital of joint Arab investment funds and companies is increased by 50 percent - to $ 10 billion or SR 37.5 billion - to meet developmental needs and strategic projects.

Al-Mubti said the King is determined to play a leading role for change in the Arab world.

He expressed the hope that other Arab countries will follow the example of the Kingdom by paying their dues to these joint initiatives.

Al-Mubti said other countries can learn from Saudi Arabia by setting up bodies, such as the Saudi Industrial Development Fund (SIDF), that will contribute to finance developmental projects in Arab countries. The CSC chief predicted that the political support voiced by Arab leaders at the third economic summit will see the implementation of decisions taken at the Kuwait 2009 and Sharm El-Sheikh 2011 economic summits.

The CSC chief also praised the agreement reached by Arab countries on the amended pan-Arab investment plan. He said this was an important step to attract, protect and localize Arab investments.

He added that the adoption at the summit of the Arab strategy for the use of renewable energy for 2010 to 2030 will provide a good opportunity to exploit these potential energy sources for multiple developmental projects.