Custodian of the Two Holy Mosques King Abdullah’s initiative at the recently concluded Third Arab Economic Summit has received enormous appreciation at the official Tunisian economic circle.

King Abdullah has called for an increase in the capital of the joint Arab financial funds and firms by at least 50 percent for the enhancement of socioeconomic development of Arab countries.

It is one of the key initiatives which will boost development and infrastructure projects in the Arab countries, Tunisian Minister of Development and International Cooperation Riyad bal Tayyib was quoted by Saudi Press Agency as saying.

He predicted that the initiative would have a positive impact at both developmental and economic levels in Arab countries.

He termed the Third Arab Economic Summit a success. He called on Arab countries to intensify efforts to implement recommendations made by the summit.

For his part, Mukhtar Al-Shawara, director of international coordination at a foreign investment promotion agency, said the summit resolutions constitute a new milestone for the establishment of genuine Arab cooperation that will satisfy the aspirations of the Arab people.

“Hopes are pinned on the success of agreements and plans worked out by the summit as we feel Saudi Arabia, the most significant element at the Arab level, is pushing for an Arab economic integration to pave the way for an economic unity capable of facing international challenges,” he said.

He expressed his country’s keenness to activate recommendations and plans of the summit that will help promote regional economies, especially as Arabs have true desire to invest in Tunisia in spite of lacking business and legal frameworks.

Tariq Al-Sharif, businessman and head of the small and medium enterprises (SMEs) commission, also appreciated the recommendations made by the summit.