RIYADH – Foreign Affairs Minister Prince Saud Al-Faisal said here Saturday that the 3rd Arab Economic and Social Development Summit to be held in Riyadh Monday and Tuesday seeks to adopt an amended unified agreement for investment of Arab capitals in Arab countries. Addressing Arab foreign and economy ministers gathered here to prepare a draft agenda for the Arab Summit, Prince Saud said that inter-Arab investments are primarily designed to strengthen the role of the private sector as a key partner in development. He said development goals must meet the aspirations of the people. “Overall economic development requires clarity of vision and continued efforts to meet the goals of growth and prosperity,” Prince Saud said. Achieving the Millennium Development Goals is one of the important topics to be discussed, especially the provision of new and additional resources to support the efforts of the least developed Arab countries to achieve these goals. Prince Saud indicated that there are specific proposals about them in the address of Custodian of the Two Holy Mosques King Abdullah to the summit. The foreign minister said that the exploitation of available renewable energy sources and the transfer of technologies to Arab countries are strategic options for the Arab region to ensure the provision and diversification of energy sources. He said that the mechanism adopted by the Arab strategy for the development of renewable energy uses will be put up for adoption before the Riyadh Economic and Social Development Summit which seeks to meet the aspirations of Arab citizens in the overall development. The strategy includes a mechanism to enable the private sector to participate more effectively in investment in renewable energy projects and to propose appropriate sources of funding that contribute to building an Arab market for renewable energy as well as an executive action plan for programs and activities that are commensurate with the priorities set by Arab countries. Earlier, Egyptian Foreign Minister Mohamed Kamel Amr handed over the rotating presidency to Prince Saud. The Egyptian foreign minister called for more cooperation among Arab states to meet the aspirations of the Arab people who realize that they have resources and capabilities that guarantee them a better present and a brighter future.
