RIYADH – The Chairman of the Council of Saudi Chambers (CSC) Abdullah bin Saeed Al Mobti forecast that the call of King Abdullah, Custodian of the Two Holy Mosques, in the Arab economic and social development summit which ended here Tuesday to increase the capitals of joint Arab funds and agencies for developing economic and social aspects in Arab countries, will generate over $10 billion. “It is one of the most important outcomes of the summit. The increase will for sure enhance and strengthen the ability of these funds and agencies to respond to various needs to finance different kinds of activities and projects for economic and social developments in these countries,” he said. “This call and the announcement by the King that the Kingdom will pay all its financial shares to these institutions, is a strong evidence that it is still committed to the joint Arab work and carrying out its pioneering role in support of Arab causes, especially those Arab countries that are affected by the Arab spring movement,” he said. “Hopefully, the call may generate over $10 billion that will be catered to Arabic causes and support productive projects in those countries affected by the spring movement in that can generate employment, increase personal income, and investment. I take this opportunity to convey the hope of the Arab private sector that other Arab counties do the same as the Kingdom did to fulfill its financial commitment,” he added. Al Mobti predicted that the financial and political support the Arab leaders show in the summit will enhance the recommendation of the Arab private sector forum held just a few days before the summit. “These recommendations have emphasized the necessity to put both Sharm Al Sheik and Kuwait Arab Economic and Social Summits resolutions into action. Also that support will create the opportunity to implement the 21 projects in the field of food security, training, employment, investing in small, medium size, and large environment-friendly business, housing, IT, and others, that were endorsed by the Arab private sector in that forum,” he said. The CSC chief strongly commended the Arab leaders' approval of the amended unified Arab agreement on Arab capital investment, describing it as important step in protecting Arab capital and paving the way for more smooth flow of these investments among Arab countries. Also, he commended the leaders' approval of the Arab strategy to develop the renewable energy until 2030.
