Arab Private Sector Key to Regional Economic Growth
The Arab private sector plays a pivotal role in the region's economy, contributing approximately 75 percent of the Gross Domestic Product (GDP), according to Dr. Khaled Hanafy, Secretary-General of the Union of Arab Chambers.
Hanafy highlighted the sector's significant impact on production, employment, investment, and exports.
The Union of Arab Chambers, which operates through a vast network of chambers in 22 Arab countries and 16 joint Arab-foreign chambers globally, works to enhance Arab economic integration. Hanafy noted that these efforts have successfully attracted companies and investors, shifting perceptions of Arab markets from mere consumer hubs to strategic partners offering valuable resources, especially human capital.
However, Hanafy stressed that Arab economies face challenges in adopting modern technologies, particularly transitioning to a digital economy driven by artificial intelligence. He emphasized that this transformation is not only about upgrading industries but also improving logistics, financial services, and supply chains. Arab youth, he said, are key drivers of this digital shift.
Regarding the future of the private sector, Hanafy emphasized that empowering it is essential for economic success. Governments must create a business-friendly environment that fosters growth, innovation, and competitiveness. On privatization, he clarified that the focus should be on creating conditions where the private sector can thrive, not just transferring public institutions to private hands.
Hanafy also praised the UAE's achievements in digital transformation, describing it as a global model that other countries, including European nations, are looking to emulate. He concluded by stressing the importance of developing solutions tailored to each country's unique economic and social landscape.
News Source: Emirates News Agency
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