Saudi Arabia doubles funding to Union of Arab Chambers
JEDDAH: Saudi Arabia has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.
The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC's capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.
The decision underscores the Kingdom's growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.
Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region's total foreign trade by late 2024—a figure FSC President Moejeb Al-Hwaizy described as 'modest' in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.
The FSC noted that Saudi Arabia's enhanced contribution reflects its 'strategic responsibility' as the UAC's largest financial backer and soon-to-be president. 'This is an extension of the federation's role in supporting the private sector at the local, regional, and international levels,' it said.
The Kingdom's leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.
With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.
As the only Arab country in the G20 and the region's largest economy, Saudi Arabia's growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
US-backed Gaza aid group names evangelical as chairman
UNITED NATIONS: The U.S.-backed Gaza Humanitarian Foundation on Tuesday named as its executive chairman an American evangelical Christian leader who has publicly backed President Donald Trump's proposal for the United States to take over the Palestinian enclave. The appointment of Rev. Dr. Johnnie Moore, a former evangelical adviser to the White House during Trump's first term in office, came as health officials said at least 27 people died and more than 150 were injured trying to reach a GHF aid site. "GHF is demonstrating that it is possible to move vast quantities of food to people who need it most — safely, efficiently, and effectively," Moore said in the foundation statement. "GHF believes that serving the people of Gaza with dignity and compassion must be the top priority." • GHF says it has delivered some 7 million meals in Gaza • UN refuses to work with GHF, says aid distribution militarized • Israel accuses Hamas of stealing aid, Hamas denies it The GHF began operations one week ago under a distribution model criticized by the United Nations as the militarization of aid. The GHF says so far it has given out seven million meals from so-called secure distribution sites. It uses private U.S. security and logistics companies to get aid into Gaza. The U.N. and aid groups have refused to work with the GHF because they say it is not a neutral operation. U.N. aid chief Tom Fletcher has said it "makes aid conditional on political and military aims" and uses starvation as "a bargaining chip." The appointment of Moore could fuel U.N. concerns, given his support for the controversial proposal Trump floated in February for the U.S. to take over Gaza and develop it economically. After Trump proposed the idea, Moore posted video of Trump's remarks on X and wrote: "The USA will take full responsibility for future of Gaza, giving everyone hope & a future." 'BAD GUYS' The U.N. did not immediately respond to a request for comment on the appointment of Moore, who has accused the U.N. of ignoring "bad guys" stealing aid in Gaza. The U.N. has long-blamed Israel and lawlessness in the enclave for impediments getting aid into Gaza and distributing throughout the war zone. Israel has long accused Hamas of stealing aid, which the group denies. In a reference to the new GHF-led aid model, Israeli Prime Minister Benjamin Netanyahu last week said Israel was "taking control of food distribution" in Gaza. "The @UN & others should clean up their act & work with America," Moore posted on May 26. "Surely, these old U.S. & E.U.-funded humanitarian orgs won't let people starve in exchange for being 'right' when they know what they have done hasn't worked & has, in fact, made a terrible war worse?" The war in Gaza has raged since 2023 after Hamas militants killed 1,200 people in Israel in an October 7 attack and took some 250 hostages, according to Israeli tallies, and Israel responded with a military campaign that has killed over 54,000 Palestinians, according to Gaza health authorities. Moore visited Israel about three months after the 2023 Hamas attack and wrote: "Never have I seen such horror." Just a couple of weeks later, he posted a video titled "Come visit beautiful Gaza," which sought to portray Gaza as a tourist destination if it wasn't for Hamas militants. Trump has said Gaza has the potential to be "The Riviera of the Middle East." The United Nations has long endorsed a vision of two states living side by side within secure and recognized borders. Palestinians want a state in the West Bank, East Jerusalem and Gaza Strip, all territory captured by Israel in a 1967 war with neighboring Arab states.
Arab News
2 hours ago
- Arab News
Israel army vows to ‘protect maritime space' as aid boat sails for Gaza
JERUSALEM: Israel's military said it was ready to 'protect' the country's maritime space on Tuesday, after a boat organized by an international activist coalition set sail for Gaza aiming to deliver aid. The boat from the Freedom Flotilla Coalition departed Sicily on Sunday and is carrying around a dozen people, including environmental activist Greta Thunberg. Israel has come under increasing international criticism over the dire humanitarian situation in the Palestinian territory, where the United Nations warned in May that the entire population was at risk of famine. 'The (Israeli military) is prepared to defend the citizens of the State of Israel on all fronts — in the north, the south, the center and also in the maritime arena,' army spokesman Brig. Gen. Effie Defrin said. 'The navy operates day and night to protect Israel's maritime space and borders at sea,' he added at a televised press conference. 'For this case as well, we are prepared,' he said in response to a question about the Freedom Flotilla vessel, declining to go into detail. 'We have gained experience in recent years, and we will act accordingly.' The Freedom Flotilla Coalition, launched in 2010, is a non-violent international movement supporting Palestinians, combining humanitarian aid with political protest against the blockade on Gaza. The 'Madleen' is a small sailboat reportedly carrying fruit juices, milk, rice, tinned food and protein bars. 'Together, we can open a people's sea corridor to Gaza,' the Freedom Flotilla Coalition wrote on X on Tuesday. In early May, a Freedom Flotilla ship called the 'Conscience' was damaged in international waters off Malta as it headed to Gaza, with the activists saying they suspected an Israeli drone attack. Israel recently eased a more than two-month blockade on the war-ravaged Palestinian territory, but the aid community has urged it to allow in more food, faster.
Arab News
2 hours ago
- Arab News
Saudi Arabia congratulates Bahrain on election to UN Security Council
RIYADH: Saudi authorities congratulated Bahrain on Tuesday after the nation was elected to serve as a nonpermanent member of the UN Security Council for the term 2026-2027. The election of the country 'confirms the international community's confidence in Bahrain's ability to contribute effectively to strengthening international peace and security,' the Saudi Foreign Ministry said. The Kingdom wished Bahrain success in representing the interests of the Arab group of nations within the UN and in carrying out its duties as a member of the council. Bahrain was elected alongside Colombia, the Democratic Republic of the Congo, Latvia and Liberia, all of which will serve two-year terms beginning Jan. 1, 2026. The 15-member Security Council, which is responsible for maintaining international peace and security, consists of five permanent members — China, France, Russia, the UK and the US — plus 10 nonpermanent members elected by the General Assembly to serve staggered, two-year terms. Bahrain and the other newly elected nations will therefore join five existing nonpermanent members whose terms conclude at the end of 2026: Denmark, Greece, Pakistan, Panama and Somalia.
