UAE takes part in ministerial meeting of economic and social council

UAE Economic Minister Sultan Al Mansouri today chaired the UAE delegation in the meeting of the Arab League's Economic and Social Council at the level of Finance Ministers, held in Kuwait. He said the 25th ordinary Arab Summit to be hosted by Kuwait on Tuesday "gathers momentum given its timing, challenges and developments being experienced by a number of Arab countries amid huge economic and social repercussions, as well as other issues in the agenda". Al Mansouri reiterated that some Arab countries face poverty and youth unemployment, adding that the inter- Arab trade is humble. He noted that there were hopes the summit would launch initiatives and socio-economic projects to keep pace with aspirations of Arab peoples. The UAE minister stressed the keenness of UAE on supporting the Arab joint work, institutions and economic development. He underscored the importance of the Arab League's Economic and Social Council at the level of Finance Ministers, which oversees the economic, social and development in the Arab institutions tasked for that end. Regarding the Arab initiative to provide financial resources to small and medium-sized enterprises (SMEs). the Arab countries' pledges to the initiative have so far amounted to $1.308 billion out of the $2 billion capital. The finance ministers also approved draft resolutions regarding the preparations for next year's Arab economic summit, establishing the Arab Banking Commission and the Grand Arab Investment Zone. The Arab League Economic and Social Council also approved draft resolutions reflecting consensus among Arab countries and keenness to bring about success of next week's summit.