HH the Qatar Emir Participates in Opening Session of Third Arab Economic and Social Development Summit

Riyadh, January 21 (QNA) - HH the Emir Sheikh Hamad bin Khalifa Al Thani, along with the leaders of Arab countries participated in part of the opening session of the Third Arab Economic and Social Development Summit, which began at the at King Abdul Aziz International Conference Centre in Riyadh this evening. The session was attended by Prime Minister and Foreign Minister HE Sheikh Hamad bin Jassim bin Jabor Al Thani, and a number of Their Excellencies members of the official delegation accompanying HH the Emir. On behalf of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, Crown Prince Salman bin Abdulaziz Al Saud, Deputy Premier and Minister of Defense, chaired the 3rd Arab Economic and Social Development Summit. At the outset of the opening session, verses of the Holy Quarn were recited. Egyptian President Mohammed Morsi delivered a speech in which he lauded the Kingdom of Saudi Arabia's hosting of the 3rd Arab Economic and Social Development Summit. He thanked the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, current chairman of the 3rd Arab Economic and Social Development Summit, and Crown Prince Salman bin Abdulaziz Al Saud, Deputy Premier and Minister of Defense, for warm welcome and generous hospitality, Saudi Press Agency SPA reported. The Egyptian president said that the current summit will discuss a number of issues in the social and economic fields in order to improve the Arab situations, stressing the importance to formulate guide lines and economic policies to reach the goals and aspirations of the Arab countries and to emulate what has been achieved at the international arenas. The Egyptian President also said that the rate of inter-Arab trade is very low compared to the size of Arab trade with foreign countries, necessitating the work for the establishment of Arab common market. President Morsi highlighted the common challenges facing the Arab nation, including how to deal with the negative effects of globalization, noting the importance of joint coordination to face financial turmoil and volatility in exchange rates and to address the problem of high unemployment. President Morsi pointed out that Arab states should optimally exploit groundwater and desalinated sea water in agriculture and irrigation and should cooperate to face the challenges of sustainable development, Saudi Press SPA reported. Concluding his speech, President Morsi handed over the presidency of the current summit to the Crown Prince, stressing that the Kingdom of Saudi Arabia under the leadership of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud will spare no effort to enhance the joint Arab economy. Then, on behalf of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, Crown Prince Salman bin Abdulaziz Al Saud, Deputy Premier and Minister of Defense, delivered a speech in which he said that the current and crucial stage experienced by our Arab nation, requires all of us to unite and intensify serious and sincere efforts in order to overcome the challenges confronting us and to seek and promote joint Arab action, in the way that positively and significantly affects the lives of Arab citizens, and achieves steady progress, prosperity and a decent life for them. The Saudi King further noted that urgent developmental issues facing our countries have become more difficult and complicated given into consideration the recent developments in the Arab world, including important issues such as poverty, unemployment and disease, which require exerting all efforts and agreeing on best ways to confront and eliminate them. In this regard, we emphasize the importance of the role played by institutions of joint Arab action as well as supporting and strengthening their capacity in order to play the role assigned to them more efficiently through the effective participation to implement joint Arab projects, especially those that have been agreed upon in the two previous summits, he added, Saudi Press Agency SPA reported. "I avail this opportunity to call for increasing the capital of Arab financial institutions with no less than 50% of its current value, as agreed by the governors of those institutions, in order to keep up with the growing demand for funding Arab development projects and supporting Arab countries, particularly the least developed countries" he said . The King also called for increasing the capital of existing joint Arab companies with no less than 50% of its current value, as proposed by the boards of directors of those companies, in order to expand their businesses and enhance their participation together with the Arab capitals of the private sector. The King said "I am pleased to announce the readiness of the Kingdom of Saudi Arabia to pay its share as per the increase to be agreed upon". (END)