Needless to say, the third version of the Arab Economic, Development and Social Summit held in Riyadh last week confirmed the determination of the 22 Arab nations of enhancing their bilateral economic cooperation on different fronts. The summit differs from regular meetings of the Arab League by solely focusing on ways of strengthening economic potentials amongst member countries.
Interestingly enough, the economic summits are a novelty for members of the Arab League. Better late than never.
In retrospect, Kuwait hosted the first such summit in early 2009, committing itself to pay $0.5 billion (Dh1.8 billion) of a fund designed to develop infrastructure projects amongst the needy Arab countries. For its part, Egypt hosted the second version in early 2011 only weeks prior to experiencing sweeping effects of the Arab Spring, leading to downfall of President Hosni Mubarak.
Enhancing Arab economic cooperation | GulfNews.com
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