Arab Economic Unity Council signs an agreement to develop digital economy

Date: 02 - 09 - 2018

Arab Economic Unity Council League of Arab States signed an agreement with Cairo University, to develop Arab common vision for digital economy, with the support of UAE. The vision is to be developed with the participation of Arab and global organizations and establishments, and an elite of global senior officials and experts in the field of digital economy.

The agreement was signed by H.E. Ambassador Mohamed Mohamed Al Rabie, Secretary General, Arab Economic Unity Council League of Arab States, and the president of Cairo University, Professor Mohamed Othman Elkhosht, at the campus of Cairo University.

H.E. Ambassador Mohamed Mohamed Al Rabie expressed his sincere thanks and gratitude to H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, for sponsoring this big and ambitious Arab project, which comes as an emphasis on UAE’s pioneering role, and its consideration of joint Arab action, particularly in the social and economic fields. H.E. Ambassador Al Rabie also expressed his thanks and appreciation to H.H. Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, Supreme Chief of Arab Federation for Digital Economy, for his support and follow up on this project, and his wise vision for this project to bring benefits on Arab economies and Arab citizen, and to enhance joint Arab action.

H.E. Ambassador Mohamed Mohamed Al Rabie explained that this project, which comes as one of the most important recommendations of the fintech conference that was held recently in Dubai, UAE, aims at developing digital economy in the Arab region, depending on what the technologies fourth industrial revolution avails. This vision, would support economic stability in the Arab region, and would improve joint Arab action.

Dr. Ali Mohamed Al-Khouri, Advisor, Arab Economic Unity Council League of Arab States, Chairman of Arab Federation for Digital Economy, stated that the Arab vision comes at a very important timing. He also explained that Arab countries have a very big chance to have very big leaps in this field, and that investment in digital transformation will be of very high feasibility and investment attractiveness, if it has been directed to the Arab market of more than 400 Million people.

Dr. Nagwa Samak, President of Center for Economic and Financial Research and Studies, explained that this strategic study would highlight the most important Arab initiatives and projects that would serve the interest of developing Arab digital economy, and the support of Arab leaderships for this strategic vision, and adopting it, would provide a very important opportunity for directing common funds and investments.