Khaled Hanafi, Secretary-General of the Union of Arab Chambers, said that the private sector accounts for approximately 75 percent of the gross domestic product (GDP) of Arab countries and plays a vital role in production, employment, as well as boosting investment and exports.
Publish dateThursday 27 February 2025 - 22:18
According to Amac News, speaking to Emirati state media on the sidelines of the Investopia 2025 event in Abu Dhabi, Hanafi said that the efforts of the Union of Arab Chambers have succeeded in attracting many companies and investors to the Arab region, changing the traditional perception that Arab markets are only consumption destinations to strategic partners that can create added value by investing in local resources.
He noted that the Union of Arab Chambers operates through an extensive network that includes chambers of commerce in 22 Arab countries and 16 joint Arab-foreign chambers globally.
Hanafi identified the main challenge facing Arab economies as the adoption of modern technologies and the transition to a digital economy based on artificial intelligence.
He explained that this transformation is not limited to updating production processes, logistics and financial services, but also includes improving supply chains and increasing the efficiency of the entire economy.
Hanafi stressed that Arab youth are the driving force behind this digital transformation, adding: “A country’s success in adopting modern technologies depends on the private sector’s ability to adapt to these changes and integrate as many people as possible into this transition.”
He also stated that digital transformation does not necessarily require huge financial resources but is more related to knowledge, noting that the Arab world has a young and often passionate population that must be harnessed for future growth.
Regarding the future of the private sector in the Arab region, he stressed that the success of any economy is fundamentally dependent on empowering the private sector and granting it the freedom to operate. “The private sector is responsible for production, exports, investment and job creation. If governments succeed in empowering it, their economies will flourish,” he said.
On privatization, Hanafi explained that it is not just about transferring ownership of public entities to the private sector, but also about creating a business-friendly environment that allows it to operate effectively and without barriers. He said this requires flexible economic policies that increase competitiveness and encourage innovation and growth.
He also pointed to the UAE’s experience in strengthening digital readiness, describing it as a global model in digital transformation and economic innovation. Hanafi noted that many countries, including European countries, are trying to benefit from the UAE’s experience in this area.
He noted that the Union of Arab Chambers operates through an extensive network that includes chambers of commerce in 22 Arab countries and 16 joint Arab-foreign chambers globally.
Hanafi identified the main challenge facing Arab economies as the adoption of modern technologies and the transition to a digital economy based on artificial intelligence.
He explained that this transformation is not limited to updating production processes, logistics and financial services, but also includes improving supply chains and increasing the efficiency of the entire economy.
Hanafi stressed that Arab youth are the driving force behind this digital transformation, adding: “A country’s success in adopting modern technologies depends on the private sector’s ability to adapt to these changes and integrate as many people as possible into this transition.”
He also stated that digital transformation does not necessarily require huge financial resources but is more related to knowledge, noting that the Arab world has a young and often passionate population that must be harnessed for future growth.
Regarding the future of the private sector in the Arab region, he stressed that the success of any economy is fundamentally dependent on empowering the private sector and granting it the freedom to operate. “The private sector is responsible for production, exports, investment and job creation. If governments succeed in empowering it, their economies will flourish,” he said.
On privatization, Hanafi explained that it is not just about transferring ownership of public entities to the private sector, but also about creating a business-friendly environment that allows it to operate effectively and without barriers. He said this requires flexible economic policies that increase competitiveness and encourage innovation and growth.
He also pointed to the UAE’s experience in strengthening digital readiness, describing it as a global model in digital transformation and economic innovation. Hanafi noted that many countries, including European countries, are trying to benefit from the UAE’s experience in this area.
amacnews.com/vdcg.z9wrak9zzj54a.html
Source : news agency wam
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