Arab economy ministers meet before Baghdad summit
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Tue March 27, 2012 2:15 pm

IRAQ. Arab economy ministers opened talks in the Iraqi capital on Tuesday ahead of a regional summit, aiming to ramp up tourism in the region despite the bloody crackdown in Syria.

The March 27-29 meetings, a pivotal moment as Iraq bids to re-emerge as a key Middle East player, will focus on Syria, where monitors say over 9,100 people have been killed in an anti-regime uprising, though other key topics are also set to be debated.

"God gave us (Libya) victory," Libyan Economy Minister Ahmed al-Koshli said, opening the talks and referring to last year's uprising which led to the killing of strongman Moamer Kadhafi.

"But we have to say that there is still a bleeding wound in a brother country, Syria, and I have to pray to God that he can ease the suffering and the pain in Syria, and grant them their wishes," he added.

Arab foreign ministers are to meet on Wednesday, on the eve of the summit, the first such meeting to be held in the Iraqi capital in over 20 years and with Syria top of the agenda.

Iraqi Foreign Minister Hoshyar Zebari has said he expects a resolution to address Syria but admitted he did not think Arab leaders would call on President Bashar al-Assad to step down.

The fallout from other Arab uprisings -- which toppled dictators in Tunisia, Egypt, Libya and Yemen, and put pressure for reform on other autocratic regimes in the region -- are also likely to be discussed.

Tuesday's talks were due to concentrate on increasing tourism, tackling water security and organising regional responses to natural disasters.

Regional nations which revolted against their autocratic regimes suffered economically in 2011, the International Monetary Fund said in October, pointing to a "sizeable" decline in tourism, though energy-rich Gulf states were largely spared the protests.

The World Bank, meanwhile, has warned that the Middle East and North Africa face "increasingly frequent droughts and a looming water supply shortage."

And the Arab League deputy secretary general for economic affairs, Mohammed al-Tuwaijri, told AFP the 22-member grouping was "thinking of setting up an alert system for disasters like earthquakes and floods."

More than 100,000 members of Iraq's forces are providing security in the capital, and Iraq has spent upwards of US$500 million to refurbish major hotels, summit venues and infrastructure.

Despite the dramatically tighter measures, Al-Qaeda's front group in Iraq managed to carry out a wave of nationwide attacks on March 20 that cost 50 lives, including three people killed in a car bomb that exploded opposite the foreign ministry.

The summit was originally due to be held in Baghdad a year ago but delayed by regional turmoil resulting from the Arab Spring uprisings, as well as concerns over violence in Iraq.

As a result of the revolts, many familiar faces will be absent: Kadhafi has been killed, Egypt's Hosni Mubarak was forced to step down, Yemen's Ali Abdullah Saleh handed over to his deputy and Zine El Abidine Ben Ali of Tunisia fled to Saudi Arabia.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
SAUDI ARABIA. The GCC said in a statement that foreign ministers of the six-member body had met in Riyadh for a comprehensive review of measures used to implement foreign and security policies.
dhgate