https://arab.news/c8qeg
- Expanded support will significantly enhance UAC鈥檚 capacity to deliver programs and initiatives empowering the Arab private sector
- FSC and UAC are working to boost intra-Arab trade and expand access to third markets
JEDDAH: 萝莉视频 has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.
The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC鈥檚 capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.
The decision underscores the Kingdom鈥檚 growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.
Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region鈥檚 total foreign trade by late 2024鈥攁 figure FSC President Moejeb Al-Hwaizy described as 鈥渕odest鈥� in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.
The FSC noted that 萝莉视频鈥檚 enhanced contribution reflects its 鈥渟trategic responsibility鈥� as the UAC鈥檚 largest financial backer and soon-to-be president. 鈥淭his is an extension of the federation鈥檚 role in supporting the private sector at the local, regional, and international levels,鈥� it said.
The Kingdom鈥檚 leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.
With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.
As the only Arab country in the G20 and the region鈥檚 largest economy, 萝莉视频鈥檚 growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.