Economists called to open Arab markets and borders to businessmen to invest in Arab countries, and to put in place legislative and regulatory frameworks that simplify procedures and enhance direct investments, in addition to making changes in labor markets focusing on business leaders, noting that unemployment comes at the top of challenges Facing Arab economies.

The experts who attended the "Arab Economic Transitions during the Next Decade" session, within the work of the "Arab Strategic Forum" in Dubai yesterday, said that the Arab countries have opportunities worth 200 billion dollars (734 billion dirhams) of additional inter-Arab trade, noting that the Gulf countries It needs more than 80 or 85 dollars a barrel of oil to boost its budgets.

Economic integration

In detail, Alan Bajani, a member of the International Consultative Council for the Atlantic Council, said that there are great opportunities for economic integration between the countries of the Middle East, North Africa and Pakistan, pointing out that this region lives below its economic performance level, and represents about 8.5% of the world's population, and it also contributes About 3.4% of the world's GDP.

He added that the inter-Arab trade represents 16% of the commodity trade in the world, most of which is oil trade, pointing out that the Arab countries have opportunities worth $ 200 billion of additional inter-Arab trade.

Bajani pointed out that the countries of the region lack the financial capabilities, but there are countries that have the capabilities and wealth that allow them to finance most of the countries of the region facing economic challenges.

He called for opening up Arab markets and borders to businessmen to invest in Arab countries, and to put in place legislative and regulatory frameworks that simplify procedures and enhance direct investments.

Unemployment rate

For his part, the Director General of the Arab Monetary Fund Board Chairman, Dr. Abdul Rahman bin Abdullah Al-Hamidi, said that unemployment comes at the top of the main challenges facing Arab economies, noting that the unemployment rate has reached twice the global average of 9%, and the Arab countries have about 18 %, In addition to that the unemployment rate among Arab youth reached 29%, and among females in some countries it reached 50%.

He pointed out that the Arab world, with technical progress, will face a decrease in the demand for employment ranging between 25 and 50%, calling on Arab countries to make changes in the labor markets, focusing on entrepreneurs and supporting small and medium enterprises that create jobs. He pointed to the decline in the level of education in some Arab countries, saying that failure to upgrade the education system reinforces the high level of unemployment.

Putting oil

In the same context, Professor of Oil and Energy Economics at the European College of ESCP for businessmen in London, Dr. Mamdouh Salama, said that oil will remain the main source of the wealth of the Arab economy, provided that the diversification of the sources of income of the oil states is made. He pointed to four principles that control oil and energy economies, that there will be no alternative to oil throughout the 21st century, and that the idea of ​​reaching the top of global oil demand will not occur because global demand will continue, in addition to the introduction of electric cars to the transportation sector will reduce oil consumption, But it will not eliminate it or replace it, and finally that there will be no immediate shift from oil and gas to alternative energy.

He stated that the Gulf countries need an oil price in excess of 80 or 85 dollars per barrel to enhance their budgets, which are achievable in the long run.

He explained that the foundations of the global oil market are positive, but what is prevented from price increases is the trade war between China and America, which reduced economic growth by about 1%, and also reduced oil demand and affected prices. He said, "When the war ends, prices will start to rise to more than $ 75 a barrel."

Egypt ... a tiger on the Nile

The head of the consultative body of the Egyptian Center for Thought and Strategic Studies, Dr. Abdel-Moneim Said, said that the past decade witnessed a period of unrest that may last for about 10 years to come.

He added that there are a number of Arab countries that are taking a serious path towards reform, pointing to the experience of Egypt, Jordan, Saudi Arabia, Morocco, Kuwait and Bahrain.

He said that the volume of violence in the Arab world is decreasing, expecting that the next decade will be better than the past, especially with the return of the idea of ​​the national state, pointing out that the world faces great challenges, including population growth, terrorism, and communication between youth and society as a whole. Saeed expected that during the next decade, Egypt would become a "tiger on the Nile".