Archive for Arab states

A delegation of Libyan parliamentarians arrived in Arish late Tuesday, preparing to head to the Gaza Strip through the Rafah border crossing on Wednesday.

"The visits by officials from Arab Spring countries denotes that Arab states have taken a new form," Saleh Makhzoum, the second vice chairman of Libya's National Assembly, told Turkey's Anadolu news agency

Makhzoum said the Arab League had also taken a positive step when its general secretary, Nabil al-Araby, headed an Arab-Turkish ministerial delegation to Gaza on Tuesday.

According to Makhzoum, 11 Libyan MPs plan to deliver aid supplies to the residents of Gaza and examine ways to rebuild in the densely-populated area. He added that his country would strongly support the Palestinian Authority in its bid for UN membership.

Official and popular delegations have been flocking on Gaza since the start of the Israeli attack a week ago, which began with the assassination of Hamas leader Ahmed al-Jabari, and has left more than 130 Palestinians dead so far. Egyptian Prime Minister Hesham Qandil visited the enclave last Friday, and Turkish Foreign Minister Ahmet Davutoglu headed there on Tuesday alongside other ministers from the region.

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Total foreign and domestic investments in Arab states rose slightly last year despite widespread unrest, the Kuwait-based Arab Investment and Export Credit Guarantee Corp. said on Tuesday.

The investments, both private and government, increased by 1.2 percent to US$496 billion in 2011 from $490 billion in the previous year, the organization said in a report without providing details on the foreign share.

Several Arab nations have been hit by unprecedented uprisings that have already toppled the leaders of Tunisia, Egypt, Libya and Yemen, while the Syrian regime is fighting a bloody battle for survival.

Algeria, Qatar, Saudi Arabia and the United Arab Emirates accounted for 63 percent of the investments, or $312.5 billion, said the report which covered 21 of the 22 members of the Arab League.

The report estimated total capital investments in the 21 Arab nations would reach $4.26 trillion over the next six years up until 2017, with OPEC kingpin Saudi Arabia accounting for more than $1.0 trillion.

Capital investments in the Arab countries is expected to hit $559 billion in 2012 and will gradually grow to reach $779 billion in 2017, amounting to growth of about 40 percent, it said.

The report based its optimistic outlook on huge investment plans already announced mainly by the energy-rich Gulf states.

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ABU DHABI  — The Arab Monetary Fund (AMF) said on Sunday it was arranging a $65 million credit facility for Egypt to help the country trade with other Arab states, as political instability threatens Cairo with a balance of payments crisis.

The credit line will be extended through a trade financing programme run by the AMF, central banks and other financial institutions in the region, said the AMF, a multilateral lending body with 22 member countries.

Egypt's balance of payments deficit ballooned to $11 billion in the first nine months of its 2011-2012 fiscal year, more than double year-ago levels, as inflows of capital largely dried up.

Cairo is seeking aid from a wide range of international donors; Egyptian officials said in February they had asked for $500 million each from the AMF and the African Development Bank, $1 billion from the World Bank and $660 million from the European Union. But aid has generally been slow to arrive, partly because donors have been cautious about lending while Egypt's political outlook remains unclear.

Farouk al-Oqda, Egypt's Central Bank governor, said at a meeting of AMF and regional central bank officials in Abu Dhabi on Sunday that the capital and revenues of Egyptian commercial banks were strong. "We are in a better position now," he said without giving figures.

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Presidential candidate Amr Moussa on Tuesday called for dialogue to end disputes between Iran and Arab states. Moussa said that following his appointment as Foreign Minister in 1991, he had conducted a number of calls with Iranian officials but former President Mubarak ordered him to cut off all communication with Iran.

Iran and Egypt severed ties in 1980 after the Islamic revolution in Iran and the normalization of relations between Egypt and Israel. Both nations have long vied for power in the Middle East. Egypt has been allied with the US and Israel for decades, but since the ouster of Mubarak relations between Cairo and Tehran have warmed.

During his meeting with the Tourism Support Coalition, Moussa asserted that Iranian tourism to Egypt will increase. He assured tourism sector employees that tourism would “return to Egypt as soon as possible, perhaps within three months.”

Commenting on the outbreak of a number of revolutions in Arab States during his stint as secretary general of the Arab League, Moussa said the Arab League had no role in advising presidents, but that it disclosed some aspects of corruption through its committees.

Edited translation from MENA

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