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His Highness Amir Sheikh Sabah Al-Ahmad, Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Al-Khalid, yesterday announced a high-level initiative of His Highness the Emir aimed at creating a fund for investing in technology and the digital economy through private sector participation.
At the fourth Arab summit on economic, social and development development in Beirut, al-Khalid said the Fund's capital rose to $ 200 million, including $ 50 million in Kuwait. He also proposed that the fund be administered by the Arab Fund for Economic and Social Development.
He called on joint Arab financial institutions to consider deductions from their annual net profits in order to meet future needs and ensure the continuity of the Fund's work.
Following is the text of His Highness' representative's speech: "I would like to convey to you the greetings of His Highness Sheikh Sabah Al-Ahmad, who prevented urgent commitments without His Highness's participation in this meeting. to convey to you the wishes of His Highness for the success of our meetings, expressed his sincere thanks and gratitude to the Lebanese leaders, government and people for the hospitality, the good and the benefits we have received and for wish dear Lebanon more security, stability and prosperity. "
I thank the Secretary-General of the League of Arab States, the Secretariat and all those who contributed to the preparation of this summit, as well as the brothers of Saudi Arabia, for their constructive efforts during their presidency from the previous session. "
"We are all aware of the magnitude of the challenges and risks we face as well as the decline of our joint work and our ongoing efforts to address them." But we now want to place the priority development and economic cooperation at the center of our concerns so that we can make progress for our peoples and become a question of future and destiny, for the sons of our nation ".
Therefore, he said: "In previous cycles of our economic, social and economic development, we have achieved many accomplishments upon which we can build and we will begin to make more profits and support our common work in its areas of development, economic and social. "
The representative of His Highness Amir added: "We are meeting at the fourth session of our economic, social and development team after launching this approach in consultation and coordination with our brothers in Egypt in 2008. We have ideas and visions for these summits and to convene the first economic summit in Kuwait in 2009, On the initiative to create a fund for small projects at the level of the Arab world endowed with a capital of two billion dollars My country has paid $ 500 million, and Saudi Arabia has paid $ 500 million to monitor the contributions of the brothers and reach the pledges of $ 3 billion and $ 300 million. funded more than 7,000 projects, generating 437,000 jobs in the Arab world, and we affirm that His Highness's initiative was based on the belief that we should consider the game our most valuable asset. In the Arab nation and at the third summit in Saudi Arabia, to draw more attention to our joint Arab work in its economic dimensions through its institutions working with its support and promotion, through an innovative initiative aimed at increasing the capital by at least 50% and increasing the capital of Arab joint companies, 50%.
"For decades, we have continued our meetings at all levels, in which we discuss many crucial issues, but at the same time, we were far from touching the concerns and concerns of the people of our Arab country, which we invites today in light of the declining pace of sustainable development and difficult economic conditions Including a number of Arab countries to put these concerns and concerns at the center of our efforts and strive to meet the hopes and aspirations of our Arab peoples by focusing on the economic fundamentals that contribute to the change and improvement of situations that have caused the instability and instability of a number of our Arab societies and a direct threat to its security. "
"We are called to activate our joint projects and to support the programs adopted at our previous sessions in the areas of the Arab common market, the Arab electricity connection, the food and water security programs, the updating of the requirements of the Arab Customs Union and Employment Assistance Programs, Reduction of Unemployment and Poverty Alleviation in the Arab Countries, Educational Development and Improvement of the level of health care I note with interest the pioneering and constructive role played by the private sector in driving the growth vehicle in the Arab world with its technical, material and human resources, as well as its capabilities. Creative ideas that lead us to respond to and realize the legitimate interests of the sons of our Arab nation, without which our efforts will be futile and our ambitions inferior to u level of investigation ".
"Because of the common belief and the full awareness of the importance and inevitability of monitoring rapid technological developments in our modern world and looking for a more promising and prosperous future for the sons of our Arab nation, I am honored to be here at the Beirut Summit, SA Sheikh Sabah Al-Ahmad Al-Sabah, will create an investment fund in the fields of technology and technology. a digital economy with a capital of $ 200 million, thanks to the participation of the private sector, to which my country will contribute $ 50 million of the capital of this fund, which is equivalent to a quarter of its size. Arab Republic for Economic and Social Development is responsible for managing this development initiative We look forward to your generous support for this initiative, which will help strengthen the common Arab economy and create employment opportunities for our young Arabs. "
His Highness the Emir added: "We also hope that Arab mixed banks and financial institutions will consider deducting their annual net profits to meet future needs and ensure the sustainability of this fund."
Source: Witness
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