Alabbar calls Arab Nations to step up economic efforts

Updated 1/25/2024 8:46:00 AM

Arab Finance: Emirati businessman Mohammed Alabbar has highlighted a huge gap between the economies of Europe and Arab nations, despite the similarity in population count of approximately 400 million, as per an emailed press release, quoting the magnate’s remarks during his appearance on Al Arabiya TV channel.

Alabbar also pointed out that the gross domestic product (GDP) of European countries stands at around $19 trillion, whereas the GDP of the Arab region is only $5 trillion and just $1 trillion excluding oil.

By looking at the cities in Europe, they are more developed and prosperous than the cities in the Arab world. In Europe, there are cities like Milan, Hamburg, London, Munich, Rome, Barcelona, and Paris, while in the Arab region, there is Dubai, and there was Beirut, Alabbar added.

"We must know that competition moves the whole world,” he stressed, adding that the number of visitors to Europe is about 600 million, including tourism and trade all together, while the number of tourists in the Arab region is at most about 40 million.

Moreover, he indicated that competition among Arab countries would boost economic growth, explaining that Arab countries will make greater efforts to develop their economies when they compete with each other.

Regarding this matter, he shed light on the economic growth that occurred in Saudi Arabia and Dubai as an example, as the notable efforts made in Saudi Arabia contributed to Dubai’s economic growth which hit 30% after it was 10% before.

Furthermore, the Emirati tycoon urged Arab countries, particularly Saudi Arabia, the UAE, Egypt, Kuwait, Iraq, Syria, and Libya, to make more efforts to achieve economic growth.