JEDDAH: Saudi Arabia has quadrupled its financial commitment to the Union of Arab Chambers, a significant step towards strengthening regional economic integration and increasing private sector collaboration worldwide.
The Federation of Saudi Chambers announced the increase on Tuesday, claiming that the increased funding will considerably improve the UAC’s ability to offer programs and projects that empower the Arab private sector and develop tighter economic relations among member states. The decision emphasises the Kingdom’s rising leadership position in regional economic matters and comes at a time when requests for more intra-Arab coordination are increasing.
Despite similar economic interests, intra-Arab commerce accounted for just 13.8% of the region’s overall international trade by late 2024, which FSC President Moejeb Al-Hwaizy termed as “modest” when compared to other global economic blocs. Al-Hwaizy was chosen first vice president of the UAC at its 135th session in Qatar.
The FSC stated that Saudi Arabia’s increased contribution reflected its “strategic responsibility” as the UAC’s greatest financial supporter and incoming president. According to the statement, “This is an extension of the federation’s role in supporting the private sector at the local, regional, and international levels. ”
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