The 27th Arab summit convened in Mauritania last week against was held against a backdrop of serious sociopolitical and economic challenges. In fact, Morocco apologised for not hosting the summit originally designed in April in the absence of prospects for achieving breakthroughs on outstanding challenges.

Sadly, internal fighting is engulfing several Arab nations like Syria, Yemen and Libya. Also, instability is common in other countries like Iraq and Lebanon.

Yet, amid all the sociopolitical problems, finding solutions to economic challenges can provide some sort of relief. In other words, time is ripe for convening a summit that focuses exclusively on outstanding economic issues.

In retrospect, Kuwait, Egypt and Saudi Arabia hosted the Arab Economic, Development and Social summits in 2009, 2011 and 2013, respectively. The one in Egypt was held ahead of the popular revolution.

The Gulf has the largest the largest Arab economy and exporter of crude oil in its rank — Saudi Arabia. Qatar leads the world in the export of liquefied natural gas, while the UAE is ahead of all Arab countries in the size of its sovereign wealth funds.

Other means of finances

Kuwait maintains a track record of reaching out to other Arab nations in the 22-member Arab League in need of financial assistance. In particular, the Gulf states extends grants and other means of finances for the development of infrastructure projects like clinics, schools and road networks.

To be sure, socioeconomic issues abound in Arab countries. One such is the relatively limited inter-Arab trade. By one account, trade levels between Arab countries hover around 12 per cent of their total foreign trade. Notably enough, a major portion of this trade occurs among GCC countries on the back of integrating projects, notably the Gulf Common Market. Intra-trade levels are considerably higher in other parts of the world, notably the EU.

To be sure, the Arab League is not short of prospective integration projects such as a customs union and common market. The first project concerns assuming standardised measures on trade while the second calls for a free movement of factors of production.

Undoubtedly, implementation of these ambitious projects encounters fundamental challenges reflecting the fact that Arab countries face different economic challenges. Finding jobs for locals is a concern for all, though not on the same level. Unemployment among locals is not an issue for the UAE, Qatar and Kuwait. However, the same does not true for Egypt, Yemen, Syria, Yemen and the Sudan.

Positive note

Needless to say, Arab leaders enjoy no luxury when it comes to addressing debacles like demographic realities. The combined population of Arab countries is put at 360 million, but projected to reach 500 million by 2025 on the back of a 2.3 per cent growth rate. On a positive note, youngsters seed a promising future.

What’s more, nearly half of all Arabs are below the age of 20 years and this fact promises a pool of talented people. Clearly, this reality suggests that millions would be entering the job market seeking suitable opportunities. The jobless rates are in double-digit in several Arab economies.

Looking ahead, Yemen was selected as host of the 28th Arab summit in 2017, a development providing negotiators added reasons for clinching a lasting peace agreement among all sides.

The writer is a member of parliament in Bahrain.