Abu Dhabi: Investing in the digital economy paves the way to boost social, economic and political stability in the Arab World, according to a statement issued by the organising Committee of the First Arab Digital Economy Conference that concluded in Abu Dhabi this week.

The statement also said digital economy can contribute more than $3 trillion to Arab GDP (gross domestic product) growth. Currently, the digital contribution to the economies of the Arab countries is only 4 per cent compared to 22 per cent globally.

“Choosing the Arab digital economy to be the focal point for the common Arab vision reflects the awareness of the magnitude of the challenges facing the Arab region in light of the pivotal role of modern technology in the development of societies and economies in general,” said the statement.

The conference recommended drafting of laws regulating the digital economy and policies for technological progress and digital transformation to ensure the inclusion of all Arab countries.

The conference also emphasised the success of building a common Arab digital economy requires a unified Arab financial system.

“The Arab countries should upgrade and standardise their banking systems and financial transparency as one of the solutions required globally to promote the digital economy.”

The League of Arab States extended its gratitude to His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for his patronage and support for the First Arab Digital Economy Conference, according to WAM.