Stability is important to draw investments into a country, and any war has an impact on neighbours and the region, said Ahmed Aboul Gheit, Secretary-General of the League of Arab States, while calling for an urgent solution to the Israel-Palestine conflict.
Addressing the Annual Investment Meeting (AIM) Congress 2024 in Abu Dhabi, Gheit pointed out that the ongoing Israel-Gaza war will have economic implications affecting the region.
“Stability is very important as it is directly connected to investments,” Gheit said while pointing out the economic consequences of the Arab Spring and other crises, which left a lasting impact on economies in the region during the past decade.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
“All the crises the Arab world went through in the last decade have had an impact on economic growth. It delayed investment into the Arab region,” Gheit told the audience, including heads of state, ministers, policymakers, and investors, among others. As many as 12,000 delegates representing 175 countries are participating in this edition of the Congress held under the theme: ‘Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development.’
The prolonged war on Gaza, Gheit underlined, is a sign of further delay in investment.
“Israel’s war is a breach of international law. Such a war involving people and infrastructure in Gaza does affect neighbouring countries. The war has an impact on the region. It has impacted the supply chain. It leads to a rise in the prices of food products. I call for urgent human aid for Gaza. I hope this war ends soon,” he said, highlighting how attacks on ships in the Red Sea area reduced traffic through the Suez Canal and posed a threat to the global economy.
Separately, Gheit called for investments to be made into artificial intelligence and advanced technology.
“AI will play a key role in the future. Threats of AI are well known to all. We need AI regulations and legislation. I call on you all to invest in AI companies. We have to improve Arab policies in this regard,” Gheit said.
The three-day edition of the AIM Congress is held at the Abu Dhabi National Exhibition Centre (ADNEC).