Artificial intelligence becomes key engine of global economic growth

• Sheikh Fahad Yousef Saud Al-Sabah, Acting Prime Minister and Minister of Interior, emphasized the importance of fostering Arab solidarity, adapting to change, and responding swiftly to the needs of member states, noting that they are now called upon “to intensify their efforts more than ever.”

Sheikh Fahad Yousef Saud Al-Sabah, Acting Prime Minister and Minister of Interior, on Wednesday emphasized the importance of economic cooperation and integration among Arab nations, aiming to unify efforts, align policies, and strengthen economic structures to boost the business environment, productivity, and competitiveness, reported Q8-Press.

In his speech at the joint annual meetings of financial institutions and the 16th regular session of the Council of Arab Finance Ministers, hosted by Kuwait, Sheikh FahadAl-Yousef stated that current complexities place a historic responsibility on Arab financial institutions to intensify their efforts and enhance institutional integration.

He emphasized the importance of fostering Arab solidarity, adapting to change, and responding swiftly to the needs of member states, noting that they are now called upon “to intensify their efforts more than ever.”

He added that the rapid development of technology—particularly artificial intelligence—cannot be ignored, as it has become a key driver of the global economy. He described this as a significant challenge to the Arab economy’s ability to integrate such technologies into markets to achieve substantial growth and development.

He stated that the State of Kuwait remains committed to supporting and empowering youth, developing human capital, and promoting small and medium enterprises—an initiative it launched during the first Development Summit in 2009. Kuwait also works to create job opportunities and places strong emphasis on the science, technology, and innovation sectors.

He stressed that Kuwait’s commitment to supporting development in developing countries is not a recent initiative but a deeply rooted approach, exemplified by the establishment of the Kuwait Fund for Arab Economic Development more than six decades ago—a milestone in the nation’s legacy of Arab and international contributions to development.

Sheikh Fahad Al-Yousef also praised the vital role played by Gulf development funds and joint Arab financial institutions in fulfilling their commitments to financing development projects worldwide, reflecting a shared belief in the importance of solidarity and cooperation to achieve comprehensive and sustainable development.

He stated that the State of Kuwait’s interest in Arab financial institutions stems from its belief in their importance, emphasizing that Kuwait will spare no effort in supporting the projects and decisions issued by the joint annual meetings of Arab financial institutions, which serve the interests of Arab countries and advance the hopes and aspirations of Arab citizens.

For his part, Omani Finance Minister Sultan Al-Habsi, in a similar speech, emphasized that current global developments are significantly affecting the global economy, with clear negative repercussions on the Arab region as part of this interconnected system.

Al-Habsi noted that, in light of these global shifts, joint Arab financial institutions must take swift and effective measures to mitigate their adverse impacts.

Need to foster an investment-friendly climate

He added that recent U.S. government decisions to impose tariffs on several countries underscore the urgent need to foster an investment-friendly climate—one that encourages private sector participation, attracts capital, and promotes investment opportunities to achieve sustainable development goals.

He further explained that encouraging private sector growth and attracting investment requires the enactment of laws and legislation that enhance openness to the global economy, intensify reform efforts, combat corruption, and reinforce the principles of transparency and integrity.

He commended the efforts made by Arab countries to overcome many challenges, noting that significant obstacles remain which require continued cooperation, unity of vision, and collective effort.

Enhanced coordination among Arab nations

He emphasized that the current global climate calls for enhanced coordination among Arab nations and the development of flexible financial strategies capable of adapting to evolving challenges, with the aim of strengthening economic stability in the region and sustaining growth amid ongoing global fluctuations.

He stressed the importance of these meetings in generating decisions and recommendations that promote economic and social development in Arab countries and foster stronger ties with international financial institutions—ensuring impactful outcomes that can drive Arab development forward.

Prioritizing the needs of least developed nations

He affirmed that there is no alternative but to prioritize the needs of the least developed countries, particularly in financing development, economic, and social projects. Doing so would help address long-standing issues such as high unemployment, low income levels, and fragile infrastructure, while also tackling emerging challenges related to rapid technological advancements and accelerating climate change.

The meetings are attended by delegations from Arab countries, including ministers, senior officials, and economists specializing in public debt management.

Also participating are the heads of Arab funds, finance ministers, and the heads and governors of key institutions, including the Arab Monetary Fund, the Arab Fund for Economic and Social Development, the Arab Investment and Export Credit Guarantee Corporation, the Arab Bank for Economic Development in Africa, and the Arab Authority for Agricultural Investment and Development.