2004 News Story

IDB Chief urges suitable environment to enhance investment in Middle East and North Africa

Dr Ahmad Mohammed Ali, the President of the Jeddah-based Islamic Development Bank (IDB), has underscored the importance of the settlement of political disputes for creation of a suitable environment for investment in the Middle East and North Africa.

In a statement to the Moroccan News Agency, Dr Ali said the countries of the region have urged the developed countries to directly contribute to the settlement of disputes in the region.  He pointed out that the Arab-Israel dispute and the situation in Iraq constitute an obstacle for the flow of investments in the region.

Dr. Ali said it is high time for the countries of G-8 to work in a determined manner for extending direct investments, and encouraging initiatives in various countries of the region as well as to positively contribute to improving the standard of living of their nations taking into account the special conditions of each country.

Dr. Ali made it clear that the concept of cooperation and coordination should form the real base for any partnership between the countries of the Middle East and North Africa and the countries of G-8.  Moreover, it is necessary to open up the region's markets for the more industrialized countries and to attract excessive investments for the enhancement and development of such a partnership, Dr. Ali said.

Underlining the importance of the Forum of Future, Dr Ali said it constitutes a good beginning and so it is important to follow up and implement its recommendations.