Prince Turki Al-Faisal calls for Arab Common Market

May 21, 2010

Prince Turki Al-Faisal, President of the King Faisal Center for Research and Islamic Studies, called today for the establishment of an Arab Common Market with Saudi Arabia – given its financial leverage and considerable Gross Domestic Product (GDP) – as its main economic engine. Speaking at the second working session of the Arab Economic Forum in Beirut, he cited the markets of the Gulf Cooperation Council (GCC), the European Union (EU), and the Association of Southeast Asian Nations (ASEAN) as models. Prince Turki noted that the Kingdom’s financial and economic weight make it qualified to become the core of a new Arab market, citing the fact that Saudi GDP represents more than a quarter of the entire Arab world’s GDP.