Council of Arab Economic Unity, AAAID to Establish $25 Million Trading Firm in Dubai |
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Beirut (APD) - The Egypt-based Council of Arab Economic Unity (CAEU) and the Sudan-based Arab Authority for Agricultural Investment and Development (AAAID) established a $25 million joint public stock company called the Marketing and Arab Trading Company, the Dubai-based al-Bayan reported Thursday.
The company will be based in Dubai and will have branches in Sudan and Egypt and it will focus on the food, agricultural and animal production sectors in the Arab countries.
"The new company will be formed by private investors along with CAEU and AAAID and it will start its operations in January 2006," said Ahmed A. Goueli, secretary general of CAEU.
Goueli, who did not provide details on the planned structure and shareholding distribution in the new company, made his announcement on Wednesday during the Ninth Annual Meeting for the Arab Business Community in Doha.
At the same occasion, Goueli said that CAEU is set to create an Arab investor card. Calling the card the "Arab Schengen", he explained that it would facilitate the work of Arab businessmen across Arab countries and would be issued by 2006.
The town of Schengen in Luxembourg is associated with the 1985 EU agreement, under which some of the Union's member states consented to drop border controls on individual travel between their territories.
In the 20 years since adoption of the agreement and subsequent amendments, the realm of the Schengen countries has been expanded to 33 countries that have implemented partially border control-free travel or are in the process of doing so.
Outside of the EU, Schengen is a term used in connection with the Schengen visa regulations, which require foreigners to obtain an entry visa into the EU territory that meets harmonized standards among all member countries.
The CAEU was created in 1964 to implement the Arab Economic Unity Agreement (AEUA) amongst the states of the Arab League. Signed in 1957, the Arab Economic Unity Agreement (AEUA) had been ratified by what since Yemen's re-unification are 11 countries: Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Somalia, Sudan, Syria and Yemen.
The CAEU has the declared goal of achieving complete economic unity among the member states.
AAAID, which was established in 1977 as an independent financial agricultural investment institution, has now 19 member states. Its paid-up capital at the end of 2003 was $342.4 million. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2005
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