Jan 23 2013
|more articles from|
SBG ready to fund Egypt-Saudi bridge
The Yehia Binladin Group announced it was willing to fund the project in cooperation with Egyptian state-owned construction giant Arab Contractors. The group explained that the project was feasible, but would need the necessary "political will" and the approval of both the Egyptian and Saudi authorities.
President Morsi Monday morning called upon a group of Egyptian and Saudi businessmen in Riyadh to "seriously" consider funding the $3 billion project to build an Egypt-Saudi bridge, which would, he asserted, bolster the region's economies.
During his current visit to the Kingdom, Morsi also called for the revival of a common Arab market.
Morsi gave the opening speech at the Economic Development Forum in Riyadh, where he asserted that Egypt would only regain its leading regional role with the support of its Arab "brethren." He added that regional economic integration was vital to the region's development and the welfare of its citizens.
"We must fight as an Arab and Muslim nation the drawbacks of globalization together, through mutual cooperation," Morsi said in his opening address.
The Egyptian president added that countries in the region were facing the same economic obstacles, including huge income gaps and widespread youth unemployment. Morsi warned that such obstacles could lead to disastrous consequences if Arab countries failed to act to overcome them as "partners."
"The Arab region must take advantage of its natural resources, so as to become competitive in international markets and pave the way for sustainable development," Morsi urged his Arab counterparts.
Morsi said that the time had come to start implementing an "effective" and full-fledged "common Arab market, to which the Arab people have aspired for a very long time." "Let us not dwell on the weakness of Arab trade and commerce. What is necessary is common political will and a shared vision to set a timely agenda for the implementation of a common Arab market," he said.
© Copyright Zawya. All Rights Reserved.
People Who Read This Also Read
Related to this article
- Private sector involvement vital for deepening Saudi-India trade ties
- 2012: The year of high expectations