By Mash'hour Abu Eid
(with photos) AMMAN, Jan 7 (KUNA) -- The Arab Economic Summit, to be held in Kuwait on January 19-20, is timely and crucial as it coincides with the global financial crunch, said former Jordanian Finance Minister Mohammad Abu Hammour on Wednesday.
Abu Hammour, who currently chairs the Arab Potash Company PLC (APOT), told KUNA that all political blocs were expected to adopt major steps for enhancing economic development in the Arab states in light of the global economic meltdown.
The Arab countries have to work together in accordance with the Arab private sector forum agenda, in order to protect common interests on the one hand and to enhance their contributions to world economic growth on the other, he underscored.
Abu Hammour expressed his satisfaction for dubbing the upcoming event as the "Arab citizens' summit," which he said reflected the aspiration of Arabs for taking serious steps to improve their social and economic status.
Arab leaders are expected to endorse crucial economic decisions to stabilize the economic standards of Arab citizen, as well as to minimize the impact of the crisis, while netting benefits.
He noted that Potash was a good example of joint Arab cooperation, where 40 percent of its shares were held by Arab governments -- Kuwait holds 3.95 percent. The company, primarily involved in harvesting minerals from the Dead Sea, was formed in 1956 as a pan-Arab business in partnership with the Arab League. (end) ab.sab KUNA 071054 Jan 09NNNN