The Banking Executive Magazine - August Issue 2022

Synergy, Cooperation and Strategic Alliance... The Pillars of Success consumer markets. Companies of all types, whether private, public, non- profit, or startup, continue to recog- nize the bottom-line benefits of integrating digital work into their business. The rapid advance of tech- nology will not slow any time soon. Businesses that fail to adapt will find themselves left behind, while the perceptive ones who learn to keep up will reap the rewards. On the other hand, a large gap in cli- mate finance is yet to be closed in order to meet the needs to green economies and to adapt to the in- evitable impacts of climate change. Priority areas for adaptation include the water and agriculture sectors and coastal zones. Priorities for measures to cut greenhouse gas emissions in- clude energy efficiency, renewable energy, public transport systems and waste management. 4. GIVEN THE CURRENT LOCAL, REGIONAL & GLOBAL CHALLENGES, HOW CAN THE ARAB WORLD ACHIEVE REAL PROGRESS TOWARDS ARAB ECONOMIC INTEGRATION? The Arab countries have not man- aged to tap the potential returns from intra-Arab economic integration in the form of faster growth and strengthened resilience to the im- pacts of economic crises that have their origins outside the region. The trade links between Arab countries remain marginal and are progressing rather slowly due to significant trade barriers that are stagnating PAFTA. The way forward is to adopt a realis- tic and gradual strategy that is armed with the tools of 4IR to achieve Arab economic integration that is essential to pool the diversified resources of all countries & generate more income and employment, boost investment and spur structural transformation to- ward more diversified and broad- based economic models. One major area to focus on is maritime trade. In- vesting in and managing maritime networks & maritime economic zones & industries in a regional set- ting may yield substantial gains. For instance, issuing licenses that are re- gion-wide rather than country-spe- cific could pool markets, and the resulting large markets could attract global players. In this regard, intrare- gional services liberalization initia- tives are crucial & may require major privatizations and regulatory reforms of services, as the current providers of most services, which are neces- sary to a more regionally integrated approach, are public monopolies. 5. HOW DO YOU SEE THE FUTURE ROLE OF THE UNION OF ARAB CHAMBERS & ITS MEMBER CHAMBERS? A new world has already emerged that thinks and demands differently. Chambers need to be local pillars & digital platforms for upskilling & boosting entrepreneurship, trade & investment to enable displaying their individual members on the global stage and engaging marketplaces with updated skills that will boost de- velopment. This is why the Union of Arab Chambers is now focusing on uniting forces with local, regional & global stakeholders to mobilize joint efforts for the sake of achieving tan- gible progress. This role is not limited to developing employment opportu- nities for Arab youth and Arab job seekers, but also targets speeding up reform, fostering the role of Cham- bers & promoting Arab economic in- tegration on a sustainable basis. UAC notable initiatives include the “Arab Rally” to reward Arab youth digital the BANKING EXECUTIVE 22 ISSUE 164 AUGUST 2022