Gaza Situation Hurts World Economy, Yet There is Hope for Improvement, Egyptian Ex-Minister Says

13:14, 8 May 2024

Christina Glazkova

Writer / Editor

On May 7-9, the capital of the United Arab Emirates (UAE), Abu Dhabi, hosts AIM Congress 2024 — a "leading investment platform in the Middle East," according to its website. It has brought together participants from more than 170 countries. Sputnik is the media partner of the event.

Sputnik

The situation in Gaza is negatively affecting the global economy, but there is hope for improvement, former Egyptian Minister of Trade and Supply Khaled Hanafi told Sputnik.

“What happens in Gaza affects the entire global economy and investment, and the negative impact is not limited to the Middle East region. However, the world has already adapted to new realities and is developing mechanisms to resume economic processes. I think the situation will improve in the near future,” he said on the sidelines of the 13th AIM Congress 2024 in Abu Dhabi.

Aside from that, the former minister noted that the entry of Egypt, the UAE and Saudi Arabia into BRICS will provide Russia and Arab countries with “a huge field for joint work.”

“Russia is a member of BRICS; Egypt, the UAE and Saudi Arabia are also members of BRICS. This will provide a huge field for joint work between Arab countries and Russia. We expect a lot from Arabia-EXPO 2024 in Oman, which is being prepared by the Russian-Arab Business Council in cooperation with the Union of Arab Chambers and the Oman Chamber of Commerce and Industry,” he added.

Last but not least, Hanafi underscored that the congress is a great platform for the meeting of various businessmen and investors, whose joint work "will give a double result: new jobs and movement towards a prosperous future."

About 12,000 people are expected to take part in the work of the congress: businessmen, economists, investment experts, and government delegations. Hundreds of business meetings, seminars and sessions took place over three days.

The event also features stands of both individual companies as well as intergovernmental and international organizations, including BRICS, which is of particular importance for the UAE after the Arab country joined the bloc.