Jiddah, Saudi Arabia
Saudi Arabia, Iraq, Kuwait, the United Arab Emirates, and Qatar will provide Arabia's finance minister, Sheikh Muhammad Ali Aba alKhayl, said. The decision to finance an Arab development decade was taken at the recent summit meeting in Amman, Jordan. The sheikh said the money will be deposited with the existing Arab Fund for Economic and Social Development, which finances development projects. The aim is to eliminate the big differences in living standards in the Arab world.
Several other agreements were signed, recognizing that common action by the Arab world is more effective than individual efforts. The main goal is military security and the ability of Arabs to defend themselves without outside help. After that comes development of Arab manpower to limit the region's dependence on outside labor; the acquisition of technological expertise; and self-sufficiency in food production. Oil policies will be used for Arab interests and to achieve cooperation with others in exploring alternative forms of enrgy, the sheikh said.