Amman, June 24 (Petra) – The Federation of Arab Businessmen and the International Federation of Businessmen and Women formalized a strategic memorandum of understanding (MoU) in Amman on Tuesday, aiming to deepen economic cooperation and advance sustainable development across the Arab region.

The MoU was signed by Tariq Hijazi, Assistant Secretary-General of the Federation of Arab Businessmen, and Majed Rukbi, Secretary-General for the Middle East and North Africa Region of the Dubai-based International Federation of Businessmen and Women. The agreement seeks to strengthen ties between Arab and global business communities and establish frameworks for enhanced joint coordination.

A key objective of the MoU is the organization of an Arab Business Community Forum slated for the end of 2025, designed to foster ongoing collaboration among Arab entrepreneurs and private sector stakeholders.

The International Federation of Businessmen and Women in the Kingdom said that the agreement aligns with efforts to harmonize strategic visions, reinforce Arab and international economic integration, and stimulate investment in priority regions such as Africa, Asia, and the Middle East.

Hijazi described the MoU as a pivotal step toward consolidating the efforts of the Arab and international private sectors to confront economic challenges and unlock new opportunities, particularly in the technology, energy, manufacturing, and services industries. He underscored the importance of forging robust partnerships with international institutions to achieve sustainable growth and economic diversification across Arab states.

Notably, the upcoming Arab Businessmen and Investors Forum, to be held in the United Arab Emirates at the end of this year, represents a significant platform to deepen economic coordination and integration within the Arab world.

Hijazi further emphasized the imperative of promoting digital transformation, entrepreneurship, and the empowerment of small and medium-sized enterprises (SMEs), especially among Arab youth, to bolster regional economic balance and private sector dynamism amid rapid geopolitical and economic shifts.

Rukbi affirmed that the MoU marks the inception of a constructive collaboration focused on knowledge exchange, innovation, and entrepreneurship promotion, with particular attention to youth and women’s economic participation. He reiterated the International Federation’s dedication to supporting Arab investors’ expansion in regional and global markets and enhancing value chain integration between Arab countries and international partners.

Sharifa Bodour bint Abdulilah, President of the International Federation of Businessmen and Women in the Kingdom, welcomed the agreement, stressing the critical role of the Arab private sector in driving comprehensive development initiatives. She called for intensified coordination between Arab and international business entities to address economic challenges and capitalize on investment opportunities across vital sectors.

The MoU includes provisions for establishing joint working committees, hosting economic forums and investment events, and enhancing cooperation in corporate social responsibility and sustainable development. It also envisages launching a joint investment fund to support SMEs, implementing development projects in Africa and Asia, creating a unified digital database of investment opportunities, and establishing collaborative economic platforms. Furthermore, it aims to develop mechanisms leveraging artificial intelligence technologies to optimize project implementation and maximize investment value.

Founded in 1997, the Arab Businessmen Union focuses on strengthening economic relations among Arab entrepreneurs, promoting joint Arab ventures, representing Arab business interests at regional and international economic forums, and highlighting investment opportunities within member states.

//Petra// AJ

24/06/2025 16:12:39