 Good morning, and we would like to thank you for attending this session that will discuss the Needs and requirements of a very important sector in the Arabic economies at this current period of our lives And that sector cannot be disassociated from our Economy in general we can say that the economy was behind the current events I will quote two signals that have been Mentioned by the World Economic Forum that mentions the importance of infrastructure not only in the Arab world But also throughout the world. It is estimated that every country spends a Lot on infrastructure and the GDP of that country would go up from 6.5 to 25 cents and that there is a gap between what is being this expenditure on this Infrastructure and its requirements is one trillion dollar and this takes up 1.4 percent of the GDP of the world Let me go on to a report prepared by Hanny Safi That gives us or shed lights sheds light on the importance of this sector, which is infrastructure That will happen before after I welcome alias man send the minister of planning from Kurdistan regional government of Iraq Lass Hassan had that minister of tourism of Morocco. Mr. Muhammad. I'm a chairman of a mar Properties in the UAE. Dr. Nasser Mariff. You from who is the group chief executive officer from Oredi and Qatar and Mr. Bassam a Salim who is the chairperson or chairman of the capital Bank of Jordan? Gentleman welcome to all of you and let's move on immediately to watching our report Infrastructure Affects all sectors of the economy Middle East or many countries require 75 to 100 billion dollars of investments a year on infrastructure in order to keep and maintain their growth rates that have been achieved throughout the last few years given the demographic growth investment in electricity would Require at least 30 billion dollars a year to keep up with that growth It is well known that investment in infrastructure would also add the new job opportunities to the market and that this will attract investors Dubai Abu Dhabi masjid Cairo and Doha have been Classified as one of the best and some of the best cities in the world when it comes to infrastructure Particularly electricity grid water Transport and airport capabilities according to mercy indicator of 2012 that has covered more than 112 or 221 cities throughout the world and these cities Have expanded a lot or spent a lot of money on infrastructure Particularly in the Gulf countries UAE is the third when it comes to aerial Transport and Dubai also has a lot of Advantages when it comes to transport in general and expenditure on infrastructure is around 200 billion dollars In Doha for the coming 10 years in Iraq The Kurdistan regional government has also undertaken a very important or taken very important steps in the development of their infrastructure and infrastructure Regulations to attract investment the economic activities in the Arab countries have improved after 2012 however, there is the dilemma which is how to Invest in infrastructure and the need for the involvement of the private sector It is true that the Gulf countries have exceeded in this respect in the development of Infrastructure, but there are some countries that have special situations that are trying to come out of Destruction such as Libya and Syria and the estimated cost of rebuilding the Infrastructure is around 80 billion dollars coming in the coming two years according to UN sources there are other countries that need to rehabilitate their economies such as Tunisia Egypt and Yemen and the question is thus what is the role of the banks in Sub supporting the private sector in building or rebuilding the Infrastructure the question another question is how much have Arab revolutions that changed the Scena when it comes to infrastructure Let me start off with the that same question How have Arab revolutions that changed the requirements of Infrastructures in the Arab world and this is a question that I would like to address to all of the speakers I will start off with you your excellency the minister two minutes, please per person. Good morning, Maya I think that the priorities In spite of the changes that have taken place in the Mina region priorities have not changed When we talk about the role of the private sector in infrastructure the same priorities still Stand the same priorities of the previous period. Maybe there are some exacerbation Maybe there are some needs or requirements, but the same Forecasts are When it comes to the needs of the infrastructure, we know that the demographic growth for example in Mina is On the average two percent and that is the maximum expected growth if we compare this with the economic development or growth of countries that export oil Or that import oil, sorry is two percent and for those that export seven percent. So it is clear Our equation is clear if we look at the unemployment rates as well and compare them To what they stood at three or four years ago These rates might be the main but rest or the main reason that have led to the changes that swept the region the basic reason Where those chronic reasons unemployment unemployment amongst the youth of the age category 15 to 25 years old in Kurdistan in Iraq our situation is slightly different the changes have started in 2003 there are some positive indicators that there is openness towards various modern tools and Methods and maybe when it comes to unemployment or economic growth our figures are Better than others in the region in Kurdistan Iraq Unemployment is seven point four percent Not more than that that does not mean that we are not ambitious and that we would Seek more stability and better improvement Excellence you minister Lassen had that do you think that the sector changed after the Arab Spring? Well, there is a difference between the Gulf countries the oil exporting countries and the oil importing countries I think there's a difference in terms of investment in infrastructure countries like Morocco have invested a lot in infrastructure a Lot of investments in the past ten years, but on different levels There are the big projects that we call structural projects that have an impact on the economic on the dynamics of economy in certain regions or on the level of the country as a whole and then there are projects that create connectivity and Not working between the different regions and also with the world and these are some important projects as well there are other projects that Have a social dimension like electricity Outreach to remote areas to Rural areas and these are all also important after the so-called Arab Spring I don't think there has been a big change in this regard, but there is a pressure on the public budget and increasing pressure on Financing and I think that it is unlikely That the big projects or it is likely that the big projects will slow down because there's a lot of pressure on social Projects and now there is a political Dimension because governments are trying to meet these social demands to decrease demonstrations and to create a kind of peaceful situation in the country infrastructure is extremely important and Investments in infrastructure have led to growth in several countries including Morocco what we need to work on now is to focus on the infrastructure that will Enable us to respond to the aspirations of the people infrastructure investments that create job opportunities and create sustainable development locally and regionally mr. Muhammad Labar I don't think the question is whether there is a change in interest in Infrastructure development after the Arab Spring. I think the most important question is During this change. I think we are moving to a new kind of government. I call it democracy one-on-one and the question is whether There will be new regimes and if there are new regimes I think they will want to improve the infrastructure and to improve the living conditions for people in the Arab world However, the painful example if we look at the United States, which is a model of democracy in the world We have The Democrats and the Republicans in the United States There are only two political parties if we look at the Arab world and the new democracies in the Arab world The in the United States with the Democrats and the Republicans. I think they have reached a point where the government the American government Stops functioning one year before the elections because of the fiscal cliff in the Arab world We have 14 political parties or at best maybe five political parties And then there is a lot of fighting between these political parties in the United States and Britain it took them Tens of years to learn how to have a democratic system Unless we have a regime that uses the Mandela model That is very responsive that focuses on unity and cooperation The danger that I see now is that the new regimes may have all the good intentions in the world But to learn how to govern and rule democratically and to have political parties that can agree And reach consensus for the interests of the people this might take us 70 years to reach that point to learn this And I think this will have a negative impact on the infrastructure The last important point that I want to make is that we cannot talk about infrastructure only We need to also look at a technology and how it has impacted and changed people is the new will the new investments and infrastructure help us To move The Arab population to another level the level that the whole the rest of the world has reached if it's going to take A 70 years this will be too slow We'll talk about technology and Sustainability Particularly in this sector in this session, but it will be later. Dr. Nasser. I'd like to hear your opinion about this question Well, I agree with what my predecessors have said, but I think that there are other Challenges if we look at the telecommunications sector for example and based on the report that we just heard the Gulf countries are Very advanced in infrastructure and their growth pace is very fast especially in terms of adapting to technological developments if you look at Telecommunications it represents about five point five percent of the GDP of Arab countries About 132 billion dollars a year and it is expected this this investment if it is properly invested that it will Lead to an increase of a hundred billion in the next five years and create six million new job opportunities However, what we see in the region is that there is a slow investment in infrastructure, especially in certain Arab countries if we look at The what is happening in Arab countries in terms of telecommunications. There's there are huge developments in the Recent period and the spread is about a hundred percent in terms of cellular phone use in the Arab countries However, there is a delay in Digital technology, especially internet services. They are the equivalent of 13 percent In the Arab countries 13 percent of the regions are connected to the internet and this is due to The fact that certain countries have been very slow in attracting foreign investments and in ensuring the participation of the private sector as Well as presenting opportunities and also the necessary licenses If we look at our countries in the region, they don't many of them don't have the G3 third generation services and now we're talking about for G So and this is very slow and we know that the telecommunications sector is stimulates the other sectors It affects the financial sectors education and health So it is very essential to invest in this sector because as I said it will be Very good. I tell a good impact on the other sectors Mr. Bassam is Salem the topic of the Arab Spring Obviously had an impact on investments and infrastructure and this impact has been negative in the sense that With despite the importance of these investments and the importance of infrastructure and investing in infrastructure in particular We find that there is a Shift in the path of these investments because today we are no longer talking about the role of the private sector the role of the private sector as a stimulant for economic growth has become Simply as a partner in this process is questionable today and I believe that this trend is negative and the reason is that regulations were not clear in the past the involvement of the private sector in infrastructure developments Needed or requires re-evaluation Because we need to look at the private sector as the engine for growth as the stimulus for growth in the Gulf countries They don't have a problem with Financing these projects. However, if there is no role for the private sector in such projects this will mean that the Arab Spring will result in increasing pressure on public budgets in more popular demands That will transform countries like Jordan into a welfare state And this means that the governments will no longer be able to invest in infrastructure development So we need to revisit the regulations and basis for the involvement of private sector as the Engine for growth. We will talk about private sector and regulations and laws but Minister Ali Cindy you said that the priorities have not changed and Kurdistan might be a model for a country that requires a lot of infrastructure development in all sectors in your opinion after the I believe that perhaps the Arab revolutions were based on social demands improving the living conditions and Journal conditions in the countries when developing infrastructure. What are the priorities that you take into consideration to serve the people? And how can the government Change or channel the investments for infrastructure and you have been a focus for Investments in infrastructure. How can you channel them according to the needs of the people not the interests of the investors? Let me start by saying that the region as a whole including Iraq and Kurdistan in Iraq the whole region needed electricity and we still need electricity and We have not met this need completely in the mean a region according to the most recent report of the World Bank regarding the development Tell situation in the mean a region electricity and road networks are still basic needs in addition to water sanitation and The quality of health and educational services Still need a lot of development as I said at the beginning We need to Look at this as a need that you existed before but has been exacerbated now and it might be aggravated even further in the future because of the Population growth as well as the policies that are applied in Kurdistan Iraq we Focus on two issues first on the gap in infrastructure that We need to fill first. We need to Measure and quantify this gap and define it and say this is the gap We are not talking. We cannot talk in general and say there is a gap in infrastructure and without having somebody Specifying exactly what is missing and then based on that develop a plan to fill this gap and then connect it with the development of the private sector in terms of hardware and software through legislation as Bassem has just mentioned in Kurdistan the basic need in infrastructure the basic infrastructure That will serve the growth of the private sector in the future. We estimate that this need Based on a report that we prepared at the end of 2012 after working six months with international teams Is estimated at 33 billion dollars? This is what we need now for infrastructure And this is what we need to focus and work on our average expenditures in the government to cover this need Ranges between two to three billion dollars annually in the past four years. We spent this amount on Infrastructure, so we need the help of the private sector and we have opened the doors and we need to do more opening Of doors for public-private partnership, but we need more legislation on this point if you permit me I would like to ask Mr. The financing gap that his excellency spoke about covers the whole region as we saw in the report How can the private sector fill this gap? And do you think that the dialogue between the public and private sector has matured enough to ensure that they undertake this role? Certainly the private sector wishes to participate has the will to participate and work But if there is no clear policy on the part of the government if there is no Sustainable regime that is homogeneous. That is the stable as private sector. We cannot work under these conditions we know that opportunities in the Arab region are prime opportunities and There is a need there is demand, but if The structure of the government and the country is not stable. We cannot work there. These are new regimes They have not stabilized yet. They do not have the experience of dealing with political parties working together We hope that they will reach that point. This is a danger. Currently we are working in Kurdistan It's very effective very efficient because the government is very well organized and I'm not saying this because Dr. Ali is here. This is why we're investing in Kurdistan. We are investing in all Arab countries, but There are still Arab countries that we'd like to invest in but they still have problems with decision-making in the government They have a lot of strife political strife and this has a negative impact on our work and On all the kinds of activities and future projects that can be undertaken in these countries dr. Nasser The issue of new regimes and the long time that it takes for them to develop their work How can we activate this dialogue between the private sector and public sector and how can governments? take decisions that will prompt this dialogue especially in light of the lack of political stability and The fact that there are still there's still some fighting in certain countries. How can we start this? What kind of measures can be taken? This is essential if the private sector wishes to take part in the development of infrastructure in Arab countries And I believe that in telecommunications in particular. We suffer a lot from The ambiguity of laws and legislation especially after we started investing we found that governments start to Submit new laws or constraints on investment and new taxes that did not exist when we started investing in the telecommunications sector in particular We need a long time for Installing infrastructure and it requires a lot of investment. So we need clarity on the long run clarity in legislations and policies to encourage investment in these countries another important point is that We need regulatory frameworks for these Sectors the telecommunications sector in several countries do not have regulatory framework to regulate the relationship between the competing Companies or between them and the government in case of conflict on certain issues and this is necessary And if in the Arab countries we have not reached a Point where we have very well developed policies and frameworks I think promoting investment requires stability political stability and also stability in rules and laws and legislations Mr. Bassam from the perspective of private sector. What are the gaps in terms of laws and legislations? particularly when the private sector Works beyond their own country and tries to invest in new and emerging markets And you have an experience in Iraq in particular that you can perhaps talk about Yes, we have an investment in Iraq as a capital bank and and we invest in Jordan Legislations in Jordan are very clear especially in the banking sector and we have a solid banking sector With the central bank the central bank has been functioning since 1962 all Legislations are very clear and we have we can say Humbly that we do have a solid banking sector from our experience in Iraq and legislation in Iraq. I think There's still ambiguity there. It's not very clear the presence of the banking sector in Iraq well, I can say that it doesn't exist 90 percent of Deposits are in government banks and 10 percent in Private banks this does not allow for Financing projects whether infrastructure projects or for the private sector on the level of SME smaller medium enterprises The percentage of financing the private sector from the GDP is no more than 10 percent And if we compare it with other countries where it we can reach 80 to 120 percent So in fact legislation in Iraq is still very weak. It needs to be Solidified and provide more opportunities for private banks to Invite more deposits To enable investment Iraq has Is a very rich country? It has regular income from the oil sector There's a lot of potential as the minister said whether in Kurdistan or in Iraq as a whole from Basra to Baghdad and all other Parts of Iraq. So legislations are extremely important. They need to be improved To enable for example the establishment of Investment funds and this also applies to Jordan to have investment funds. We need clear legislation to Allow for the entry and exit of investors into investment funds in these countries and other Arab countries as well We need to work a lot on that On the topic of financing. We're always talking about creativity and new financing tools Are instruments? What are the new instruments that are needed to develop this sector in this region? and how can we benefit from the Good conditions in the financial markets in the Gulf and other Arab countries and The liquidity to serve this sector. Well, if you look at the most recent numbers the first quarter of 2013 the Total bonds for infrastructure in Asia reached 17 billion Dollars that's an increase of 50% from the previous year However, unfortunately in the Arab world these capitals exist in the Arab world But can we issue bonds or finance 20 billion and one quarter? Unfortunately the question the answer is no. Why because there's no stability today as a bank or as an issuer of a bond I Need to look at the project I need to look at the country where I'm investing if there's no stability If I don't know what their policies are if the legislation is not clear if I cannot cooperate with them I have to go back to the point that I made before we have new regimes new political parties Unfortunately, we can't know whether these governments know how to cooperate with the private sector We cannot tell what their policies will be so as an investor as someone who has capital for this capital to be invested I need stability. I need stability in policies. I need clarity in legislation. Unfortunately, Asia is Attracting these investments while the Arab region cannot because There are no clear policies. We don't have qualified people to manage these Institutions the governments are like the private sector. You need a Structure you need the qualified people and the answer is no You know, I don't know Dr. Nasser to which extent is the funding problem becoming a challenge in the region I don't think that there is a lack in financial resources and I know that there's a problem when it comes to the stability of regimes and The need for clarity when it comes to the future now the infrastructure in the Arab world is under developed especially when it comes to the to digital economies as you know, we live in a global village and We need services global services that are capable of being provided throughout the world and If we do not become developed in this field, then we will miss our opportunity We you have heard what my colleague just said about Asia you have seen the numbers that he has provided and if you look at How digital services are spreading in the Arab world you will see that their spread is only about 13 percent of their spread in Asia and In developed countries that we have then the resources But we need to attract more investments and we need to encourage investors to come to our countries and to invest there because investors that need to be sure that they will have Gains from their investments and that is why we need clear Systems we need to be able to attract investments for the time being the situation is very ambiguous And we are not quite capable of attracting those investments Mr. Bassam What is meant when we say that we need more creative financial tools and you think that the banking System is capable of providing those creative financial tools to overcome the challenges that your colleagues have talked about Yes, I believe they can the system can indeed create these creative financial tools However, as you have said and as everybody has said that we feel that the situation is Instable in the region this instability is due to the Arab Spring is due to the fact that we have new governments Governments whose vision is not clear as yet to do those governments want to focus on what is known as the government Or do they want to give more opportunities to the private sector? We have Financial resources in the Gulf States and in other Arab states and we can use those financial resources To achieve our aims. I believe that the governments need to play a bigger role. They need to provide support They need to provide incentives to the private market in order for it to help in the creation of those new financial tools I believe that the situation is a no-brainer. This is what happened in other parts of the world And this is what can happen in our region too. However, my colleague Muhammad said that there is a lack of lack of stability. Maybe it is not a lack of political stability, but it's a lack of Legislative stability at least. We in Jordan we have drafted a new law when it comes to income tax as you know we are a country that does not have a lot of financial resources and We thought that a way to support the private sector would be by increasing taxes and now Everybody is calling for an increase in taxes on banks and on individuals and on companies And I believe that if we do not do so, we will not be able to invest in the infrastructure infrastructure sector or in any other structure and The private sector would never want to invest in these sectors I believe that our governments, especially richer governments need to use the huge resources that they have in order To drive great and huge infrastructure resources infrastructure projects in their countries Mr. Haddad Morocco has invested greatly in its infrastructure in the past few years It has increased those investments a lot and I believe that you have attracted new investments in this sector Have you tried to think about new or creative financial tools? I would like to make a few comments beforehand I believe that governments need to have a clear vision The legislation their laws need to be very clear We need to provide a conducive environment for investments by providing the Necessary laws the necessary tools and the tribunals that are needed in this sector However, I believe that we need to ensure that the private sector is mature enough Even in Gulf states to be able to support governments in this field this Transitional period that we are witnessing is actually a period where the private sector and the public sector can cooperate In order to achieve and to realize their projects Sometimes the private sector depends on the public sector and vice versa. I believe when it comes to funding I believe That we need creative tools and creative remedies For example in Morocco sometimes there are contracts Joint contracts between the government and between private or public companies in order to build certain projects sometimes we have Cooperation and partnerships between private and public companies When it comes to structural projects very complicated very complex Projects that need a lot of money and that need a lot of time to be achieved I believe that in this case we do need this cooperation and that the government has to issue new rules New laws to govern this cooperation and this relationship between the public and private sectors. We also need investment funds We in Morocco we have established a very important tourism investment fund It's very important. It Co-operates with sovereign funds in Gulf States. We also have a fund for infrastructure a fund for industrial Startups and All these projects are very important and they are built on cooperation between the public and the private sector We have seen all these projects in Morocco and they have helped us achieve a Lot of progress in Morocco For example the public sector can sometimes delegate some projects to the private sector and the private sector would invest in those Projects that have been delegated to it and this of course would lead to many gains to that sector We need to build on all those mechanisms. However, what we need to focus on is funding through the Stock exchange we need to work with the stock exchange we need to Use all the mechanisms within stock exchange markets I think that in Gulf States they have managed to use the stock Their stock exchanges in a better way. We in Morocco have not reached such advanced levels yet And of course the political environment is very important There are many companies that work in Countries where there is a lack of political stability and they are achieving gains there Companies can work even when there is a lack of political stability there needs to be a certain limit of political stability, of course and I believe that we are quite capable of investing and of Continuing to work in those countries and investing in those countries where Which lack political stability? I do not agree with you I believe that if there is no political stability I Myself as a representative of a huge company. I cannot really go and Make plans about Plans to invest in countries which lack political stability if I Draw up such projects. I would never receive the funding I would never receive the green light from my board of directors I believe that any company would like to invest its money in a conducive environment in a country that is stable in a country where the leadership is Quiet known and clear unfortunately Or fortunately for you in Morocco the situation is quite different. You Have a very stable country. You have a wise king and you have a conducive environment You have a clear leadership that has a clear vision However, this situation is not the same in other countries I believe that the fact that there is no stability would prevent us from investing in some countries I would like to say something about political stability. It is true that we in Morocco We enjoy political stability and there are many investments coming to Morocco from Arab states and from other states However, there are a number of countries that have witnessed revolutions but that have not achieved yet full political stability such as Egypt such as Tunisia and I believe that those countries are on their way to stability and they can attract Investments even if they are not 100% stable yet Mr. Ali Cindy you are witnessing many developments and The stability is not insured 100% But have you been able to make Many achievements in your country in order to keep abreast with the developments taking place in your country Yes, I'd like to talk about Kurdistan because the situation in Kurdistan is different from the situation in Baghdad or in other parts of Iraq we in Kurdistan we have a government ever since 1992 we've had this government and we've had a parliament ever since 2003 we've become part of the changes witnessed by Iraq Following 2003 we are part of the situation of the general situation in Iraq We have a parliament in Kurdistan And of course any laws that are adopted by the parliament need to be endorsed We have a number of people in the parliament who are part of the opposition and who are giving us a very hard time for us in the government for us ministers especially when it comes to Legislations or to laws about the budget about investment budgets or operational budgets The situation is not easy in Kurdistan. However, there are always solutions for our problems These solutions might not be ideal all the time However, I would like to repeat that we need to take the situation as it is there are needs in Kurdistan and in other countries and the governments need to be quite clear with themselves and with their populations they need to tackle their needs and to tackle their problems in The right way we have solutions and we have remedies that need to be presented clearly to everybody We need investments Investments for the private sector so that the private sector can take part in this building process Of course this needs infrastructure when I say infrastructure. I don't just mean roads and streets. However, I also need I also mean banks and Legislations and a conducive legislative environment Now these problems are chronic and some of these obstacles are Not only linked to political or security stability it they are also linked to Some facts that are not conducive to the private sector the private sector sometimes shines away from investing in Our countries because maybe the gains are not so clear or are not so big So what are the measures that can be taken? The governments could maybe guarantee Certain gains for the private sector when the private sector takes part in building the infrastructure Especially in those sectors that are not usually attractive for the private sector There are some investments with clear gains and clear profit and I believe that The private sector can invest in all those fields in all those projects We need to make sure that the private sector realizes what profits it can achieve. We need to guarantee those profits When it comes to roads when it comes to schools when it comes to health or health or educational systems The private sector can invest in all those fields in jordan. For example, you have a great health system we in Kurdistan when we want to Think about improving our health systems we take Jordan as an example and When we want to invest in other fields, we take other countries as a as example when it comes to governance I Believe that we need to learn lessons from the experiences of other countries For example experiences from Singapore Experiences from other countries that have witnessed success stories. We also need To focus our governments need to focus on another thing Which is decentralization. This is what was done by morocco. Morocco has Endorsed decentralization especially when it comes to develop to the development of the different regions in morocco I believe that we need to engage The different regions and governance in in one country to engage them in the development process This would boost the development process in those countries now everything that was said Here is known it is true now. We need to think more carefully and we need To walk the talk. It is no longer about having Slogans or carrying slogans. It's about walking the talk. We are witnessing a an information revolution And we need to cope and to adapt to that revolution Mr. Mohammed the minister has talked about an exchange of experiences and maybe it Leads us to talk about Regional integration. Do you think that regional integration is possible nowadays? Or it is not realistic to talk about regional integration I believe that regional integration and regional cooperation is not Realistic until now. We still have problems within the arable Arab world We still have problems inside each and every Arab country. We need to focus on those problems. We need to solve them We need to promote the private sector in our countries And then maybe later on we can think about cooperation regional cooperation I believe that There is a huge gap between the living standards in the Arab world And the living standards in other countries in the world. This is a huge gap And maybe we need to focus on our Problems in the Arab world instead of talking about Integration and cooperation of course integration cooperation are needed But the reality on the ground is quite different and Maybe each and every Arab country has to focus on its own internal situation Over the coming 10 or 15 years we need to ensure that those These countries those governments are capable of cooperating maybe 10 or 15 years later Because the population will come and ask the governments. What have you done for us? What have you been able to do for us over these long years? We're talking about technological developments We know that the Arab population now has communication tools enjoys communication tools And is quite capable of toppling its governing regimes Very quickly So our governments need to focus on these matters and I wish them all success However, when it comes to regional integration, it's something that we can tackle later on in the future Mr. Nasser, do you believe that the Telecommunication sector has witnessed many developments and have helped bridge that gap I believe that the communication sector has played a major role in the region if you look at the past 10 years You'd see that The number of people who have Cell phones has increased from 20 million people in 2002 to 100 million people in 2011 However, there is a gap when it comes to digital services Those digital services are very important in the future as you all know There are a number of important steps that we need to take in the future And we need to engage the private sector in a dialogue with the public sector as well as with Regulatory bodies in order to attract investments and in order to provide incentives To the private sector so that it would invest in these new digital tools and digital services I believe that many people think That the telecommunication sector is a very profitable one, but this is not Entirely true. We need huge investments Huge investments not only when it comes to cell phone networks But also huge investments when it comes to digital services in general, and I believe that governments need to cover the Necessary tools for In their countries including the third and fourth generation and including the necessary frequencies For the operation of these high technological tools and unfortunately we in the air world We have not invested enough money in this field the telecommunications sector is going to be a driver for other sectors you you know that the spread of cell phones increases the gdp and We need to increase the spread of digital services too if Digital services increase in the future that it would mean that the gdp in our countries We increase between four and five percent in the coming five or ten years. So there are huge Opportunities, but we need more investments and we need this partnership between public and private sectors in order to draft The necessary policies in this field Dr. Nasser when it comes to smart technologies when it comes to renewable energy resources Do you think that these two issues are important and help us to build the infrastructure in our countries? Yes, of course smartphones smart technology and renewable energies are very important We have about 30 million smartphones in the Arab world Which is a very limited number and we believe that the number of smartphones will increase in the future However, we need the necessary infrastructure infrastructure that would enable us to increase the number of smartphones being used in the Arab world We have opportunities. We need to make use of Opportunities in the Arab world and opportunities in the world We have many opportunities in the world and we need as Arab countries to take part and to use those opportunities Which we do not necessarily have in the Arab world. For example We have financial services that are provided through cell phones These financial services through cell phones are not provided in the Arab world They are only provided in a number of Gulf countries Maybe but not in other Arab countries and I believe that we need to focus on this issue We need to issue the necessary licenses to enable those smartphones to spread and to enable those financial tools to Tools to spread through cell phones Minister Haddad you in Morocco You have attracted a lot of investments especially in the field of renewable energy Investments from the Arab from the world bank and from the IMF and also from Abu Dhabi Those investments have they really provided support to the infrastructure sector in Morocco Yes When it comes to value added And When it comes to telecommunications, there has been a revolution that has taken place in Morocco when it comes to the use of cellular phones in particular and that has led to the creation of many job opportunities However, the government was heavily involved in creating in the investment of this Sector in order to create all these opportunities. We have to bridge the digital gap Between the Arab countries and developed countries in order to be able to use The fourth generation when it comes to digital technology, this is very important This will add value and add job opportunities It is a very promising sector for The job market and for renewable energy Arab the Arab world has enormous renewable energy capabilities when it comes to water and solar energy And this is due to two reasons the fact that We we are spending at least four to five percent of our gdp because of the lack of investment of In renewable energies. If we invest in renewable energies, we will be able to improve our gdp The other reason is that europe relies on renewable energy and it has a very ambitious program Which aims at the usage of 20 percent of its energy By relying on the renewable energy So the southern countries of the of the mediterranean can have a lot of potential in this respect moroccan morocco and the north african countries have investments that amount to around One billion one hundred billion dollars or ten billion dollars in order to create Around two thousand megawatt of solar energy and two thousand are from the wind energy and to export some of that energy because morocco itself will not use all that energy produced energy from the solar and wind energies But there are some problems when it comes to the hard currency and when it comes to Interpenership and subcontracting and contracting that are that are involved in such sectors Which sectors will benefit from this plan, sir? Well, I think the Sectors will be mainly transport tourism because we know that there is an international Tendency or trend towards Tourism and the use of alternative energy Tourists are interested in going to green areas or to areas that are heavily dependent on renewable energy Farming and agriculture will also benefit from solar energy In addition to that there are the water projects. We know that in morocco and the arab countries in general we are on the verge of Facing a very heavy crisis when it comes to water and water Requirements investment should be in desalination and the reuse of water When it comes to building dams all these issues will require investment in renewable energy. Yes, sir Muhammad, would you like to Give us your view. Yes. I think we have to be careful when we say that half of our Arab Populations are composed of the youth We need to focus on Developing the way they think these young people whether they are men or women because they Their lives are completely different than our lives today We know when it comes to infrastructure and infrastructure in technology and it all this is related to the Redibility of the mentality of the arab youth to use such it We know that there is an increase in e-commerce in the arab world. Maybe we are The first in the world this increase is around 45 percent and this Huge and speedy increase is related to the fact that the Population is very young and that there has been some in infrastructure investment Again, I say the use of it and its spread is very important in the arab world if we want Our infrastructure to be able to improve the standard of arab youth and arab citizens To tally with international levels. We have to focus on how to invest in it On very sound basis and we have to increase focus on developing the mentality of the young people in the arab countries This is very important the minister. Yes, this is very important we Might think that the it is going to create job opportunities only But that might not be true if it is not capable of attracting many young people who are interested in it Interest in it and in digital technology would be linked to that development of that mentality and would attract Many young people in this sector. This would indeed create many job opportunities in the arab world the minister from Kurdistan if we look at the financing methodologies Or methods and regulations We need to be careful when we talk about it or technology I Think it is better to talk about means methods because If we talk about the methods when it comes to technology or telecommunications It is very important how important how the use of that it can be But when we talk about education and the human resources We also need to know how to use the it Around 50 of our population in Kurdistan is Of the age category less than 20 years old is the segment that is very important to us It is true that the unemployment rate is Low in Kurdistan, but it is spread out In the entire world and not only in Iraq or in Kurdistan So what I'm trying to say is that educational methods should focus on the score issue And I mean by that education for employment We should focus on this type of education how to educate our youth To be able to participate in the creation and building of the infrastructure If we look at this topic from another angle We're talking about the generation of power Of electricity provision of clear water sewage sewage services All these issues are needed But let we have to admit that even in countries where such services are There we need to focus on quality and effectiveness It is not only a matter of Availing the technology, but we need to Make sure that there isn't a lot of waste In those countries that have the appropriate Technologies in Kurdistan, iraq. We have sufficient water resources. We have more than 1800 Kilometers square kilometers of water cube in Kurdistan because of the various rivers But at the same time we have to be frank and say that The way that the water is used is not the most effective That's why I say we need to review all these points These are simple points, but they have to be reviewed and tackled It is not only focusing on major shifts when it comes to it Generation of power or electricity through the solar or wind energies This might happen with The presence of oil and gas or it can be not it can be Unfeasible from an economic point of view again I say we have to focus on the way we use that energy how to distribute it how to control it all these points are Points to be taken into consideration We also need to look at certain percentages when it comes or rates when it comes to our expenditure national income national income needs to be based on Specific equations in the coming 10 years We know that the infrastructure needs a lot of support and a lot of expenditure and maybe each billion dollars would create 40 to 50 or 100 thousand New jobs on an annual basis But we also need to know that we need to have fixed certain rates Or equations from the GDP expenditure that would support infrastructure Yes, sir Mr. Abari has mentioned this point and he mentioned the fact that we need to support Entrepreneurs and the youth in order to contribute in the infrastructure. I need to tackle this issue very quickly. Mr. Muhammad Abari UAE might be the most progressive or advanced in supporting SMEs and entrepreneurs because we know that they are the sectors that a Provides incentive to the economy. Is it a matter of lack of confidence in the youth? That does not lead to further development Mr. Abari, I think that our Prizes previous speaker have mentioned a very important point which is education Investment in education is very important investment in the mentality in the way the youth And the people in general think this is the difference between the Arab countries and Europe or Western the Western world the UAE for example has adopted a very distinguished Educational system and the political environment in the UAE had also played A positive role because the UAE is stable And everybody aspires at a better education. So this point is important. Secondly We need to have Our on the UAE we had leaders who were interested in Youth programs and that has happened that we saw many sheikhs or many Leaders who were interested in the youth and provided many incentives To the youth this happens in the UAE as well as in other countries And I think at the end of the day it is the responsibility of governments So whether we're talking about country a or b It is the governments that are In control of following up on such policies and this Of course affects How successful the youth are we're talking about 50 percent of the Arab population and We should have involved more young people on this panel in order to give us a clearer view about the situation in those countries Is Miss maya we have one minute left. Can you give us just one comment your excellency? The minister. Yes, we need to review the educational curricula in order to support The inclusion or the involvement of the private sector in the investment and in the development of infrastructure Yes, we need democracy. There are major political changes But democracy is the most important because democracy does not mean Le se faire or Complete freedom. No, it means sharing of responsibility. Mr. Al-Abbar, we need to speed up action. We need to learn how to adopt governance very Quickly and we need to get rid of totalitarian regimes, which is not very easy to achieve dr. Nasir I think that there is a need to involve the private sector and to have ppp's and to Include the private sector in the regulation or legislation to attract investment Mr. Bassem, we need to To have proper legislation that would promote the role of the private sector investment in investment in the infrastructure and to Focus on the job creation because unemployment is our major problem. Miss maya So the private sector has always been our focus and ppp's are always very important I would like to thank our guests and the speakers and we're sorry because we did not have sufficient time to take questions from the