Mena: latest developments
Regional, Economics, 11/17/1997

The fourth Middle East and North Africa economic conference (MENA) opened yesterday by the Emir of Qatar, Sheikh Hamad bin Khalifa Al Thani, with the presence of US Secretary of State Madleine Albright and hundreds of officials from 61 countries in the world along with businessmen and representatives from 800 establishments around the world.

The plenary session was addressed by both the Emir and Ms. Albright as well as officials from countries such as Russia, Jordan and Luxembourg.

In his speech, the Emir of Qatar emphasized the importance of comprehensive development through regional cooperation and integration, thus reaffirming Qatar's view on the necessity of achieving real regional cooperation in the Middle East despite difficulties.

Talking about the peace process in the region, the Emir of Qatar openly condemned Israel of exposing the region to danger by neglecting previously signed agreements and not implementing international resolutions. On the other hand, the Emir said that the peace process would not be complete without tangible progress on the Syrian and Lebanese tracks. But he reminded everyone that Mena is mainly an economic conference and that Qatar decided to hold it despite all pressures from surrounding countries because it had committed itself internationally to host it and because Qatar believes that such a conference would boost the peace movement in the region and prove Qatar's strong will in contributing to peace and development in the Middle East.

US Secretary of State Madeleine Albright thanked and praised Qatar for hosting Mena despite all current obstacles, and said that increased commerce and investment will diminish the mistrust that has long divided governments and prevented private sectors from working together for their mutual benefit and that of other societies.

Albright emphasized the current situation with Iraq in her speech, saying that the current dispute is not between Iraq and the United States, but between Iraq and the United Nations. UN inspections, she said, are carried out not by an organ of the US but by UNSCOM, in which almost three dozen countries currently participate. She blamed the regime in Iraq for the suffering of Iraq's innocent people and said this suffering stems from Baghdad's failure to meet its international obligations. She said that the international community must ensure that Iraq never again threatens its neighbors or the world with weapons of mass destruction.

Talking about regional cooperation, US Secretary of State said that although a lot has been achieved so far, there is much more to be done. She said that the previous MENA conferences were held in a more positive atmosphere and that the peace process is in danger today not because the people of the region do not desire peace but because leaders have failed have failed to take the actions required to realize the possibilities of peace.

In other plenary sessions, ministers and political or economical officials from all 5 continents spoke about possibilities of progress in economic cooperation in and with the Middle East and about political obstacles that impede such cooperation.

The very first deal signed on the sidelines of the MENA was between state-owned Qatar General Petroleum Corporation (QGPC) a US firm who signed yesterday a multi-million dollar joint venture agreement to build a petrochemical complex in Qatar. The $825mn deal gives Phillips Petroleum of the United States a 49% stake in the venture, Qatar Chemical Complex (Q-Chem). QGPC will hold the majority 51% holding in the plant.

Many projects, contracts, deals and agreements were signed between various private and public sector sides. PeaceWorks launched many new Palestinian and Israeli joint ventures that were confirmed today. Mobil Corporation confirmed today that its affiliate, Mobil Oil Qatar Inc., and Qatar General Petroleum Corporation have signed a Memorandum of Understanding to evaluate development of an enhanced gas utilization project to produce gas from Qatar's North Filed and deliver one billion cubic feet per day of gas sales for the domestice market in Qatar. Deals between businessmen are being signed every hour.

However, many participants have come to meet and talk rather than sign. The prevailing political difficults seem to discourage many businessmen from investing in the region and from building cooperation between Arab countries and Israel.

Previous Stories:
  MENA conference opens in Doha tommorow   (11/15/1997)
  Levy puzzled by Qatari foreign minister's remarks   (11/14/1997)
  Sheikh Zayed: Our weakness is our main problem   (11/11/1997)

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