Saudi finance minister: Arab initiatives underway to prepare for globalization

The Arab department of finance concluded its annual meetings on Thursday in Beirut after two days during which 25 Arab planning, economy and finance ministers, 14 Arab central banks' governors, leaders of Arab, regional and international concerned organizations gathered.

Saudi Minister of Economy and Finance Ibrahim Abdul Aziz al-Asaf announced the results of the joint financial department's meetings: "We have five corporations and for each one there are activities relating to it, thus we have presented the activities of these corporations, its financial situations and its strategy for the future."

Al-Asaf described the current situation of cooporations as meaningful, clarifying that it plays an important role in the Arab states' readiness to confront globalization.

He said there are several initiatives underway to prepare the Arab states to confront international challenges and globalization, such as establishing an Arab free trade zone.