In a recent interview, prominent Emirati businessman Mohamed Alabbar has emphasized a significant economic gap between Europe and Arab nations, despite having similar populations of approximately 400 million people, Invest-Gate reports.

Alabbar pointed out that while Europe boasts a staggering Gross Domestic Product (GDP) of around $19 tn, the combined GDP of Arab countries amounts to only $5 tn, excluding revenue from oil.

Moreover, he underscored the disparity by comparing the advanced and thriving European cities, such as Milan, Hamburg, London, Munich, Rome, Barcelona, and Paris, to the relatively less developed cities in the Arab region, with Dubai being a notable exception.

Furthermore, during the discussion, Alabbar highlighted the positive impact of competition among Arab nations on economic growth. He cited the example of Saudi Arabia, whose economic initiatives contributed to a remarkable 30% growth rate in Dubai, up from 10%.

Alabbar urged Arab nations, particularly Saudi Arabia, to intensify efforts towards achieving economic growth. He stressed that competition fosters positive outcomes and called for collective efforts from countries like Egypt, the UAE, Kuwait, Iraq, Syria, and Libya.

In addition to economic growth, Alabbar touched upon the challenging topic of sustainability. He acknowledged the difficulty of transitioning to sustainable practices, noting that although discussions and dreams about sustainability are prevalent, many still rely on non-sustainable materials like cement and plastic.

Also, Alabbar reflected that the West took 200 years to build and develop its cities and industries, whereas Arab nations, though entering the scene later, have already implemented sustainability laws.

Notably, the interview concluded with Alabbar’s call for Arab nations to move forward collectively, embracing competition as a catalyst for achieving higher economic growth rates.