Such is Egypt's regional centrality that it would be in everyone's interests for Gulf states to invest more heavily here, argues Ibrahim Nafie I fully understand the reason why Gulf Cooperation Council (GCC) countries are interested in closer economic ties with Asia though I cannot help but think they should invest at least part of their oil revenues in Egypt. Egypt needs to speed up its economic development so as to provide more jobs and better standards of living. And, if I may speak bluntly, maintaining social justice and stability in Egypt is matter of crucial concern for the entire region. Egypt is a major asset to Arab national security and acts accordingly. But for Egypt to maintain its regional role it will have to use its human and productive resources to the full. Egypt and the Gulf countries, especially Saudi Arabia, are active on the Palestinian front. Egypt supports the sovereignty, independence and territorial integrity of Iraq. Egypt has been a voice of reason throughout the Iranian nuclear affair, calling for continued diplomatic efforts to find a peaceful solution. Gulf countries have legitimate concerns about Iran's nuclear ambitions though these do not include the possibility of Tehran manufacturing atomic bombs. They are related to the possible environmental impact, including the chances of a mishap at an Iranian reactor. For more than 25 years now Egypt has had no quarrel with any Arab country. In fact it has mediated in many of the sporadic disputes that have occasionally arisen. Egypt needs to continue to do so, but cannot play its role to the optimum unless its economy receives a boost. This is why it is my belief that Egypt and the GCC countries stand to gain from closer cooperation in the areas of investment, employment, and trade. To be more specific, I am suggesting that a Saudi-led Gulf consortium be formed to help Egypt. This consortium would provide $10 billion to Egypt over three or four years. Part of the money would be a grant, the rest a long-term loan at a preferential rate of interest. Such a move would help boost the economy and improve the quality of life, especially in poverty-stricken areas. I am not asking for a favour, and neither is Egypt. All I am saying is that it is in everybody's interest to help Egypt maintain its stabilising influence in the region. The scenario I am proposing has been applied in other parts of the world. The EU, for example, provided vast sums to Greece, Spain, and Portugal in the 1980s to help them improve their economies and ultimately to boost security and stability in Europe. Europe is still doing so. Richer EU countries are helping newcomers. Billions of Euros have been, and continue to be, pumped into the infrastructure across Europe and as a result trade is growing and unemployment is being reduced. We have always wanted an Arab common market. The first step towards this is to boost development in the countries of the region, especially Egypt, the most populous Arab state. Egypt has great potential as an investment and marketing centre. Financial action by a Gulf consortium could ultimately turn the Arab common market into a reality.
