Trade: The awakening of the Arab World - Newsweek: International Editions

Extract:

Feb. 27, 2006 issue - After a century-long estrangement, some Arab economies are rediscovering a lucrative asset: each other. Take Egypt, where the value of trade with its Arab partners rose by 60 percent last year—fueled by the falling Egyptian pound, which Cairo decided to float in 2003. The cheaper currency has been a boon to manufacturers like the Olympic Group, which expects the value of its regionwide exports of white goods to triple this year, to $50 million. The company has opened sales offices in Dubai and Jidda and a refrigerator factory in Sudan.

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