Unsurprisingly we find a naive, poorly informed and superficial pretend argument that English is uniquely great for business, as a language. Terribly 19th century logic and thinking.

There's a good reason why serious economists don't waste their time with such bollocks.

Now, back to the basic question: Is there something about the English language itself that helps make one wealthier, and is there something about the Arabic language itself that inhibits economic development?

No, there isn't. Not the language certainly.

Several years ago, before his death, the distinguished musician, historian, philosopher and columnist Balint Vazsonyi told me he did not think it was possible for people who did not understand the English language to fully understand the English and American concepts of liberty, freedom and rule of law (and this from a Hungarian who did not learn English until he was in his 20s).

Big fucking deal. Idiot, so some "dinstinguished" git tells you something, and you lap it up without looking into what the science the area tells you? Of course, because it fits preconceived notions.

Now moving on to some truly idiotic propositions based on half-informed and half-understand information:
It turns out a body of Arabic scholars determines what words can be used in the Arabic language.

No, there is not. There are a couple of bodies that pretend to do so.

As there are in English. They have zero power, outside mere persuasion.

Originally, no word could be used that was not found in the Koran, but this obviously became too restrictive as technology and ideas developed, so there is now the official approval body.

What?

Where do idiots get this idiocy?

There is no fucking official approval body nor was there ever a period where only Quranic words could be used. Ever.

What a complete moron.

Did you know there is no word for "enterprise" in Arabic?

No, I did not. As a matter of fact, I can think of three perfectly decent synonyms, of which at least one is nearly perfect fit.

With more penetration of ideas from English, I am sure the concept will slowly transform itself as one of the several synonyms can and will take on that meaning - if and when the society using the language needs the concept.