Saudi Arabia Leads GCC Delegation in Financial and Economic Cooperation Meeting
In a show of leadership and commitment to regional cooperation, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan led the Kingdom’s delegation at the 121st meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council in Doha, Qatar.
Under the chairmanship of the Qatari Minister of Finance Ali bin Ahmed Al-Kuwari, the meeting saw the participation of other Gulf finance ministers and the GCC’s Secretary-General Jassim Mohammed Al-Budaiwi, as reported by the Saudi Press Agency.
Enhancing Financial and Economic Cooperation
The ministers gathered to discuss various topics aimed at strengthening financial and economic cooperation between the GCC countries.
Among the agenda items were recommendations from the Undersecretaries of Ministries of Finance Committee and updates from the Secretariat General.
Empowering the GCC Customs Union Authority
One of the key discussions revolved around activating the GCC Customs Union Authority and equipping it with the necessary powers to effectively carry out its duties. The goal is to align the authority with best practices that support its operational requirements.
Al-Budaiwi emphasized the committee’s crucial role in promoting cooperation and integration among GCC countries in financial and economic matters.
Promising Economic Outlook for the GCC
Highlighting the region’s economic potential, Al-Budaiwi pointed out the expansion in economic, industrial, innovation, and artificial intelligence sectors. This growth presents numerous investment opportunities, driven by ambitious people, a young population, and abundant natural resources like oil and gas.
He also noted the GCC’s shift towards a sustainable and diversified economy that supports the private sector and empowers the youth, in line with the directives of Gulf leaders.
Optimistic Projections for Economic Growth
Citing forecasts from the World Bank and the International Monetary Fund, Al-Budaiwi shared positive outlooks for the GCC economy. Despite global challenges like weak economic growth and geopolitical risks, the region is expected to outperform major markets, with non-oil sectors leading the way.
Strengthening Municipal Cooperation in the GCC
In a parallel meeting, Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail led the Kingdom’s delegation at the 27th gathering of the Committee of Ministers concerned with municipal affairs among GCC countries in Doha.
Al-Hogail emphasized the importance of active participation from the private sector in enhancing cooperation and showcasing achievements in Gulf municipal work at international forums.