General Secretariat - Doha
His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), confirmed that the recent period has been marked by numerous achievements and productive efforts aimed at strengthening cooperation and integration among the GCC states, positively impacting both Gulf citizens and residents. He noted that the Financial and Economic Cooperation Committee within the Council has significantly contributed to these accomplishments through its diligent work.
This statement was made during His Excellency's speech at the 122st meeting of the Financial and Economic Cooperation Committee of the GCC, held today, Thursday, October 3, 2024, in the Qatari capital, Doha. The meeting was chaired by His Excellency Mr Ali bin Ahmed Al Kuwari, Minister of Finance of the State of Qatar and current chair. The meeting was attended by Their Excellencies, the ministers responsible for financial and economic affairs in the member states.
At the beginning of his speech, His Excellency expressed his sincere appreciation and gratitude to His Highness Shaikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar and the President of the Supreme Council in its current session, for the dedicated efforts and hard work that Qatar invests to enhance the blessed journey of the GCC. He acknowledged the unwavering support and interest that the joint Gulf work receives from His Highness and the esteemed government.
Moreover, His Excellency stated that despite the challenges of weak global economic growth, rising interest rates, and geopolitical risks, the World Bank forecasts that the GCC region's economy will grow by 4.7% in 2025, outperforming major global economies.
"The World Bank also emphasised that the non-oil sectors will drive economic growth in the GCC states," he pointed out, indicating that despite the economic challenges faced by many countries, the GCC has become a destination for numerous international companies, thanks to its qualitative leap that encompasses many promising business opportunities, particularly with the region's accelerated economic growth and supportive business climate, including various government initiatives, ambitious plans, and favourable tax policies for entrepreneurs and investors.
In his speech, he also expressed gratitude to their Excellencies, the ministers of finance and the governors of central banks in the member states for their support in preparing for the upcoming GCC event scheduled for October 2024, which will coincide with the annual meetings of the International Monetary Fund and the World Bank.
This event, the first of its kind, aims to serve as an effective platform to showcase the GCC's achievements regarding global and regional priorities in close cooperation with international organisations, highlighting cooperation opportunities in several economic and financial sectors that are actionable to enable regional and international economic growth. He expressed hope that this would lay the foundation for future events that spotlight achievements and aspirations for the GCC.
