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  HE the GCCSG: GCC Leaders Highlight the Significance of Progressing Towards Gulf Economic Integration, while the Cooperation Council is Actively Seeking to Establish Strategic Relations with Countries and International Economic Groups in Various Sectors

General Secretariat –Dubai

His Excellency Mr Jasem Mohamed Albudawi, Secretary General of the Gulf Cooperation Council (GCC), emphasised that the leaders of the GCC highlight the significance of progressing towards completing the required steps to achieve Gulf economic integration, adding that the Cooperation Council countries are also actively seeking to establish strategic relations with numerous countries and international economic groups in various sectors.

HE the Secretary General's statements came on Monday (February 12, 2024) during his speech in a panel discussion on the structural developments of the GCC economies in light of the economic visions. The session was held on the sidelines of the World Governments Summit 2024, hosted in the Emirate of Dubai, United Arab Emirates, under the theme "Shaping Future Governments."

During his participation, His Excellency pointed out that the GCC countries have leading economic visions in the world, as they were able to excel in achieving these visions through smart and dynamic governments that keep pace with global changes and deal with all crises with high speed, wisdom and balance. 

His Excellency stressed that these visions achieved economic goals including various short-term ones, such as stability, economic growth and implementation of high-productivity economic projects, medium-term ones, such as financial sustainability, supporting national funds, controlling levels of public debt, inflation and unemployment, as well as long-term ones, such as economic diversification and sustainable development.

Moreover, HE Mr Albudaiwi also mentioned that the common foundations between the GCC economic visions include diversifying sources of income and not relying on oil as a source, explaining that the basis for developing human capital is the first and most important pillar of society, as the citizen is the focus of economic development, in addition to investing in the enormous opportunities and resources that the GCC economies possess, and employing the proceeds towards strengthening the capacity of the economy and society, and stimulating the private sector towards increasing its contribution as a key catalyst in the economy.

His Excellency concluded his speech by emphasising the distinction of the GCC visions with a high level of governance and organisation, as well as the continuous and diligent follow-up of the senior leadership, which comes from a belief in the importance of the goals resulting from them. He added thath each country in the GCC worked to achieve the goals of its visions, which include the sustainability of its various sectors through adoption and development of advanced levels of governance regulations and laws, where these efforts aim to achieve high levels of growth and economic sustainability through economic diversification policies and reducing dependence on oil revenues, in addition to achieving financial balance by increasing non-oil revenues.