His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that the allocation of a Gulf dialogue session within the Asian Financial Forum 2025 in Hong Kong underscores the economic position of the GCC countries in regional and international forums.
This statement came during HE the Secretary General’s speech at the Gulf dialogue session, which was held as part of the Asian Financial Forum 2025 sessions in Hong Kong on Tuesday (January 14, 2025), with the participation of the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region and a number of senior economic officials from the GCC countries.
His Excellency stated that this session aims to highlight opportunities for enhancing joint cooperation between the GCC countries and the Hong Kong region, which share historical and economic ties. He emphasised that the Asian Financial Forum 2025 serves as an important platform that brings together thought leaders and decision-makers from around the world, representing a pioneering platform for exchanging knowledge and developing strategic partnerships in the realm of finance and business.
Commenting on the occasion, HE the Secretary General said “The GCC countries hold a significant economic status globally, with the GDP of the GCC countries reaching approximately USD 2.1 trillion in 2023. It is projected that the GDP of the GCC will reach USD 6 trillion by 2050. The total sovereign financial assets in the GCC countries amounted to around USD 3.2 trillion, accounting for 33% of the total sovereign assets worldwide.”
He continued: “The GDP per capita is approximately USD 36,700. In terms of reserve assets, the foreign reserves of the GCC countries at the end of 2023 reached nearly USD 748 billion, achieving the fifth position globallyFurthermore, the market capitalisation of the Gulf financial markets in 2023 was approximately USD 4.4 trillion, while the total assets of commercial banks operating in the GCC amounted to about USD 3.2 trillion by the end of 2022. These figures reflect the economic strength of the GCC countries.”
Moreover, His Excellency highlighted that the GCC countries hold the top global ranking in crude oil reserves and production, and also lead in natural gas reserves, while ranking third globally in natural gas production. He underscored that the GCC's balanced policies have contributed to the stability of energy markets by providing secure and stable supplies of oil and gas to global markets.
Additionally, HE the Secretary General mentioned that the GCC's significant economic potential creates numerous opportunities for cooperation with Hong Kong, a leading Asian financial centre.
"This collaboration reflects a shared vision to promote innovation and sustainability in financial and economic activities, as well as to develop trade, investment, fintech, education, and other vital sectors forming the basis of the future knowledge-based economy," he explained.
Besides, His Excellency reviewed several joint Gulf projects, most notably the 2100-kilometer GCC railway project and the GCC electricity interconnection project. He stressed that these projects offer promising opportunities for the business and finance sectors to develop and invest, particularly in localising industries related to their construction, operation, and maintenance.
He also confirmed the signing of an agreement to sell electricity to the Republic of Iraq, and the existence of plans to expand interconnection and electricity trade with numerous regional and international countries. He noted that the GCC also launched the Gulf Payments Company, enabling swift, instant, low-cost financial transfers in local GCC currencies and other currencies within a secure and stable environment. His Excellency stated that these and other projects form a strong foundation for enhancing cooperation between the GCC countries and Hong Kong in the future.
In closing, His Excellency reiterated that this dialogue session will provide a unique opportunity for productive discussions and strategic insights to strengthen ties between the GCC countries and Hong Kong. "It will also be an opportunity to showcase available opportunities and explore ways to enhance cooperation between both sides, serving mutual interests and promoting sustainable growth in the region, benefiting all parties and enhancing the Gulf region's standing on the global economic stage," he concluded.
