His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that the member states are progressing in developing cooperation and integration across various fields, including the monetary and banking sectors.
"This is being achieved through accelerating efforts to complete economic and developmental projects, aiming for Gulf economic unity and enhancing its status as a global financial, investment, and economic centre," His Excellency stated.
These remarks came during His Excellency's speech at the eighty-fourth meeting of Their Excellencies the members of the Committee of Governors of Central Banks of the GCC, held today, Thursday, February 20, 2025, in the State of Kuwait. The meeting was chaired by His Excellency Basel Ahmed Al Haroon, Governor of the Central Bank of Kuwait and President of the current session, and attended by Their Excellencies the members of the Committee of Governors of Central Banks of the GCC countries.
At the beginning of the meeting, His Excellency the GCC Secretary General expressed his utmost gratitude and appreciation to His Highness Shaikh Mishal Al Ahmad Al Jaber Al Sabah, the Amir of the State of Kuwait and President of the current session of the Supreme Council, as well as to Their Majesties and Highnesses the leaders of the GCC states for their support and assistance in the joint Gulf action, fulfilling the aspirations of the citizens for further cooperation and integration.
He also thanked His Excellency Basel Ahmed Al Haroon for the generous hospitality and warm reception, as well as for the organisation and preparation of this meeting.
During his speech, he mentioned that the challenges arising from global economic trends amid current political crises, which impact the economies of the member states due to their openness to the world, necessitate a response to these challenges and the adoption of all necessary measures to address and mitigate their effects. Moreover, His Excellency pointed out that the GCC countries have proven their capability to overcome various challenges, even in the most difficult circumstances, thanks to wise policies that have helped them navigate hardships and dangers.
Furthermore, His Excellency reviewed some economic facts and statistics about the member states, noting that collectively they rank eleventh globally in terms of GDP value, reaching 2.1 trillion USD for 2023, and contributing approximately 60.3% of the Arab gross domestic product.
He stated that the total foreign direct investment in the GCC reached around 649 billion USD by the end of 2023, representing about 30.7% of the GCC's GDP, which is higher than the G20 average of 32.9%.
His Excellency added that the assets of sovereign wealth funds in the GCC are estimated at approximately 4.4 trillion USD, representing over 34% of the total assets of the top 100 sovereign wealth funds globally.
He also mentioned that the capital markets in the GCC accounted for 4.3% of the total market capitalisation of global capital markets in 2023, ranking seventh worldwide in terms of market capitalisation size.
"Additionally, the total bank deposits in commercial banks operating in the GCC at the end of 2023 reached about 1,905 billion USD, reflecting an increase of 8.1% compared to the end of 2022. Meanwhile, the total foreign reserve assets in the GCC continued to grow, reaching approximately 747 billion USD by the end of 2023, with a growth rate of 4.4% compared to the previous year," he explained.
His Excellency stressed that these statistics are clear evidence that the GCC as a regional economic bloc is among the most mature and successful experiences in the region, enabling it to establish a competitive presence on both the global and regional levels through competitive indicators across various economic and developmental aspects.