Kuwait City: Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the 123rd meeting of the Financial and Economic Cooperation Committee of the GCC countries, held in the State of Kuwait. The meeting was chaired by Noura Sulaiman Al Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment of Kuwait.
According to Bahrain News Agency, Albudaiwi stated that the GCC countries have made significant accomplishments that enhance their position as a global financial, investment, and economic centre, and are moving forward with steps to achieve economic integration. He expressed appreciation to His Highness Sheikh Meshal Al Ahmad Al Jaber Al Sabah, Amir of Kuwait, for the support provided to ensure the success of the GCC's work. Albudaiwi also highlighted the support and attention that joint Gulf action receives from the leaders of the GCC countries.
Albudaiwi noted that the GCC has achieved successes contributing to the goals set by its leaders, advancing joint economic action. The GCC countries have established strategic relations with various countries and international economic groups, which is reflected in their global economic status. He cited examples such as the Gulf-European Summit, the Gulf-American Summit, and the Gulf Summit with ASEAN countries and China.
He pointed out that the global economic challenges underline the need for wise responses to changes and measures to handle their effects on the GCC economies, which are known for their openness to the global economy. Albudaiwi remarked on the GCC's ability to overcome crises efficiently and maintain stability and growth through wise policies and strategic visions.
The Secretary General highlighted key economic indicators of the GCC countries, mentioning that their collective GDP reached about 2.2 trillion US dollars, placing them ninth globally. The Gulf financial markets rank seventh globally by market value. He also noted progress in the non-oil sector, with non-oil activities contributing 75.9% to GDP in 2024, as part of economic diversification strategies.
Albudaiwi also confirmed the GCC countries' readiness to implement the digital economy, supported by modern infrastructure. He emphasized these indicators as evidence of the opportunities and status of the GCC economies.
He commended the efforts of the Financial and Economic Cooperation Committee, noting its role in deepening economic integration among GCC countries and achieving economic gains that enhance joint economic action.