His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that the GCC’s journey towards economic, financial and monetary integration is grounded in firm foundations laid by the GCC Charter and the GCC Economic Agreements, underlining that these frameworks have provided an advanced basis for coordinating economic, financial and monetary policies among member states, contributing to the achievement of prominent milestones, including the Customs Union, the GCC Common Market and the adoption of the GCC Monetary Union Agreement.
This came during HE the Secretary General’s participation in a session titled “Economic Transformation in GCC Member States: Innovative Financing and the Role of Fiscal and Monetary Policies”, held with the participation of His Excellency Mr Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, His Excellency Dr Mohamed Al Kuwaiti, Head of the UAE Cybersecurity Council, and His Excellency Shaikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank. The session took place on Tuesday (3 February 2026) on the sidelines of the World Government Summit (WGS) 2026, held under the theme “Shaping Future Governments”.
HE the Secretary General further noted that GCC countries attach great importance to strengthening coordination in fiscal and monetary policies through specialised GCC frameworks and committees, foremost among them the Financial and Economic Cooperation Committee and the Committee of Central Bank Governors. “This is complemented by the continued development of banking regulatory and supervisory frameworks to enhance financial stability and align with best international standards,” His Excellency said.
Furthermore, His Excellency explained that GCC financial and monetary integration has reinforced the resilience of Gulf economies and their ability to withstand external shocks, supported by strong fiscal foundations, substantial monetary and sovereign reserves, and a banking sector characterised by high levels of capital adequacy and liquidity. His Excellency also highlighted the pivotal role played by GCC sovereign wealth funds in supporting economic stability and financing developmental transformation.
“The next phase requires a focus on practical priorities that enhance integration without compromising national flexibility. These include developing shared financial infrastructure, expanding GCC payment systems, deepening bond and sukuk markets, and strengthening regulatory and supervisory integration, thereby contributing to the formation of a more resilient and sustainable GCC economic bloc," His Excellency pointed out.
In conclusion of his participation, HE the Secretary General reaffirmed that the GCC remains committed to advancing joint Gulf action and consolidating economic, financial and monetary integration, in a manner that supports growth and economic stability across Member States and meets the aspirations of their citizens amid rapidly evolving regional and international developments.