His Excellency Mr. Jassem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the GCC Financial and Economic Cooperation Committee is exploring all means to enhance financial and economic cooperation between the GCC countries.
This came during the 109th meeting of the Financial and Economic Cooperation Committee of Their Excellencies the Ministers of Finance and Economy of the GCC countries, on Wednesday (May 17, 2023), in the Omani capital Muscat, chaired by His Excellency Mr. Sultan bin Salem Al Habsi, Minister of Finance of the Sultanate of Oman, Chairman of the current session, and in the presence of Their Excellencies the Ministers of Finance and Economy of the GCC countries.
HE the Secretary General said at the beginning of the meeting: “I raise to His Majesty Sultan Haitham bin Tariq Al Said, Sultan of the Sultanate of Oman, Chairman of the Supreme Council in its current session, sincere appreciation and gratitude for the efforts made by the Sultanate of Oman and diligent work to enhance the blessed course of the Cooperation Council, and for the support, assistance and interest that the joint Gulf action receives from His Majesty, and the esteemed government. I take this opportunity to congratulate HE Mr. Sultan bin Salem Al Habsi, the Sultanate of Oman's Minister of Finance on the chairmanship of this respected committee. I also extend my gratitude to His Excellency Mr. Mohammed Al Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, for his efforts and support during the Kingdom's presidency of the Committee's meetings.
During his speech, His Excellency stated: “The joint Gulf action has achieved great accomplishments in the economic field in the past period, which was reflected in the GCC citizen. The total intra-GCC trade increased to nearly USD105 billion in 2021, and the number of citizens who travelled between the GCC countries reached around 7 million, while the number of licenses granted to GCC nationals who engage in economic activities in other GCC countries reached more than 60,000 licenses, and the total number of beneficiaries of the decisions related to real estate ownership reached around 162,000 ownership cases. Meanwhile, in the field of stock trading, the number of shareholders of GCC nationals in joint-stock companies in other GCC countries reached about 431,000 shareholders in 682 joint-stock companies, with a capital of USD376 billion.”
Moreover, His Excellency recalled what Their Majesties and Highnesses the leaders of the GCC states instructed the esteemed GCC Financial and Economic Cooperation Committee at the Riyadh Summit in December 2022 to complete the remaining steps for the establishment of the Customs Union and the GCC Common Market, and to submit periodic follow-up reports to the Ministerial Council.
HE the Secretary General concluded by thanking Their Excellencies the Ministers of Finance and Economy, and members of the committees in the GCC countries for their valuable efforts and sincere desire to overcome all obstacles and increase cooperation and economic integration among the GCC countries.