Minister of Finance Spotlights Huge GCC Financial and Economic Accomplishments

GCC Financial and Economic Cooperation Committee

The State of Qatar chaired on Thursday the 122nd meeting of the GCC Financial and Economic Cooperation Committee, in Doha.

Chaired by HE Minister of Finance, Ali bin Ahmed Al Kuwari, the meeting brought together Their Excellencies the GCC Ministers of Finance.

Addressing the meeting, HE Al Kuwari stressed the importance of the gathering in boosting pan-GCC financial and economic cooperation and integration.

Over the past years, the GCC countries have demonstrated their capacity to subdue barriers and realize huge financial and economic achievements, His Excellency added.

He pointed out that the meeting aims to enhance the joint GCC action and advance achievements by deepening cooperation on the most important issues that concern everyone.

His Excellency added that the GCC is expected to achieve a 4.7-percent growth rate in 2025, up from 2.4 percent in 2024, and largely outperforming the relatively weak 2023 rates due to oil production reduction as part of efforts to support prices.

Non-oil sectors would sustain good growth rates, driven by spending to implement development plans in line with national strategies, infrastructure investments, and the private sector's growing roles, His Excellency added.

His Excellency voiced hopes that decisions will be taken to bolster pan-GCC economic integration and unity, overcome the obstacles to the joint GCC action, ensure sustainable growth and build strong economies capable of adapting to global changes and supporting the development process.

Meanwhile, HE GCC Secretary-General Jasem Mohamed Albudaiwi highlighted in his speech the achievements and fruitful work to enhance pan-GCC cooperation and joint integration over the past period.

These achievements were reflected on the GCC nationals and residents, he said.

He echoed the World Bank's GCC growth rate outlook of 4.7 percent in 2025, outperforming major global economies despite the weak global economic growth, high interest rates and geopolitical risks.

Highlighting the World Banks reference to the non-oil sectors leading the economic growth in the GCC, Albudaiwi said the GCC countries have become a destination for many international companies given their promising investment opportunities, rapid economic growth and supportive business climate, including multiple government initiatives, ambitious plans, and entrepreneurs friendly tax policies.

During the meeting, Their Excellencies the GCC Ministers of Finance discussed several topics including the outcomes of the meetings of the GCC Central Bank Governors Committee, the GCC Customs Union, and the GCC Common Market Committee.

(QNA)