GCC’s $5 trillion sovereign wealth assets boost investment appeal
Six-member bloc is an “interconnected economic and investment body,” backed by a range of indicators that show the GCC’s economy as among the 10 largest in the world, with a gross domestic product (GDP) of $2.4 trillion and foreign trade surpassing $1.8 trillion, while the assets of sovereign wealth funds across the bloc are worth over $5 trillion -Jasem Al-Budaiwi
The Gulf Cooperation Council (GCC) member states look towards “long-term” investment partnerships in a bid to serve the joint interests within the Riyadh-based bloc, its chief Jasem Al-Budaiwi said on Sunday.
Addressing the United Nations’ (UN) flagship investment event, the World Investment Forum in the Qatari capital Doha, he acknowledged the efforts of the host nation towards “promoting economic dialogue,” in a bid to propel GCC member states to the upper echelons of the international community, citing the six-member bloc’s solid rapport with the UN’s trade and development agency.
The GCC chief went on to underline how appropriate it was for Qatar to be hosting the UN’s flagship investment forum, given Doha’s success in turning “ambitious visions” into global success stories, proving that meticulous planning and proper management often lead to notable accomplishments, he said.
He spoke of the “critical juncture” at which the gathering is taking place, at a time where the global economy is in the throes of volatility because of mounting “geopolitical tensions” that have affected supply chains around the world, added the official, praising the efforts of GCC states to cushion the economic impact of the status quo.
On the instability that has plagued global maritime chokepoints, most notably the Strait of Hormuz, he said that energy flows, trade and supply chains constitute fundamental pillars for the stability of the global economy and subsequent investor confidence, citing economic integration as a dire necessity to keep such challenges at bay.
He described the six-member bloc as an “interconnected economic and investment body,” backed by a range of indicators that show the GCC’s economy as among the 10 largest in the world, with a gross domestic product (GDP) of $2.4 trillion and foreign trade surpassing $1.8 trillion, while the assets of sovereign wealth funds across the bloc are worth over $5 trillion.
With such data, GCC member states have morphed into an “alluring destination” for international investment, in addition to being a reliable investment partner in efforts to build a more prosperous future, added the official.
— KUNA
