GCC earns global confidence as transparent strategic partner
Jassim Mohammed Al-Budaiwi, Secretary-General of the Gulf Cooperation Council, highlighted that the GCC’s esteemed international standing stems from its unified foreign policy, which prioritizes global peace and security.
• Since its establishment, the GCC has convened 44 regular summits, 17 consultative summits, four extraordinary summits, and six joint summits with other heads of state, said Jassim Mohammed Al-Budaiwi.
• The GCC nations collectively produce about 16 million barrels of oil daily and hold the world’s largest reserves of crude oil and natural gas and the combined financial value of Gulf stock markets reached around $4 trillion by the end of 2023.
• The GCC countries possess sovereign wealth funds with assets totaling $4.4 trillion, accounting for 34% of the total assets held by the world’s 100 largest sovereign wealth funds.
Jassim Mohammed Al-Budaiwi, Secretary-General of the Gulf Cooperation Council (GCC), highlighted that the GCC’s esteemed global standing stems from its unified foreign policy, which prioritizes international peace and security, according to Al Qabas newspaper.
Al-Budaiwi, speaking during a dialogue session with media participants covering the Gulf Summit’s 45th session, set to be held in Kuwait on Sunday, emphasized that the international community regards GCC countries as reliable and credible strategic partners with no hidden agenda.
He extended his highest congratulations to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on the occasion of the 45th Supreme Council Summit of the Cooperation Council for the Arab States of the Gulf.
He stressed that great anticipation surrounds this summit, as it follows a year of diligent work by joint committees striving for the desired Gulf integration.
Al-Budaiwi noted that since its establishment, the GCC has convened 44 regular summits, 17 consultative summits, four extraordinary summits, and six joint summits with other heads of state.
Regarding the economic dimension of the GCC countries, Al-Budaiwi stated that they collectively produce approximately 16 million barrels of oil daily and hold the world’s largest reserves of crude oil and natural gas.
He noted that the combined financial value of Gulf stock markets reached around $4 trillion by the end of 2023, highlighting that the GCC economies collectively rank 12th globally.
GCC economy grew at a rate seven times higher than the global average
Al-Budaiwi explained that in 2022, the Gulf economy grew at a rate seven times higher than the global average, with per capita GDP in the GCC countries being three times the global average.
He further added that the GCC countries possess sovereign wealth funds with assets totaling approximately $4.4 trillion, accounting for 34% of the total assets held by the world’s 100 largest sovereign wealth funds.
Gulf Railways project to boost communication and cooperation among GCC states
On the Gulf Railways project connecting GCC countries, Al-Budaiwi emphasized that it enjoys special attention from GCC leaders. He expressed optimism that, if launched by 2030, the project would strengthen communication and cooperation among member states.
Regarding the GCC electrical interconnection project, Al-Budaiwi stated that its goals include mitigating power generation losses during emergencies, reducing carbon emissions, and lowering the costs of establishing fiber optic networks.
He highlighted that the project has achieved economic savings exceeding $3 billion, supported over 2,500 interruptions, and provided instant recovery for network outages within three seconds.
Commenting on the summit, Al-Budaiwi said, “We are meeting today in a cold Kuwaiti winter atmosphere, but its chill is softened by our warm Gulf sentiments.” He also noted the activities of the Gulf Weeks accompanying the 45th summit, with this session marking their conclusion.
He extended his gratitude to the Minister of Information and Culture and Minister of State for Youth Affairs, Abdulrahman Al-Mutairi, as well as the head of the preparation team for Gulf Weeks, Salwa Al-Qarni, and all Kuwaiti authorities for hosting the activities. He specifically acknowledged the Kuwaiti Ministry of Information for facilitating the success of these events.
