Kuwait’s Minister of Electricity, Water, and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic Affairs and Investment, Dr. Subaih Al-Mukhaizeem, has underscored the importance of strengthening joint Gulf coordination and enhancing economic mechanisms to confront geopolitical turmoil and global financial instability.
Speaking at the 124th meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, Al-Mukhaizeem warned that rising interest rates, slowing global trade, and volatility in energy and food markets require greater Gulf solidarity to safeguard regional stability and sustain economic growth, reports Al-Rai daily.
He praised the GCC as a model of unity, highlighting its achievements in deepening financial integration, developing capital markets, expanding joint investments, and launching initiatives to diversify economies away from oil dependency.
According to the World Bank, the GCC is projected to see growth of 3.2 percent in 2024, rising to 4.5 percent by 2026, driven by diversification, infrastructure investment, and tourism expansion.
For his part, GCC Secretary-General Jassim Al-Budaiwi emphasized that the Council has consistently advanced toward greater integration in line with the aspirations of its citizens.
He noted that the bloc’s GDP is expected to reach $2.3 trillion by the end of 2024, with foreign trade volumes estimated at $1.5 trillion. Intra-GCC trade, he added, surged to more than $145 billion this year, reflecting a nearly 10 percent increase from 2023.
“These are not merely numbers,” Al-Budaiwi said. “They represent the depth of integration among GCC economies and affirm their prominent role in shaping the course of the global economy.”
The meeting also reviewed progress on the Gulf Economic Unity Program 2025, discussed outcomes from committees on central banking, customs, taxation, and the Gulf Common Market, and reaffirmed commitments to advancing financial and economic cooperation across the bloc.
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