Manama: Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed that the developments witnessed in the region during the recent period require strengthening Gulf integration and coordination to support economic and developmental readiness. The secretary general underscored that this would enhance the collective capacity to deal with changes and maintain the stability of vital sectors, supply chains, and markets, and would serve as a fundamental pillar for strengthening the GCC states' ability to absorb shocks and ensure the flow of goods and services, thereby reinforcing the common economic security of the GCC states.
According to Saudi Press Agency, this statement was made during the ninth meeting of the Permanent Ministerial Preparatory Committee for the Economic and Development Affairs Authority held virtually today and chaired by Minister of Finance and National Economy of the Kingdom of Bahrain, and President of the current session of the Ministerial Council Sheikh Salman bin Khalifa Al Khalifa, and attended by ministers of finance and economy of the GCC states.
The secretary general stressed that GCC Leaders have emphasized the necessity of accelerating the completion of all joint Gulf projects, including transport and logistics, as well as fast-tracking the GCC Railway project and enhancing the GCC Interconnection Grid. He noted that the directives also include studying the establishment of oil and gas pipelines, the GCC Water Interconnection project, and moving forward with plans for strategic stockpile zones, while considering the liquidity reserves of central banks.
Albudaiwi added: 'Today's meeting is held in implementation of the directives issued during the seventh meeting of the Permanent Ministerial Preparatory Committee of the Economic and Development Affairs Authority. These directives concerned the preparation of a framework for the committee's mandate to enhance its role in supporting the authority's work, assisting in monitoring priority economic and developmental issues, and contributing to the completion of strategic aspects within its jurisdiction. This aim is to strengthen the GCC's collective capabilities in the face of rapid regional and international shifts and challenges".
