UAE Participates In 123rd GCC Financial And Economic Cooperation Committee Meeting In Kuwait

The UAE participated in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee in Kuwait. This gathering included finance ministers from GCC member states. Mohamed bin Hadi Al Hussaini, the UAE's Minister of State for Financial Affairs, led the delegation. The team also included Khalid Ali Al Bustani from the Federal Tax Authority and Ali Abdullah Sharafi from International Financial Relations.

Specialists from various UAE authorities, including the Ministry of Finance and Federal Tax Authority, joined the delegation. Discussions focused on enhancing financial and economic cooperation within the GCC. Key topics included outcomes from recent meetings of central bank governors and customs union authorities, as well as tax department heads across GCC countries.

The ministers reviewed updates on the Gulf Common Market and recommendations from a joint event by the UAE Ministry of Finance and GCC General Secretariat during the World Government Summit in February 2025. They assessed progress towards economic unity by 2025, emphasizing efforts to boost Gulf coordination in global economic forums.

A briefing by the GCC Statistical Centre provided current data on the Gulf Common Market. Mohamed bin Hadi Al Hussaini emphasized that strengthening joint GCC action in financial and economic sectors remains a strategic priority for the UAE amid global economic challenges.

Al Hussaini highlighted completing requirements for the GCC Common Market and Customs Union as crucial steps to enhance economic efficiency and competitiveness regionally and globally. He stressed expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony among GCC economies.

The UAE supports initiatives aimed at establishing a unified Gulf economy, creating an attractive environment for investment and trade. Al Hussaini underscored intensifying technical cooperation among member states to leverage opportunities from joint Gulf projects.

Long-term Prosperity Goals

These efforts are vital for sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential global economic bloc. During discussions, ministers exchanged views on financial priorities for upcoming phases and explored enhancing readiness to address regional developments.

The meeting also focused on supporting executive plans for economic integration to bolster the GCC's global standing. Al Hussaini concluded by highlighting technical cooperation's importance in achieving these goals.

With inputs from WAM