Finance Minister Mohammed Aljadaan Leads Saudi Delegation To GCC Financial And Economic Cooperation Meeting In Doha

Saudi Minister of Finance Mohammed Aljadaan led the Saudi delegation at the 122nd Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee meeting. This event took place in Doha, Qatar, with finance ministers from GCC countries and GCC Secretary-General Jassim Mohammed Albudaiwi in attendance. The committee focused on enhancing financial and economic collaboration among GCC nations.

On the sidelines, Minister Aljadaan joined the first session of the GCC Future Forum titled "Industries of the future and models of cooperation." This session included Qatari Minister of Finance Ali Al Kuwari, Bahrain's Minister of Finance Shaikh Salman bin Khalifa Al Khalifa, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva. Discussions centered on future industries and cooperative models.

Minister Aljadaan stressed that GCC countries face shared opportunities and challenges. He highlighted that cooperation at both local and international levels benefits Gulf states by helping them achieve common goals and improve their global position. The minister also participated in a joint meeting with GCC finance ministers, central bank governors, and IMF’s Georgieva to discuss economic prospects for 2024.

"Each GCC country has different economic needs and plans, but we all face the common challenge of reducing our dependence on oil revenues," said Minister Aljadaan. He noted that Saudi Arabia is implementing financial reforms under Vision 2030 to diversify its economy away from oil reliance. Similar initiatives are underway across the Gulf Cooperation Council.

The finance minister also attended a roundtable called "The Fund for the Future," focusing on major reforms by the IMF to bolster international economic cooperation. Discussions included improving the IMF's financial management structure, regulatory frameworks, lending practices, and capacity development to better support its members globally.

During this meeting, Minister Aljadaan addressed global economic challenges like geopolitical tensions and slowing growth. He emphasized the IMF's role in working with other financial bodies to foster multilateral cooperation to tackle these issues effectively.

The committee was updated on recommendations from the GCC Undersecretaries of Ministries of Finance Committee and recent developments from the Secretariat General. These updates are crucial for informed decision-making within the council.

The discussions underscored the importance of reducing oil dependency across GCC nations through diversified economic strategies. Such efforts align with broader regional goals for sustainable growth.

With inputs from SPA