Gulf Cooperation Council's Economic Standing Highlighted At Asian Financial Forum 2025 In Hong Kong

The Secretary-General of the Gulf Cooperation Council (GCC), Jasem Albudaiwi, highlighted the significance of a dedicated Gulf dialogue session at the Asian Financial Forum 2025 in Hong Kong. This inclusion underscores the GCC's economic influence in both regional and international arenas. Albudaiwi made these remarks during his address at the forum, emphasizing the historical and economic connections between GCC countries and Hong Kong.

Albudaiwi noted that this forum serves as a vital platform for global thought leaders and decision-makers to exchange knowledge and forge strategic partnerships in finance and business. He stated, "The GCC countries hold a significant economic status globally, with their GDP reaching approximately US$2.1 trillion in 2023." He further mentioned that sovereign financial assets in the GCC total around US$3.2 trillion, representing 33% of global sovereign assets.

The Secretary-General pointed out that the GDP per capita in GCC countries is about US$36,700. By the end of 2023, foreign reserves reached nearly US$748 billion, placing them fifth worldwide. The market capitalization of Gulf financial markets was approximately US$4.4 trillion in 2023. Additionally, commercial banks' total assets amounted to about US$3.2 trillion by late 2022.

Albudaiwi emphasized that these figures illustrate the economic power of GCC nations. He remarked on their leading position in crude oil reserves and production, as well as their top ranking in natural gas reserves and third place in production globally. The GCC's balanced policies have ensured stable energy supplies to world markets.

The Secretary-General highlighted potential collaborations with Hong Kong, a major Asian financial hub. "This collaboration reflects a shared vision to promote innovation and sustainability," he said, mentioning sectors like trade, investment, fintech, education, and others crucial for a future knowledge-based economy.

He reviewed several joint projects within the Gulf region, including the 2,100-kilometer GCC railway project and the electricity interconnection initiative. These projects present promising opportunities for business development and investment, especially in localizing industries related to construction and maintenance.

Strategic Projects and Future Prospects

Albudaiwi discussed an agreement to sell electricity to Iraq and plans for expanding interconnection with other countries. The launch of the Gulf Payments Company was also noted; it facilitates swift financial transfers within a secure environment using local currencies.

These initiatives lay a robust foundation for future cooperation between GCC countries and Hong Kong. Albudaiwi reiterated that this dialogue session offers a unique chance for productive discussions to strengthen ties between these regions.

"It will also be an opportunity to showcase available opportunities," he concluded, "and explore ways to enhance cooperation, serve mutual interests, and promote sustainable growth in the region." This collaboration aims to elevate the Gulf region's standing on the global economic stage.

With inputs from SPA