Kuwait City: Economic integration within Gulf Arab states is a crucial step towards achieving sustainable growth, stated Kuwait's Finance Minister. This initiative is considered a fundamental aspect of the region's development plans. According to Kuwait News Agency, amid significant economic challenges and geopolitical tensions, it is crucial for Gulf Cooperation Council (GCC) states to intensify their efforts to mitigate these difficulties, as emphasized by Nora Al-Fassam. She addressed the six-member bloc's financial and economic cooperation committee meeting in Kuwait. As non-oil revenues continue to rise, Al-Fassam, who also serves as the State Minister for Economic and Investment Affairs, noted that the Gross Domestic Product (GDP) of GCC member states is projected to reach USD 2.2 trillion in 2024. She highlighted growth across various sectors, including tourism and energy. The minister predicted that Gulf Arab states would rank among the world's top ten economies in the coming years in terms of GDP value. The primary goal of the committee's gathering is to explore plans to enhance cooperation in the face of existential challenges, which is necessary to maintain steady development. Jasem Al-Bedaiwi, the Riyadh-based bloc's Secretary General, attended the talks and remarked on the achievements of member states, which have transformed the region into a financial and economic hub. He noted that steps are being taken towards the economic integration of GCC countries. He further stated that building strong relationships with international bodies and organizations is a priority moving forward. Recent indicators suggest the growing economic influence of Gulf Arab countries, with their stock markets ranking seventh globally in terms of market value. Additionally, he highlighted that the region's non-oil economic activity comprised 75.9 percent of total GDP last year. Gulf Arab states are advancing economic diversification plans, with adequate infrastructure in place to accelerate a digital transformation.
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