GCC Secretary-General: Strategic Vision for Economic Diversification Developed by GCC Aims to Reduce Reliance on Oil Revenues

Washington, May 12 (QNA) – Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the comprehensive strategic vision for economic diversification, developed by Their Majesties and Highnesses, the leaders of the GCC, aims to reduce reliance on oil revenues, as “it encompasses a wide range of initiatives and reforms in various sectors, designed not only to build resilient economic structures but also to attract foreign direct investment.”
This came during the GCC Secretary-Generals participation in the “Gulf Innovators 2024” conference, which was held at Harvard University in Cambridge, USA, from May 10 to May 12, in the presence of many prominent GCC leaders in public and private sectors.

In his speech, the GCC Secretary-General stated that the GCC countries position themselves as competitive digital hubs on the global map, supported by their favorable geographic location and young population.

“The strategic location, coupled with robust infrastructure, paves the way for the Council member states to attract international partnerships that support our long-term development goals. This dynamic approach is vital for sustaining economic growth and ensuring the resilience of Gulf economies in the face of global economic fluctuations and regional challenges,” Albudaiwi said.

He also highlighted some facts and figures that support these initiatives and demonstrate the progress made by the GCC countries, including the Unified Economic Agreement, the establishment of the GCC Common Market, and the Customs Union. Furthermore, the elimination of customs duties among the member states, in addition to numerous economic achievements, global standing, strategic partnerships, investment opportunities, expanding global trade, regional challenges and stability, in addition to the achievements of the digital economy of the GCC countries.

Moreover, Albudaiwi mentioned urban development projects in the GCC countries, such as the NEOM project in the Kingdom of Saudi Arabia.

“These smart cities are designed to improve energy efficiency, reduce waste, implement artificial intelligence and the Internet of Things to simplify urban management. This underscores our commitment to sustainable and technologically advanced urban planning, as well as the increasing focus on cybersecurity to protect against growing risks and maintain trust in the digital economy,” he pointed out.

“This transformation paves the way for a future that drives technological innovation, digital integration, economic growth, and creates technology-related job opportunities, attracting global technology companies. This positions the GCC countries for long-term economic stability and global competitiveness,” he indicated.

GCC Secretary-General Jasem Mohamed Albudaiwi concluded his speech by expressing pride in the remarkable achievements of the GCC countries in economic development and integration, highlighting the transition from oil-dependent economies to diversified economies.

“The GCC countries continue to strengthen their efforts and enhance international relations, especially with key partners, and look forward to continued cooperation and mutual growth with our partners around the world,” he said. (QNA)