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Doha, Qatar: Gulf Cooperation Council (GCC) region is a bright spot in a very difficult world today and this did not come by coincidence. It came through a very strong rigorous execution of long term, coordinated plans and diversifying the economy said, Minister of Finance of Kingdom of Saudi Arabia, H E Mohammed bin Abdullah Al Jadaan.
Addressing the panel discussion entitled ‘Maximizing the Gulf’s Global Competitiveness’ at the Qatar Economic Forum, Powered by Bloomberg’, Minister Al Jadaan said, “The development is exemplary in Qatar. The organisation as demonstrated by the FIFA World Cup is something we take great pride in within the region. We are exceedingly proud of how Qatar and the region have organised and showcased their capabilities.”
Minister of Finance H E Ali bin Ahmed Al Kuwari (left) and Minister of Finance of Kingdom of Saudi Arabia H E Mohammed bin Abdullah Al Jadaan during the panel discussion, yesterday.
“What distinguishes this region is first of all you are in a very unique location, in the middle of cross trade routes, where you are connecting Asia with Africa and Europe. This gives us a competitive advantage. This can be seen in the number of ports, that in the top 10 worldwide, are actually in the Gulf region. King Abdullah Economic City Port has been ranked by The World Bank as the world’s most efficient port,” Al Jadaan added.
He said, “You could see a lot of efforts in investing in infrastructure, and we are not keeping it to ourselves. We are trying for the wider region to benefit, not just the GCC. We want to be a role model for the countries in the region, in terms of reform, taking a long-term approach, diversification and in terms of looking at people and their prosperity.”
For his part, Minister of Finance of Qatar, H E Ali bin Ahmed Al Kuwari, said, “People are paying attention to the region now. Qatar has recently hosted a mega event, the FIFA World Cup which was a very important event. For a country in this region to successfully organise such an event speaks volumes. We possess numerous advantages here, including top-notch infrastructure and a strategic location at the heart of the world, connecting the east and the west.
“Our energy supplies further contribute to the region’s significant role in stabilising energy prices and quantities. This role is becoming increasingly crucial, and the region is emerging as a major player in this regard.”
“The GCC countries have made substantial investments in creating a business environment that is conducive to easy business operations and favourable for FDI. This achievement is not a result of overnight efforts but a result of a long-term strategic approach. As a result, you can witness the region outperforming many advanced economies,” Minister Al Kuwari added.
He noted that the global economy is facing enormous challenges, be it GDP growth, inflation, or debt. “When we examine the world and the GCC region, it’s like observing two distinct realities. We firmly believe that we can contribute and assume a global role. Saudi Arabia plays a significant role in the G20, while Qatar actively participates in both political and economic spheres. The world has changed, and the GCC is now playing a distinct and impactful role, shouldering its responsibilities.”
Responding to a query regarding what role does the GCC economies have, Kristalina Georgieva, Managing Director, International Monetary Fund said, “The fact that Qatar has stepped up in the energy market has brought calm to the market and stabilised the world economy. What we see in the Gulf is a remarkable determination to pursue reforms.”
Referring to World Cup, Georgieva noted that at the time when the world is more divided, Qatar brought everybody together and it was a celebration of global unity. This region plays a tremendously important role for energy security. She added, “People say that the fortunes of the Gulf are oil and gas, in fact the fortune of the Gulf is decisiveness in putting their economies on a long-term, sustainable path. Their international engagement is also a platform to export the value of reforms.”