Albudaiwi: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi affirmed that the allocation of a Gulf dialogue session within the Asian Financial Forum 2025 in Hong Kong underscores the economic position of the GCC countries in regional and international forums, according to a press release from the GCC General Secretariat. This statement came during Albudaiwi’s speech at the Gulf dialogue session held today in Hong Kong as part of the Asian Financial Forum 2025.
According to Saudi Press Agency, Albudaiwi stated that this session aims to highlight opportunities for enhancing cooperation between the GCC countries and the Hong Kong region, which share historical and economic ties. He emphasized that this forum is an important platform that brings together thought leaders and decision-makers worldwide, representing a pioneering platform for exchanging knowledge and developing strategic partnerships in finance and business.
Albudaiwi said: “The GCC countries hold a significant economic status globally, with their GDP reaching approximately US$2.1 trillion in 2023,” adding that the total sovereign financial assets in the GCC countries amounted to around US$3.2 trillion, accounting for 33% of total sovereign assets worldwide.
According to Albudaiwi, the GDP per capita is approximately US$36,700. In terms of reserve assets, the foreign reserves of the GCC countries at the end of 2023 reached nearly US$748 billion, achieving the fifth position globally. Furthermore, the market capitalization of the Gulf financial markets in 2023 was approximately US$4.4 trillion, while the total assets of commercial banks operating in the GCC amounted to about US$3.2 trillion by the end of 2022. “These figures reflect the economic strength of the GCC countries,” said Albudaiwi.
He highlighted that the GCC countries hold the top global ranking in crude oil reserves and production and also lead in natural gas reserves while ranking third globally in natural gas production. He underscored that the GCC’s balanced policies have contributed to the stability of energy markets by providing secure and stable oil and gas supplies to global markets.
He mentioned that the GCC’s significant economic potential creates numerous opportunities for cooperation with Hong Kong, a leading Asian financial center. “This collaboration reflects a shared vision to promote innovation and sustainability in financial and economic activities, as well as to develop trade, investment, fintech, education, and other vital sectors forming the basis of the future knowledge-based economy,” Albudaiwi added.
He also reviewed several joint Gulf projects, notably the 2,100-kilometer GCC railway project and the GCC electricity interconnection project. He stressed that these projects offer promising opportunities for the business and finance sectors to develop and invest, particularly in localizing industries related to their construction, operation, and maintenance.
He also addressed the signing of an agreement to sell electricity to Iraq and the existence of plans to expand interconnection and electricity trade with numerous regional and international countries. He noted that the GCC also launched the Gulf Payments Company, enabling swift, instant, low-cost financial transfers in local GCC currencies and other currencies within a secure and stable environment. He stated that these and other projects form a strong foundation for enhancing cooperation between the GCC countries and Hong Kong in the future.
Albudaiwi reiterated that this dialogue session will provide a unique opportunity for productive discussions and strategic insights to strengthen ties between the GCC countries and Hong Kong. “It will also be an opportunity to showcase available opportunities and explore ways to enhance cooperation, serve mutual interests, and promote sustainable growth in the region, benefiting all parties and enhancing the Gulf region’s standing on the global economic stage,” he concluded.