Doha, October 4, 2024—Saudi Minister of Finance Mohammed Aljadaan led the Kingdom of Saudi Arabia’s delegation to the 122nd meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Thursday in Doha, Qatar. The meeting brought together finance ministers from GCC member states and GCC Secretary-General Jassim Mohammed Albudaiwi to discuss strategies aimed at enhancing financial and economic collaboration across the Gulf region.
The agenda included an evaluation of the latest recommendations from the GCC Undersecretaries of Ministries of Finance Committee, alongside an overview of recent updates from the Secretariat General. These discussions aimed at furthering the economic integration of GCC countries by aligning fiscal policies and strategies, addressing shared economic challenges, and creating a more unified economic framework within the region.
On the sidelines of the committee meeting, Minister Aljadaan participated in the inaugural session of the GCC Future Forum, which explored the theme "Industries of the Future and Models of Cooperation." The session was attended by prominent figures including Qatari Minister of Finance Ali Al Kuwari, Bahraini Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva. During the session, Minister Aljadaan underscored the significance of close cooperation between GCC states in tackling shared opportunities and challenges, particularly as these countries pursue ambitious economic transformations. He emphasized that collaboration, both at the local and international levels, is critical to achieving the Gulf states’ collective objectives and elevating their global economic presence.
Minister Aljadaan also took part in a joint meeting that brought together GCC finance ministers, central bank governors, and the IMF’s Kristalina Georgieva. This meeting addressed the economic outlook for 2024 and the political challenges that the Gulf region may face in the coming year. Aljadaan highlighted the shared concern of reducing reliance on oil revenues across the Gulf, noting that Saudi Arabia’s Vision 2030 has spearheaded significant financial reforms to diversify its economy away from oil dependence. He acknowledged that similar efforts are being carried out across the GCC to ensure sustainable economic growth and resilience.
In addition, Minister Aljadaan participated in a roundtable titled "The Fund for the Future," which focused on the IMF’s vision for implementing substantial reforms to enhance international economic cooperation. The roundtable addressed reforms to the IMF’s regulatory and supervisory frameworks, lending mechanisms, and capacity development strategies, all aimed at providing more effective support to member countries, both within the GCC and globally. The discussions also covered the IMF’s internal operations and how they can be improved to better serve the evolving needs of the global economy.
During these discussions, Minister Aljadaan pointed to the critical challenges facing the global economy, such as rising geopolitical tensions and a slowdown in global growth. He stressed the importance of multilateral cooperation, with institutions like the IMF playing a central role in fostering collaboration to address these pressing issues.
