Cambridge, May 12, 2024, Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi said that the comprehensive strategic vision for economic diversification developed by the leaders of the GCC aims to reduce reliance on oil revenues.
Speaking at the Gulf Creatives Conference, organized by the Diwan at Harvard University in Cambridge Massachusetts from May 10 to 12, Albudaiwi said that the vision encompasses a wide range of initiatives and reforms in various sectors, designed to build resilient economic structures and attract foreign direct investment.
According to Albudaiwi, GCC countries have positioned 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 their 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," he underlined.
Albudaiwi also highlighted some facts and figures that support these initiatives and prove the progress made by GCC countries, including the Unified Economic Agreement, the establishment of the GCC Common Market and the Customs Union.
He mentioned urban development projects in GCC countries, such as the NEOM project in the Kingdom of Saudi Arabia, saying that smart cities are designed to improve energy efficiency, reduce waste, and make use of AI and the Internet of Things to simplify urban management.
This, he added, underscores GCC countries' 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.
Albudaiwi expressed pride in the remarkable achievements of GCC countries in economy and integration, and highlighted the transition from oil-dependent economies to diversified economies.
