عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Gulf Meeting Reviews Challenges of Economic Integration

Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)
Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)
TT
20
TT

Gulf Meeting Reviews Challenges of Economic Integration

Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)
Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)

An economic gathering held in Salalah, in the Sultanate of Oman on Wednesday, discussed key challenges and opportunities in economic integration between the countries of the Gulf Cooperation Council.

The permanent ministerial preparatory committee of the GCC Economic and Development Affairs Authority held its fifth meeting to review the decisions issued by the GCC Supreme Council in its 43rd session, which was held in December 2022, on achieving economic unity.

Omani Minister of Economy Said bin Mohammed Al-Saqri said that intra-regional exports in the GCC countries rose by 13.4 percent to reach $83.4 billion in 2021, compared to $73.5 billion in 2020.

Al-Saqri, who chaired the meeting, pointed to the ongoing efforts to develop cooperation, coordination and integration among member states, stressing that the economies of the GCC countries witnessed further improvement and recovery and were able to contain the inflationary pressures that worsened around the world during the year 2022.

The meeting discussed the latest developments in the action plan for building the Gulf economic model and its mechanism, and the proposed timetable for its implementation.

Meeting of the Gulf Trade and Industry Undersecretaries

Also on Wednesday, Salalah hosted the 57th preparatory meeting of the undersecretaries of the ministries of commerce, and the 43rd preparatory meeting of the undersecretaries of the ministries of industry for the Gulf Cooperation Council countries, headed by Dr. Saleh bin Said Masan, Undersecretary of the Omani Ministry of Commerce, Industry and Investment Promotion for Trade and Industry.

Participants discussed the main challenges facing intra-trade between the GCC countries and reviewed developments in trade laws, as well as the means to facilitate trade exchange.

The undersecretaries of the GCC ministries of industry focused on finding a unified definition for the Gulf national product and its standards, and the executive regulations for the Unified Industrial Regulation Law system, in addition to addressing the challenges facing the sector.

Most Viewed

 
Business

PIF Launches New Company to Deliver Expo 2030 Riyadh

PIF Launches New Company to Deliver Expo 2030 Riyadh
TT
20
TT

PIF Launches New Company to Deliver Expo 2030 Riyadh

PIF Launches New Company to Deliver Expo 2030 Riyadh

The Public Investment Fund (PIF) announced the launch of Expo 2030 Riyadh Company (ERC), wholly owned by PIF, to build and operate the facilities of Expo 2030 Riyadh –Saudi Arabia’s first World Expo– as well as preserving the legacy of the event.

In a press release, PIF said the masterplan for Expo 2030 Riyadh covers an area of six million square meters, making it one of the biggest World Expo sites. The Expo will be to the north of the city, near the future King Salman International Airport, and with direct connections to the Saudi capital’s landmarks.

According to SPA, Expo 2030 Riyadh is projected to attract more than 40 million visits. After the expo event, ERC plans to lead the transformation of the Expo’s gated area into a global village to serve as a multicultural hub for retail, food and beverage, surrounded by an international residential community with world-class amenities, and setting new standards in sustainable tourism, according to the release.

PIF continues with its strategic mandate to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF is one of the world’s most impactful investors, driving Saudi Arabia’s economic diversification while also enabling the creation of key sectors and opportunities that help shape the global economy. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia.

PIF Head of the Local Real Estate Investment Division Saad Alkroud said: “ERC benefits from PIF’s diverse local and global ecosystem and the establishment of the company aligns with PIF’s local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030.”

ERC is swiftly launching operations to fulfill its mandate, and will partner with the local and global private sector to achieve its goals for construction, cultural programming and event management, added the release.

Expo 2030 Riyadh runs from October 1, 2030 to March 31, 2031 and will further strengthen the city’s attractiveness to international businesses. It marks the city’s status as one of the world’s fastest-transforming capitals, one that combines sustainability, connectivity, and quality of life at scale. Riyadh was awarded the hosting rights for Expo 2030 in November 2023, winning the vote in the first round.

During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64 billion to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6 billion to GDP.

Countries participating in Expo 2030 Riyadh will have the option of building permanent pavilions and being part of the event’s legacy. The Expo will provide opportunities for long-term business and investment growth.