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GCC Secretary-General to Asharq Al-Awsat: Gulf States Advancing Unified Tourist Visa

Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
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GCC Secretary-General to Asharq Al-Awsat: Gulf States Advancing Unified Tourist Visa

Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh
Gulf Cooperation Council (GCC) Secretary-General Jassim Al Budaiwi. Photo: Website of the World Economic Forum’s special meeting in Riyadh

Gulf Cooperation Council Secretary-General Jassim Al Budaiwi confirmed that GCC nations are working towards introducing a unified Gulf visa for global travelers.

Al Budaiwi mentioned that during their recent summit in Doha, Gulf leaders greenlit a single tourist visa for the region.

They urged the General Secretariat, along with member states, especially the Ministry of Interior representatives, to fast-track its implementation.

This move aims to allow any international visitor to explore the Gulf countries with just one visa.

Speaking to Asharq Al-Awsat on the sidelines of the World Economic Forum’s special meeting in Riyadh, Al Budaiwi expressed hope that this step would boost regional tourism and save travelers time and money.

Recent data shows that the travel and tourism sector contributed 7.8% to the GDP of GCC countries in 2022. They aim to raise this to 10% in the future.

Al Budaiwi confirmed progress on the unified visa, with discussions in their final stages among Gulf countries. He stressed the need for careful consideration due to security and technical concerns.

Regarding trade agreements, Al Budaiwi mentioned completed deals with Pakistan and South Korea last year and a recent one with Türkiye.

Talks are ongoing for a trade agreement with the UK, with discussions planned in the next two weeks.

Talks with the EU have been on hold for over a decade, but both sides are interested in resuming discussions.

“A delegation from the GCC General Secretariat will visit to initiate preliminary discussions, not negotiations, with EU representatives,” said Al Budaiwi.

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.