Albudaiwi Affirms Solidity of GCC Economy to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
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Albudaiwi Affirms Solidity of GCC Economy to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi

Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed the solidity and strength of the GCC economy and its ability to face economic challenges, the Saudi Press Agency said on Saturday.
Albudaiwi’s statement came in his recorded speech at the roundtable meeting between the GCC and American companies, which was held under the patronage of the US Chamber of Commerce on Thursday, June 27, 2024, in the US capital, Washington.
The steps taken by the GCC countries to strengthen trade and investment ties with the US focused greatly on the mutual benefits of this economic partnership, said Albudaiwi.
He also stressed that the six GCC countries enjoy long-term and strong trade and investment relations with the US, and these relations are witnessing clear and significant progress, explaining that these partnerships play a pivotal role in enhancing economic growth, innovation and development across various sectors.
During his speech, he projected some statistics that confirm the progress of cooperation between the two sides, such as achieving bilateral trade between the GCC countries and the US in 2023 of around $180 billion.
GCC countries have also achieved great success in the energy sectors, ranking first globally in crude oil production and reserves and second in natural gas reserves, he noted.
Touching on future strategic GCC projects, such as the GCC railway project, he said it will enhance connectivity between Middle Eastern countries and provide great cooperation opportunities with American partners. He added that the Council countries are working at an accelerated pace to develop digital infrastructure and transition to a technology-based diversified economy.
Albudaiwi concluded by expressing the commitment of the GCC countries to enhancing stability and development in the region, pointing to the ongoing GCC's efforts to resolve regional conflicts and maintain peace and security to achieve more growth and prosperity. He underscored the determination of the GCC countries to deepen cooperation with the US, and ensure sustainable economic growth for future generations on both sides.



Saudi Arabia: Political Solution Only Way to Resolve Sudan’s Crisis

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Riyadh. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Riyadh. (SPA)
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Saudi Arabia: Political Solution Only Way to Resolve Sudan’s Crisis

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Riyadh. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the Cabinet meeting in Riyadh. (SPA)

The Saudi government urged on Tuesday the warring parties in Sudan to reach a ceasefire, end the conflict and facilitate the delivery of humanitarian aid to those in need.

It stressed that a political solution was the only way to end the crisis, reiterating the need to commit to the Jeddah Declaration signed on May 11, 2023.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chaired the Cabinet session that was held in Riyadh.

The ministers reviewed regional developments and Saudi Arabia’s tireless efforts, along with the international community, to establish peace and security in the region.

These efforts were demonstrated in its hosting of the inaugural meeting of the Global Alliance for Implementation of the Two-State Solution. Ninety countries and regional and international organizations took part to discuss establishing an independent Palestinian state.

The cabinet also highlighted the Kingdom's call for a joint Arab-Islamic follow-up summit this month, which will address the continued Israeli assault on Palestinian and Lebanese territories.

Crown Prince Mohammed briefed the cabinet on his meetings and talks with leaders of several brotherly and friendly countries, which focused on relations and ways to boost them in various fields.

Minister of Media Salman Al-Dossary told the Saudi Press Agency that the Cabinet praised the outcome of the third meeting of the Saudi-Bahraini Coordination Council security committee, and the initiatives carried out that contribute to advancing the strong fraternal relations toward new horizons.

The Cabinet commended the outcome of the second ministerial meeting of the Saudi-Indian Strategic Partnership Council economic and investment committee. It noted the progress toward achieving the two countries' common goals, particularly in the fields of industry, infrastructure, technology, agriculture, food security, climate sciences, and sustainable transportation.

The Cabinet discussed the Kingdom's participation in the recent G20 meetings, where it highlighted efforts to promote sustainability in education, invest in innovation and entrepreneurship, and its ongoing contributions in addressing global health challenges.

On the domestic level, the Cabinet noted the Kingdom's significant advancement, of 15 places, in the 2023 international tourist revenue rankings compared to 2019, leading the top 50 rankings in upward movement. This achievement underscores the Kingdom's global leadership and ongoing success in the tourism sector.