Albudaiwi: Efforts to Upgrade GCC-Jordan Economic Links Stem from Deep Historical Ties

Secretary General of GCC’s Council, Jasem Mohamed Albudaiwi.
Secretary General of GCC’s Council, Jasem Mohamed Albudaiwi.
TT
20

Albudaiwi: Efforts to Upgrade GCC-Jordan Economic Links Stem from Deep Historical Ties

Secretary General of GCC’s Council, Jasem Mohamed Albudaiwi.
Secretary General of GCC’s Council, Jasem Mohamed Albudaiwi.

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi stated that efforts to enhance economic relations between the GCC States and Jordan are grounded in deep historical ties and a shared cultural heritage, stressing that these initiatives respond to the mutual desire and strong conviction among the wise leaderships on both sides regarding the necessity of strengthening cooperation in all fields.
This was stated during Albudaiwi's speech at the First GCC-Jordanian Investment Conference, themed "Partnerships, Investment, Economic Integration".

According to SPA, the event was sponsored by Jordan’s King Abdullah II bin Al Hussein and attended by the Jordanian Minister of Investment Eng. Mothanna Gharaibeh, along with heads of the chambers of commerce from the GCC states and Jordan, as well as a number of businesspeople from both sides.
Albudaiwi said: "The observer of the GCC-Jordanian relations would clearly notice the depth of this historical relationship and the shared interests between the GCC states and Jordan. This relationship has been established for a long time and has been institutionalized through the founding of the strategic partnership between the GCC states and Jordan and the adoption of the joint action plan for cooperation between both sides (2020-2025). This is rooted in deep historical ties and a shared cultural heritage, responding to the mutual desire and the firm conviction among the wise leaderships on both sides regarding the need to strengthen cooperation across all fields in pursuit of common goals and interests for our countries and peoples. This is reaffirmed in the fraternal relations between the GCC Member States and Jordan, which have contributed to enhancing political, security, and economic coordination between the two sides."
Moreover, Albudaiwi noted that the GCC states, through integrated work within the GCC framework, successfully established a free trade area in 1983, implemented a customs union at the beginning of January 2003, and deepened economic citizenship among the GCC states. He explained that this means equality in movement, residence, work, ownership, and the pursuit of economic, investment, and service activities, as well as the freedom of capital movement among the GCC member states, tax treatment, ownership and trading of shares, the establishment of companies, and access to social and health services in all GCC Member States, adding that GCC citizens in any of the member states should be treated equally to their own citizens without discrimination, while the Supreme Council announced the establishment of the Gulf Common Market at the summit held in Doha in December 2007, effective from the beginning of January 2008.
Albudaiwi also presented some economic statistics regarding the GCC, stating: "Firstly, the total GDP of the GCC Member States reached $2.1 trillion in 2023, placing them collectively among the advanced countries in terms of GDP size. Secondly, the market capitalization of the Gulf financial markets exceeded $4.4 trillion by the end of 2023, ranking seventh among the world's ten largest markets. Thirdly, the total value of foreign reserves held by the GCC was approximately $747 billion at the end of 2023, with a growth rate of 4.4% compared to 2022."
"Fourthly, the total value of foreign direct investment into the GCC was about $649 billion at the end of 2022, marking an increase of 6.4% compared to the end of 2021. Fifthly, the total assets of sovereign wealth funds in the GCC represent approximately 34% of the total assets of the world's largest 100 sovereign funds, with the financial assets of member states' sovereign funds estimated at around $4.4 trillion. Sixthly, the size of the digital economy in the GCC is estimated at around $118 billion for 2022," he said, adding that the GCC countries also achieved the top six positions in the Arab Digital Economy Index for 2024.
Albudaiwi noted in his speech that trade relations between the GCC states and Jordan have witnessed significant growth over recent years, with the volume of trade between 2020 and 2023 exceeding $36 billion, and the total exports from the GCC to Jordan were more than $26 billion, while the value of imports from Jordan to the GCC was $9.6 billion, with expectations of increased trade volumes in the coming years due to ongoing economic cooperation between the GCC and Jordan.
Albudaiwi expressed his optimism for enhancing trade facilitation and stimulating the potential for increased trade exchanges between both sides, in addition to promoting cooperation and investment in service trade, e-commerce, financial technologies, tourism and the development of digital trade between the two parties. He also indicated that, in terms of investment, Gulf investment in the Amman Stock Exchange ranks first among Arab and foreign investments in publicly traded companies in the Amman Stock Exchange, exceeding $4 billion.
Albudaiwi added: "Jordanian investments in the Gulf financial markets exceed $700 million (2021). These figures and indicators reflect the immense potential that can be achieved through enhanced cooperation and economic integration. Today, we face a historic opportunity to strengthen our partnerships and expand our collaborative efforts to benefit our people and support stability and prosperity in our region. This vision has been pursued by the GCC with the Hashemite Kingdom of Jordan through joint committees that have reached a total of 15 committees in various economic, cultural and social fields."
Albudaiwi emphasized the importance of working diligently to strengthen and enhance the strategic GCC-Jordanian relations so that the people can benefit, underlining that both sides possess all the elements for the success of the desired economic relations between them.



Oman Warns of Escalation Risk, Qatar Pushes to Revive Talks

Qatar’s Emir receives written message from Iran’s President Pezeshkian. Photo: QNA
Qatar’s Emir receives written message from Iran’s President Pezeshkian. Photo: QNA
TT
20

Oman Warns of Escalation Risk, Qatar Pushes to Revive Talks

Qatar’s Emir receives written message from Iran’s President Pezeshkian. Photo: QNA
Qatar’s Emir receives written message from Iran’s President Pezeshkian. Photo: QNA

Oman warned on Wednesday against the growing military escalation between Israel and Iran and stepped up its diplomatic efforts to shield the region from the risk of a broader conflict.

Qatar, also intensifying its mediation, said it was working with regional and international partners to end the Israeli-Iranian confrontation. This came as Qatari Emir Sheikh Tamim bin Hamad Al Thani received a written message from Iran’s President Masoud Pezeshkian.

According to the Qatari state news agency, the letter focused on bilateral relations and ways to enhance them.

On Tuesday, Majed Al Ansari, spokesperson for the Qatari Ministry of Foreign Affairs and advisor to the Prime Minister, said Doha was in constant contact with friends and partners in and outside the region to help end the escalating conflict.

“Qatar is engaging all parties to narrow differences and reach a scenario that puts an end to this dangerous escalation,” he said.

Al Ansari added that Qatar was working closely with regional and international actors to revive negotiations and de-escalate tensions to prevent the region from sliding into a potentially devastating war.

He said the Qatari Prime Minister and Foreign Minister had spoken with several international officials in recent days, voicing strong condemnation of Israel’s repeated violations and attacks, which he said undermine efforts to achieve peace.

Al Ansari stressed the urgent need for collective regional and global action to reduce tensions and resolve disputes through diplomacy.

In Muscat, the Omani Ministry of Foreign Affairs said Foreign Minister Badr bin Hamad Al Busaidi held talks with his Arab counterparts and key international partners, including EU foreign policy chief and European Commission Vice-President Kaja Kallas.

According to Omani sources, the discussions focused on tackling rising regional tensions triggered by Israel’s pre-emptive strikes on Iran and Tehran’s subsequent response, part of a broader crisis that has been intensifying since early Friday.

The talks also addressed the need to align international positions, increase political and legal pressure to halt Israeli attacks, and push for comprehensive negotiations aimed at restoring stability and averting further military escalation.

Al Busaidi urged an immediate end to what he called a “tragic war threatening regional security” and called for heightened diplomatic pressure to revive a political solution.