Intra-Gulf Trade Exceeds $100 Billion

The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)
The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)
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Intra-Gulf Trade Exceeds $100 Billion

The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)
The 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers was held on Thursday in Muscat. (Omani News Agency)

Jasem Mohamed Al-Budaiwi, Secretary General of the Cooperation Council for the Arab States of the Gulf, said that the volume of intra-Gulf trade exceeded $100 billion, as a result of efforts to enhance areas of economic cooperation between the six countries.

Addressing an economic conference in Oman, Al-Budaiwi called for accelerating work to complete economic and development projects and to reach Gulf economic integration, with the aim to strengthen the position of the GCC countries as a global financial, investment and economic hub, and to confront global economic challenges in light of the current geopolitical crises and their repercussions on GCC countries.

Al-Budaiwi was speaking during the 64th meeting of the Trade Cooperation Committee of the GCC Trade Ministers, which was held on Thursday in Muscat.

He also attended the inauguration of the first edition of the Gulf Pioneers platform and the 50th meeting of the GCC Industrial Cooperation Committee.

Al-Budaiwi noted that the Gulf Pioneers platform aims to facilitate communication and provide the necessary data and information for Gulf entrepreneurs, as well as enable them to develop and improve their businesses

He indicated that the platform contributes to highlighting the various investment opportunities in the region and facilitates communication between Gulf entrepreneurs, investors, financiers, customers and job seekers.

For his part, Qais Al-Yousef, Omani Minister of Trade, Industry and Investment Promotion, praised the efforts made by the GCC General Secretariat to promote economic cooperation among the countries.

Dr. Saleh bin Saeed Masan, Undersecretary for Commerce and Industry at the Omani Ministry of Commerce, Industry and Investment Promotion, said that Oman, the current chairman of the council, submitted two proposals, including an award for honoring GCC innovators, and the establishment of a Gulf industrial forum.

Meanwhile, the 50th meeting of the GCC Industrial Cooperation Committee discussed a number of issues, including finding a unified definition of the Gulf national product and its standards.

The heads of federations and chambers of the GCC states also held a consultative meeting to promote the growth of the economic sector.

 



Saudi Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic Cooperation 

The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
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Saudi Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic Cooperation 

The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held official talks on Sunday with US Secretary of Energy Chris Wright as part of his current visit to the Kingdom.

The talks at the ministry headquarters in Riyadh focused on strengthening the strategic relationship between Saudi Arabia and the US in the mining and minerals sector.

They explored ways to expand cooperation in the mining sector and emphasized the importance of minerals in the energy transition, advanced technology industries, and modern economies linked to clean energy, as well as their significance in the electric vehicle industry and its components.

The two sides discussed ways to boost economic cooperation and high-value investment opportunities in both countries and the enablers available to leverage these opportunities in support of deepening their longstanding partnership.

Alkhorayef invited the US energy secretary to attend the Future Minerals Forum, which will be held in Riyadh next year.

Wright later visited the King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran. He was welcomed by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, KFUPM President Muhammad Al-Saggaf, and senior university officials.

Wright was briefed on the university's academic and research specializations, as well as its efforts to foster innovation and develop human capital in the fields of energy, engineering, and science. He met with faculty members and students and learned about the university's initiatives to advance educational and research programs in line with the highest international standards.

He was introduced to KFUPM’s international collaboration and academic exchange programs, particularly those with leading US institutions, which are designed to foster knowledge sharing, encourage joint learning, and provide students with global exposure that enhances both their academic growth and career prospects.

This visit underscores KFUPM’s role as a leading academic and research institution in the energy sector and strengthens research and academic cooperation between Saudi Arabia and the US.