Saudi arabia: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi affirmed that the GCC's journey toward economic, financial, and monetary integration is grounded in firm foundations laid by the GCC Charter and the GCC Economic Agreements. He underlined that these frameworks have provided an advanced basis for coordinating economic, financial, and monetary policies among member states, contributing to the achievement of major milestones, including the Customs Union, the GCC Common Market, and the adoption of the GCC Monetary Union Agreement.
According to Saudi Press Agency, this came during Albudaiwi's participation in a session titled 'Economic Transformation in GCC Member States: Innovative Financing and the Role of Fiscal and Monetary Policies,' held on the sidelines of the World Governments Summit 2026.
The secretary-general noted that GCC countries attach great importance to strengthening coordination in fiscal and monetary policies through specialized GCC frameworks and committees. Chief among these are the Financial and Economic Cooperation Committee and the Committee of Central Bank Governors. He explained that these efforts are complemented by the continuous development of banking regulatory and supervisory frameworks aimed at enhancing financial stability and aligning with international best practices.
Albudaiwi further stated that GCC financial and monetary integration has strengthened the resilience of Gulf economies and their capacity to withstand external shocks. He attributed this resilience to strong fiscal foundations, substantial monetary and sovereign reserves, and a banking sector characterized by high capital adequacy and liquidity levels. He also highlighted the pivotal role of GCC sovereign wealth funds in supporting economic stability and financing development.