GCC Secretary-General highlights strategic partnerships and economic resilience at UNGA

During the 81st session of the United Nations General Assembly in New York, Gulf Cooperation Council (GCC) Secretary-General Jassim Mohammed Al-Budaiwi highlighted the bloc's growing international role and economic strength.

In high-level meetings, the GCC discussed strengthening strategic partnerships with France and Switzerland. A joint action plan is being developed with Switzerland to enhance political, cultural, and developmental cooperation. Discussions with France focused on an updated framework for cooperation in security, military, economic, and technological sectors, noting that trade between the GCC and France exceeds 60 billion euros.

Addressing regional security, Al-Budaiwi called for an end to Iranian attacks on critical infrastructure and urged the protection of maritime navigation in the Strait of Hormuz and Bab al-Mandab. He emphasized that securing these waterways is a global concern due to its impact on energy prices and supply chains.

On the economic front, Al-Budaiwi presented data showcasing the GCC's financial resilience. The total size of GCC economies is approximately 2.4 trillion dollars, supported by sovereign wealth funds exceeding 5 trillion dollars and commercial bank assets of 3.9 trillion dollars. He noted that the region is increasingly attracting foreign direct investment, totaling 792.7 billion dollars, while focusing on diversification through AI, clean energy, and logistics.