Latest news with #GCCCommonMarket
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
Qatar joins GCC economic meeting in Kuwait
QNA DOHA Qatar took part in the 123rd Meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC), held in the State of Kuwait on Sunday. Minister of Finance HE Ali bin Ahmed Al Kuwari chaired the State of Qatar's delegation at the meeting. The meeting reviewed the outcomes of the 84th Meeting of the Committee of Governors of Central Banks of the GCC Countries, the meetings of the GCC Customs Union Authority, and the 14th Meeting of the Committee of Heads and Directors of Tax Departments. Discussions also covered the amendment of the minimum specific duty on tobacco, the implications of increased United States customs tariffs, and the proposed allocations for judges of the Economic Judicial Authority. It further discussed the outcomes of the GCC Common Market Committee, along with a review of the GCC's engagement in the International Monetary Fund (IMF) and World Bank meetings, in addition to the implementation document on the unified criteria for defining the national Gulf product, with particular emphasis on advancing economic integration, fostering innovation, and strengthening economic resilience in the face of common challenges. The Media Campaign on the GCC Common Market was launched on the margins of this meeting. It aims to raise public awareness, foster understanding of the unified Gulf market notion, and highlight the merits it offers to citizens and investors alike. These merits include freedom of movement and residency, property ownership, employment, investment, and equal treatment across a variety of economic sectors.
Zawya
7 days ago
- Business
- Zawya
UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait
Exploring latest updates on the progress of the Gulf Customs Union and GCC Common Market H.E. Mohamed bin Hadi Al Hussaini: The UAE supports all efforts to strengthen financial and economic cooperation among GCC states. Kuwait: The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Regional Economic Integration The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Accelerating the pace of integration H.E. Mohamed bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage.
Observer
07-05-2025
- Business
- Observer
Workshop addresses private sector challenges in GCC Common Market
MUSCAT, MAY 7 The Oman Chamber of Commerce and Industry (OCCI), in collaboration with the Federation of GCC Chambers, held a workshop on May 7, 2025 to address the issues facing the Gulf private sector in the GCC Common Market context. Held at the Chamber's headquarters in Muscat, the forum brought together policymakers and business leaders to discuss key issues hindering intra-GCC trade, including cumbersome laws, customs procedures, logistics challenges, and poor access to funding for cross-border investment. Participants debated concrete measures to increase regional trade and make Gulf enterprises more competitive. The workshop also reviewed current incentives and introduced requirements needed to spur private sector development and integration. Zakaria bin Abdullah al Saadi, CEO of the Oman Chamber of Commerce and Industry, emphasized the importance of strengthening Gulf private sector cooperation in his opening remarks at a recent workshop. He emphasized the need to overcome underlying issues in trade law, financing, and investment and push for more intense economic integration within GCC nations. Al Saadi noted the Gulf Common Market is a keystone achievement and called for concrete solutions to boost its efficiency and shape regional trade goals. GCC expert Sulaiman al Balushi described the workshop as being a vital arena for GCC businessmen to air issues and provide down-to-earth suggestions. He further stated that actual discussion with policymakers is needed in order to establish real change and strengthen the area's private sector. Entrepreneur Muntaha Majid said, "Such workshops allow businesspeople to raise awareness about intra-GCC trade issues. More importantly, she added, they offer a chance to meet decision-makers and exchange views on establishing the Gulf Common Market for the benefit of the private sector and enhancing regional economic integration." Noura al Salem, Federation of GCC Chambers Senior Director of Corporate Relations and Communications, introduced the Federation's role in empowering the private sector. She stated its work in GCC initiatives, including cooperation with the GCC Secretariat, the Gulf Common Market, the Customs Union, and collaborative policy-making activities. Al-Salem also instituted the Tawasul programme—a platform focused on consolidating direct dialogue among the private and public sectors within the Gulf region. The initiative is intended to highlight opportunities in investment, consolidate economic integration, as well as resolve trade and investment challenges. Oman Chamber's Mohammed al Gharbi reported Oman's trends of trade with GCC countries based on sustained growth grounded in economic integration, upgraded logistics, and moves to improve regional business conditions. The workshop emphasized the paramount importance of joint dialogue in addressing Gulf issues and supporting the economic growth contribution of the Gulf private sector.
Arab Times
17-03-2025
- Business
- Arab Times
GCC Expats Sent Less Money Home - What's Behind the Decline?
MUSCAT, March 17: According to a recent report from the Gulf Statistical Center (GCC-Stat), total remittances from workers in the Gulf Cooperation Council (GCC) countries reached USD 131.5 billion by the end of 2023. This marked a slight decline of 0.4 percent compared to 2022, following substantial increases in 2021 (9.2 percent) and 2022 (3.8 percent). Despite this minor dip of approximately $500 million, the GCC remains the largest global source of worker remittances, ahead of the United States. The report also highlighted that the share of remittances in the GCC's gross domestic product (GDP) has been declining in recent years, dropping from 8.1 percent in 2020 to 6 percent in 2022. However, in 2023, this percentage slightly increased to 6.2 percent. Remittances continue to play a critical role as a major source of income for many developing countries, particularly in South Asia and the Philippines, where millions of expatriates contribute across various sectors such as construction, retail, and domestic services. In addition to remittance data, the report revealed key insights into the labor force across GCC countries. The total labor force in the region reached 31.8 million, comprising 54.2 percent of the total population. Male workers made up 78.7 percent of the labor force, while female workers represented 17.6 percent. The number of working citizens in the GCC stood at 5.6 million, accounting for 23.4 percent of the total labor force, with 60 percent male and 40 percent female. The report also highlighted a notable increase in the number of working women in the region, with a 600,000 rise since 2011. The government sector remains the largest employer of Gulf workers, with 83.5 percent of employed citizens working in the public sector, compared to just 14.2 percent in the private sector. Most citizens employed in the GCC work in the services sector, especially in public administration roles. The data further emphasized the ongoing efforts by GCC countries to localize the workforce and address labor market imbalances. Policies such as the GCC Common Market and the Comprehensive Development Strategy aim to increase the contribution of the national workforce to the industrial sector and improve the overall distribution of labor. Additionally, the report noted that GCC countries are placing a strong emphasis on gender equality and youth employment. Initiatives are being taken to enhance the role of women in development, balance population and workforce structures, and improve national workforce training programs. The region continues to prioritize young workers, promote economic diversification, and invest in the creation of green and environmentally friendly jobs. These comprehensive workforce policies are designed to ensure long-term sustainability and address the evolving needs of the region's labor market while supporting economic and social development.
Gulf Business
17-03-2025
- Business
- Gulf Business
GCC worker remittances dip to $131.5bn in 2023, shows latest GCC-Stat data
Image: Getty Images Worker remittances from Gulf Cooperation Council (GCC) countries totalled $131.5bn in 2023, marking a slight decline of 0.4 per cent from the previous year, according to recent data released by the GCC Statistical Centre (GCC-Stat). Despite the marginal dip of approximately $500m compared to 2022, the GCC remains the largest source of worker remittances globally, followed by the US. The slowdown follows consecutive years of growth, with remittance inflows rising by 9.2 per centin 2021 and 3.8 per cent in 2022. Remittances' share in GCC GDP dropping in recent years, shows data The data also showed that remittances as a share of the GCC's gross domestic product (GDP) at current prices have declined in recent years, falling from 8.1 per ent in 2020 to 6 per cent in 2022. However, the trend reversed slightly in 2023, with remittances accounting for 6.2 per cent of GDP. Remittances from the GCC are a vital source of income for many developing economies, particularly in South Asia and the Philippines, where millions of expatriates are employed across key sectors such as construction, retail, and domestic services. GCC labour force and workforce policies In other news, data issued by Male workers accounted for 78.7 per cent, while females made up 17.6 per cent. The number of working citizens in the GCC stood at 5.6 million, constituting 23.4 per cent of the total labour force, with 60 per cent males and 40 per cent females. GCC-Stat's data also showed a 600,000 increase in the number of working women in the region since 2011. The data indicated that the government sector is still the largest employer of Gulf workers, with a wide scope for localisation in the private sector. The percentage of employed citizens working in the public sector reached 83.5 percent compared to 14.2 percent in the private sector. Statistics also revealed that GCC countries' citizens work mainly in the services sector, particularly in public administration activities. GCC countries have introduced policies to localise the workforce, such as the GCC Common Market and the Comprehensive Development Strategy, which aim to address imbalances in population structure, workforce distribution, and industrial development. These policies aim to increase the national workforce's contribution to the industrial sector. Additionally, the population strategy seeks to enhance the role of women in development, balance population and workforce structures, and improve national workforce training programmes. All GCC countries give priority to young workers, promote economic diversification efforts and move towards creating green and environmentally friendly jobs. Read:
