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Gulf Today
4 days ago
- Business
- Gulf Today
UAE fully backs efforts to boost GCC economic integration plan
The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Sunday in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured 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 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. 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. Two days earlier, The Ministry of Finance held a workshop on crisis management and forecasting, bringing together senior government officials and experts to explore best practices in emergency preparedness and strategic planning. The event, held in Dubai, was attended by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; assistant undersecretaries; department directors; and representatives from the American University of Sharjah. In addition to highlighting the latest international practices in crisis management and forecasting, the workshop aimed to enhance the capabilities of national teams to respond effectively and plan proactively for future challenges. This aligns with the country's efforts to build a flexible government capable of adapting to evolving circumstances. Younis Haji AlKhoori emphasised that the workshop is part of the Ministry's commitment to strengthening institutional readiness. He highlighted that investing in capacity building for crisis management and forecasting is key to ensuring business continuity and improving government performance amid regional and global challenges. 'We are moving forward with our efforts to instill a culture of readiness within the organisational work environment, empowering our staff to make swift, well-thought-out decisions during crises and ensuring sustainable service delivery,' said AlKhoori.
Mid East Info
5 days ago
- Business
- Mid East Info
UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait - Middle East Business News and Information
Discussions touched on tax and banking committee outcomes 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. 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.
Al Etihad
5 days ago
- Business
- Al Etihad
UAE participates in Ministerial Meeting of GCC Financial and Economic Cooperation Committee
1 June 2025 18:12 KUWAIT (WAM) The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Sunday in Kuwait, bringing together the Ministers of Finance of the GCC member by the Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, the UAE delegation featured the Director-General of the Federal Tax Authority (FTA), Khalid Ali Al Bustani; and the Acting Assistant Under-Secretary for International Financial Relations, Ali Abdullah Sharafi.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 meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken 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 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 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 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 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 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 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 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 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. 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.
Qatar Tribune
21-05-2025
- Business
- Qatar Tribune
QC reviews private sector's role in facilitating intra-GCC trade
Tribune News Network Doha Qatar Chamber hosteda workshop titled 'The Role of the Private Sector in Facilitating Trade between GCC Countries' at the Doha Hilton Hotel on Wednesday. The event was organised by the General Secretariat of the Federation of GCC Chambers (FGCCC) in cooperation with the Gulf Customs Union Authority. The opening session featured keynote addresses by Eng. Ali bin Abdul Latif Al Misned, Qatar Chamber Board Member; Saleh bin Hamad Al Sharqi, FGCCC's Secretary General; and Dr. Sulaiman bin Masoud Al Ghafri, Executive Director of the GCC Customs Union Authority. The event addressed the challenges facing both the public and private sectors in the fields of import and export. It also reviewed the efforts undertaken by official authorities to develop systems and procedures aimed at enhancing the flow of goods, improving supply chain efficiency, and advancing economic integration among GCC countries. Speaking at the opening session,Eng. Ali bin Abdul Latif Al Misned emphasized that Gulf economic integration is a necessity driven by shared interests and the aspirations of the region's peoples for a more prosperous future—especially in light of the economic changes and challenges facing the world. He noted that Qatar Chamber's hosting of this symposium reflects the great importance it places on promoting intra-regional trade and facilitating import and export procedures, thereby supporting trade and economic cooperation among GCC countries and paving the way for the economic integration they all aspire to achieve. Al-Misned affirmed the Chamber's full support for any initiatives or recommendations emerging from the workshop that seek to streamline procedures, remove obstacles, and enhance cooperation between official bodies and the private sector. For his part, Saleh Al Sharqi underscored the Federation's firm belief in the importance of partnership and integration with the relevant official bodies and authorities in the GCC countries in addressing the challenges facing Gulf private sector companies and in supporting the smooth flow of goods and services across Gulf markets. Al Sharqi expressed his sincere thanks and appreciation to Sheikh Khalifa bin Jassim Al Thani, Chairman of Qatar Chamber, and to all Chamber members for hosting the workshop and for their continued commitment to supporting the Federation's efforts in tackling the challenges facing the Gulf private sector. He reaffirmed the Federation's commitment to working closely with the GCC General Secretariat and relevant Gulf bodies, as well as with member federations and chambers, to support the process of economic integration and advance the activation of the Gulf Common Market—thereby fulfilling the aspirations of the region's leaders and peoples for comprehensive development. In turn,Dr. Sulaiman bin Masoud Al Ghafri noted that 76% of the projects required to establish the GCC Customs Union had been completed by the end of the first quarter of 2025. He highlighted key achievements, including the launch of the integrated customs tariff for 12 items starting January 1, 2025, the activation of the Gulf Authorized Economic Operator Program, and the gradual implementation of mutual recognition of food imports, with samples now taken from traders' warehouses instead of customs ports. He pointed out that completing the requirements for establishing the GCC Customs Union would bring significant economic benefits, create numerous investment opportunities, and provide enhanced customs facilities. The workshop's first session featured three working papers. The first, presented by the State of Qatar, was titled 'Private Sector Commitment to the Necessity of Importers and Exporters Attaching Detailed Invoices to Shipments and Disclosing the Actual Value Paid.' The second, from the Kingdom of Bahrain, was titled 'Private Sector Use of Pallets in Trade at the GCC Level.' The third, presented by the State of Kuwait, was titled 'Limiting the Import of Goods Without Proof of Origin, Preventing the Import of Counterfeit Goods, and Adhering to the Unified Customs Law and Guide at GCC First Ports of Entry.' Similarly, the second session also included three papers. The first, presented by the Sultanate of Oman, was titled 'Requesting Prior Permits for Importing Restricted Goods from Relevant Government Agencies and Attaching Permits Before Shipments Arrive to Avoid Delays.' The second, from the Kingdom of Saudi Arabia, was titled 'Implementing Pre-Clearance.' The third paper reviewed the achievements and future vision of the Customs Union Authority of the Gulf Cooperation Council (GCC) countries.
Zawya
08-05-2025
- Business
- Zawya
Oman: OCCI addresses challenges to Gulf Common Market integration
Muscat – The Oman Chamber of Commerce and Industry (OCCI), in collaboration with the Federation of GCC Chambers, on Tuesday hosted a workshop in Muscat focused on challenges facing the Gulf private sector within the framework of the Gulf Common Market. Speaking at the event, Zakaria bin Abdullah al Saadi, CEO of OCCI, said the workshop is part of the chamber's strategic efforts to serve and empower the private sector, in alignment with the objectives of Oman Vision 2040. He noted that enhancing the business environment and broadening economic diversification remain key national priorities. Saadi stressed that GCC countries have made significant progress toward regional economic integration, with the Gulf Common Market standing as a major achievement. He called for unified efforts among GCC chambers to address key challenges, unlock the full potential of joint cooperation, and put forward actionable recommendations to strengthen the market's performance. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
