Latest news with #JasemAlBudaiwi
Zawya
a day ago
- Politics
- Zawya
GCC chief meets UK foreign secretary
LONDON: Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi said the GCC member states and the United Kingdom enjoy deep-rooted historical relations and strategic partnership. The strategic partnership brought the viewpoints of both sides closer to each other, Al-Budaiwi said in a press release following his meeting with British Foreign Secretary David Lammy in London on Thursday. The two sides maintain similar views on several regional issues, which contributed to security and stability on regional and international levels, he pointed out. The meeting with Secretary Lammy dealt with the GCC-UK relations and a number of regional and international issues, Al-Budaiwi, said, voicing hope for opening new horizons for cooperation.
Arab News
4 days ago
- Business
- Arab News
GCC vows solid climate action efforts to guard coastal communities
RIYADH: The Gulf Cooperation Council has reaffirmed its commitment to implement strong climate action efforts to tackle environmental issues faced by coastal communities. Speaking at the Ocean Rise and Coastal Resilience Summit, Jasem Mohamed Al-Budaiwi, secretary-general of the GCC, said that the council is undertaking various efforts to safeguard the marine environment, particularly the Arabian Gulf, through policies and initiatives that are already yielding visible results. Al-Budaiwi added that the coastal zones of GCC nations are environmentally vulnerable, and protecting them is crucial for sustainable development and prosperity in the region, according to the news agency WAM. Despite being oil-dependent nations, countries in the GCC, including the Kingdom, are taking significant steps to combat climate change, with Saudi Arabia setting its net-zero target for 2060. According to the latest report by WAM, Al-Budaiwi 'underscored the importance of adopting ambitious, actionable strategies rooted in local and international expertise to address growing environmental challenges.' The report added: 'The Secretary-General also emphasized that sustainable development and climate resilience are central to the visions of all GCC member states.' Al-Budaiwi also used his speech to underscore the importance of adopting ambitious, actionable strategies rooted in local and international expertise to address growing environmental challenges. The secretary-general further said that sustainable development and climate resilience are central to the development goals of all member states in the GCC. He also called for urgent and collective action to transform climate pledges into measurable outcomes, particularly in vulnerable coastal regions. During the 43rd meeting on 'Future Climate Change Management and Economic Development in the Gulf States' in Muscat in February, Gulf nations announced plans to invest $100 billion in renewable energy by 2030 to cut emissions by up to 20 percent as part of their transition to sustainable energy. The Kingdom, in particular, is also making significant efforts to ensure a green future and protect marine resources. The King Abdullah University of Science and Technology has emerged as a world-class partner in marine science, collaborating with multiple entities to inform data-driven conservation efforts. KAUST is also partnering with Saudi Arabia's futuristic city, NEOM, to ensure coral reef restoration and coastal habitat mapping using advanced robotics and artificial intelligence. As part of its broader sustainability efforts, the Kingdom has also launched the Saudi Green Initiative to advance its environmental goals. Under SGI, the nation aims to plant 10 billion trees, rehabilitate 40 million hectares of degraded land, and reduce carbon emissions by more than 278 million tonnes per year. In April, Saudi Arabia's National Center for Wildlife signed an agreement with the UK's National Oceanography Center to collaborate on marine biodiversity projects. Under the deal, studies will be conducted to assess the impact of human activities on marine ecosystems, and the use of advanced technologies will be explored to mitigate their potential harm.
Arab News
08-05-2025
- Business
- Arab News
GCC market capitalization surpasses $4.2tn, bloc's secretary-general reveals
RIYADH: Capital markets across the Gulf Cooperation Council surpassed a combined capitalization of $4.2 trillion by the end of 2024, highlighting strong regional economies and sustained investor confidence. The figure was revealed by Jasem Al-Budaiwi, secretary-general of the GCC, during his address at the third edition of the 'Gulf Smart Investor Award' ceremony held in Riyadh on May 7. In his remarks, Al-Budaiwi noted that GCC markets witnessed a total of 336.3 billion shares traded in 2024, marking a 20.9 percent increase compared to the previous year. The total value of traded shares reached $682.2 billion, reflecting an annual growth of 28.4 percent. These gains, he underlined, underscore the confidence of both domestic and international investors and reinforce the importance of continued efforts to build financial awareness and strengthen investor education. Al-Budaiwi commended Saudi Arabia for hosting the awards and supporting the GCC's broader economic agenda. 'His Excellency the secretary-general pointed out that amidst the astonishing acceleration and profound transformations taking place in financial markets globally and regionally, and in light of the GCC countries' openness to the global economy, financial literacy is no longer merely marginal knowledge or an intellectual luxury,' an official release stated. This positive momentum in GCC markets aligns with broader regional trends. In the first quarter of 2025, stock markets across the Middle East and North Africa saw solid gains, with the Arab Monetary Fund's Composite Index — tracking 16 Arab exchanges— rising 4.37 percent year-on-year. The index also posted a 1.55 percent increase on a quarterly basis, reflecting continued investor confidence despite global monetary policy shifts and ongoing geopolitical pressures. During his speech, Al-Budaiwi highlighted the central role of financial literacy in navigating increasingly complex and fast-evolving global financial markets, positioning it as a key factor in achieving financial security and long-term economic sustainability across the region. The event, part of the GCC-wide investment literacy initiative known as Mulim, was attended by high-level officials, including Saudi Capital Market Authority Chairman Mohammed El-Kuwaiz. Al-Budaiwi emphasized that the award serves not only as a recognition of individual excellence but also as a broader message advocating the role of financial knowledge, strategic planning, and a sound regulatory environment in fostering informed investment decisions. He commended the efforts of the Saudi Capital Market Authority and partner institutions for their role in supporting initiatives that contribute to financial knowledge across GCC societies. Earlier this week an analysis by S&P Global revealed the market capitalization of the Kingdom's Tadawul All Share Index reached $2.7 trillion at the end of 2024, representing a 10-year rise of 463 percent. The credit rating agency's report said the stock market is expected to play a crucial role in materializing the Kingdom's economic transformation goals outlined in Saudi Arabia's Vision 2030 initiative.
