Hong Kong, Jan. 14 (BNA): Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the Gulf dialogue session, held as part of the Asian Financial Forum 2025 sessions in Hong Kong, with the participation of the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region and a number of senior economic officials from the GCC countries.

Albudaiwi said that the allocation of a Gulf dialogue session within the Asian Financial Forum 2025 in Hong Kong underscores the economic position of the GCC countries in regional and international forums.

He noted that this session aims to highlight opportunities for enhancing joint cooperation between the GCC countries and the Hong Kong region, which share historical and economic ties.

Albudaiwi emphasised that the Asian Financial Forum 2025 serves as an important platform that brings together thought leaders and decision-makers from around the world, representing a pioneering platform for exchanging knowledge and developing strategic partnerships in the realm of finance and business.

The Secretary General said that the GCC countries hold a significant economic status globally, with the GDP of the GCC countries reaching approximately USD 2.1 trillion in 2023.

It is projected that the GDP of the GCC will reach USD 6 trillion by 2050. The total sovereign financial assets in the GCC countries amounted to around USD 3.2 trillion, accounting for 33% of the total sovereign assets worldwide, Albudaiwi added.

"The GDP per capita is approximately USD 36,700. In terms of reserve assets, the foreign reserves of the GCC countries at the end of 2023 nearly USD 748 billion, achieving fifth position globally," the Secretary General said.

"The market capitalisation of the Gulf financial markets in 2023 was approximately USD 4.4 trillion, while the total assets of commercial banks operating in the GCC amounted to about USD 3.2 trillion by the end of 2022. These figures reflect the economic strength of the GCC countries."

Albudaiwi highlighted that the GCC countries hold the top global ranking in crude oil reserves and production, and also lead in natural gas reserves, while ranking third globally in natural gas production.

He underscored that the GCC's balanced policies have contributed to the stability of energy markets by providing secure and stable supplies of oil and gas to global markets.

The Secretary General mentioned that the GCC's significant economic potential creates numerous opportunities for cooperation with Hong Kong, a leading Asian financial centre.

"This collaboration reflects a shared vision to promote innovation and sustainability in financial and economic activities, as well as to develop trade, investment, fintech, education, and other vital sectors forming the basis of the future knowledge-based economy," he added.

The Secretary General reviewed several joint Gulf projects, most notably the 2100-kilometer GCC railway project and the GCC electricity interconnection project.

He said that these projects offer promising opportunities for the business and finance sectors to develop and invest, particularly in localising industries related to their construction, operation, and maintenance.

He also confirmed the signing of an agreement to sell electricity to the Republic of Iraq, and the existence of plans to expand interconnection and electricity trade with numerous regional and international countries.

The Secretary General noted that the GCC also launched the Gulf Payments Company, enabling swift, instant, low-cost financial transfers in local GCC currencies and other currencies within a secure and stable environment.

The Secretary General reiterated that this dialogue session will provide a unique opportunity for productive discussions and strategic insights to strengthen ties between the GCC countries and Hong Kong.

Z.H, Z.I