UAE Participates in 123rd GCC Financial and Economic Cooperation Committee Meeting in Kuwait
Kuwait, The Gulf Observer: The United Arab Emirates has participated in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, convened today in Kuwait. The high-level gathering brought together the Ministers of Finance from the GCC member states to discuss key developments and strategic initiatives aimed at deepening financial and economic integration across the region.
The UAE delegation was led by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs. Accompanying him were Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations; as well as specialists from the Ministry of Finance, the Federal Tax Authority, and the Federal Authority for Identity and Nationality, Customs and Port Security.
The meeting addressed several priority issues related to regional financial cooperation. Ministers reviewed outcomes from the 84th Meeting of the Committee of 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.
Participants also evaluated the progress of the Gulf Common Market, alongside key recommendations from a joint forum hosted by the UAE Ministry of Finance and the GCC General Secretariat during the World Government Summit in February 2025.
The discussions included a comprehensive review of efforts to advance the GCC’s economic unity agenda by 2025, particularly in enhancing regional collaboration in global economic forums. The GCC Statistical Centre also presented an overview of current data and indicators from the Gulf Common Market.
In his remarks, His Excellency Mohamed bin Hadi Al Hussaini reaffirmed the UAE’s steadfast commitment to strengthening joint Gulf action in the financial and economic spheres. He highlighted the need for continued institutional integration and policy alignment—particularly in financial, tax, and customs frameworks—to enhance economic efficiency and bolster the region’s competitiveness on both regional and international levels.
He emphasized that the next phase requires accelerating efforts toward completing the Gulf Common Market and Customs Union, underscoring their importance in achieving sustainable economic growth and creating a more dynamic, investor-friendly regional environment.
Al Hussaini also reiterated the UAE’s support for all initiatives aimed at establishing a unified Gulf economy, calling for intensified technical cooperation, knowledge-sharing, and the strategic leveraging of joint projects to unlock long-term benefits for GCC citizens.
The session concluded with a robust exchange of views among ministers on financial and economic priorities for the coming period, with an emphasis on strengthening the region’s resilience amid evolving global challenges and enhancing the executive framework for comprehensive economic integration.
